Over the last few years home values in Ontario have gone up dramatically. This means that if you are a homeowner, you have most likely gained considerable equity in your home. But what do you do if you would like to access some of this equity? One way is through a second mortgage.
When applying for a mortgage you are likely to get the lowest interest rates if you can qualify for a traditional mortgage. That being said, there are times when a private mortgage makes a lot of sense. In some cases, getting a private mortgage today – even if your interest rates are a little higher – can mean the difference between becoming a homeowner now or waiting years to get into a home of your own.
If you are a business owner or are considering buying properties for the purpose of renting, then you may be wondering how you can qualify for a commercial mortgage. Commercial mortgages differ from residential mortgages in a number of ways – including the fact that lenders often do not advertise their rates. This can make it difficult to know if you are getting a good deal on a mortgage unless you are working with a mortgage broker who is experienced in working with commercial mortgages.
When you sign up for a mortgage, that mortgage is going to be for a certain term (most mortgages in Canada are 5-year terms but they can be more or less depending on your requirements). At the end of your term, you will have the option to pay off your mortgage in full or to renew your mortgage. Unless you are very close to having your mortgage paid off, however chances are that you are going to need to renew.
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