Applying for second mortgage can be easier than you think, second mortgage lenders are looking for several things when it comes to lending you a second mortgage. First and foremost an appraisal needs to be completed on the property, this will give them the value that they need to work with to determine how much […]
Second Mortgages — What is it and How it works? Read More »
Recently CMHC changed the rules pertaining to clients have two CMHC insured mortgages. For many years clients were able to buy a second home for recreational purposes or for children attending school in another city. The recent changes now say that if you want to own a second home that you must be able to
Second Home Purchases — Genworth Canada Insuring Second Purchases Read More »
Private commercial mortgages in Alberta come in all shapes and sizes. The type of property can range from an Office Buildings & Towers, Industrial Warehouse/Office, Retail Malls and Strip Centres, Condo Construction & Multifamily Residential, Independent & Assisted Living Senior Projects, Hotels & Motels and last but not least Land Acquisitions & Land Servicing. Private
How to Avail Private Commercial Mortgages in Alberta Read More »
While they can be used for purchases, one of the most popular borrower uses of private mortgages is second mortgages, which can supplement bank financing (Many banks do not grant second mortgages). This could be the case if the borrower qualifies for 75 per cent LTV on a mortgage from a bank, but needs an
Uses for Private Second Mortgages Read More »
Most borrowers – real estate investors included – think of private mortgages as a last-resort option if they can’t secure financing anywhere else. But private mortgages are gaining traction as a financing option due to the new mortgage rules set by the federal government and the continued post-crisis caution being exercised by institutional lenders. The
Why Private Mortgage is an ideal Finance Option For You Read More »
A second mortgage is an additional loan taken out on a property that is already mortgaged. For the lender, this is more risky than the first mortgage, because they are in second position on your property’s title. If the homeowner defaulted on their first mortgage and the property was taken into foreclosure, the lender in
Second Mortgage — Ideal Option For Larger Financial Expenses Read More »