What You Need to Know about Porting or Transferring Your Mortgage
If you just bought your dream home a few years back, but you’ve found yourself in a tough financial position and are now considering selling your home in the middle of your mortgage term, don’t assume you’ll have to break your mortgage. You may be able to port or transfer your mortgage. However, if you do decide to break your mortgage, be advised you will most likely incur additional penalty fees.
Mortgage Scams: How-to Prevent Them
It’s unfortunate, but mortgage scams happen to unsuspecting homebuyers’ everyday throughout Canada. Buying a home is a huge financial decision that needs to be carefully planned, researched and then made. There are a few different types of scams, but the 3 to watch out for when you’re shopping around are: Online scams Rent-to-own scams Unlicensed or shady mortgage brokers Although there are many other scams out there, these are the most common for many potential homeowners’ like yourself. Let’s dive a little deeper into them.
Canada Small Business Financing (CSBF) loan
Who knew having a small business could avail so many benefits. By just having an annual gross revenue below $10,000,000 can avail you a loan of 1,000,000 from the Federal Government.
Know The Risks of a Rent-to-Own Home
If you’re looking for a way to enter the real estate market and considering a rent-to-own home, then you should be aware that renting-to-own is extremely risky and super expensive.
Real Estate Investing: Alternative Financing for Investors
Sometimes real estate investors who own many properties experience difficulties getting bank financing for a new property. Thankfully private mortgage lenders have been coming to their rescue providing viable financing options. With an always-changing financial industry, many big changes have come into play due to a shift in economic climate. Subprime mortgage lenders have faded out, which has really limited borrowing options for investors. As if this wasn’t bad enough, it was followed by declining property values and rule changes for private lending. As a result, financial institutions are lending less, taking a more cautious approach to lending and turning away borrowers.
Five Strategies for Paying Off Your Mortgage Sooner
Most homeowners remain focused so much on their mortgage rates that they often don’t consider prepayment options. Don’t be one of them. You can use these five strategies to pay off your mortgage sooner.
Denied Mortgage Renewal, What Happens Next?
Your maturity date on your current mortgage is quickly approaching, so it’s time to renew for another term? What if your renewal get denied? What happens next? Well, you can expect that your lender will send you a renewal offer prior to your term expiration date via regular mail. Your renewal offer should include your new mortgage rate and term, along with a document for you to sign that allows you to easily sign, accept the offer and mail it back. Although this makes it more convenient for you, it can also end up costing you. When you loan reaches maturity, it’s one of the best times to consider other lenders.
Tips for Negotiating Your First Mortgage
You’ve most likely spent the better part of the last year or more working hard to pay off your debts, added to your savings to accumulate your down payment plus a little extra and attended many open houses to find your dream home. With an accepted offer, now it’s time to become a homeowner and close the deal. But before you place an offer, you should make sure to go through the pre-approval and approvals processes first. You have to do the background work and this will ensure that it isn’t forgotten. A mortgage broker can help get you started.
Commercial Mortgages for Commercial Real Estate
Are you an experienced commercial investor? If so, then you may already understand what a commercial mortgage is and how it works. However, if you’re just making your first commercial investment by purchasing a new commercial property then you probably need to learn a little more about it. Basically, a commercial mortgage loan is one that is taken out on a commercial property and this property is used as collateral. It’s much different from buying a residential property as credit assessments and mortgage rates differ significantly due to the higher level of risk that comes along with commercial real estate investments.
Understanding Canadian Mortgage Terms
A mortgage term can be defined as the amount of time you are committed to various aspects of your mortgage loan. This includes things like your lender, your mortgage interest rate and also the conditions set by your lender. Mortgage terms vary in Canada, but most Canadians choose a 5-year mortgage term. Once your mortgage term is up, it will be time for a mortgage renewal. For your renewal, you would then renew based on the principal amount remaining on your mortgage, for whatever term you prefer. For instance, you can renew your mortgage every 5 years if you prefer until the principal amount is paid in full.