Private Second Mortgages – 5 Things You Should Know When you’re hoping to get a little extra cash, one way to do so is with the help of a second mortgage. Second mortgages, often referred to as home equity loans (because it sounds prettier) can allow you to use the equity in your home to…
How to Pick a Mortgage Broker in Toronto Toronto remains one of the hottest housing markets in the country, so it can sometimes be challenging to get the best deal possible on a home. There are financial institutions who offer mortgage products all over the city for home buyers and homeowners and when $100’s of…
Bad Credit home equity loans Banks that offer home equity loans with bad credit exist, contrary to popular belief. They are not your traditional big banks that your mom and dad used to use. Banks that offer home equity loans with bad credit are known as alternative lenders. Alternative lenders are sometimes referred to as…
What to Do If You’re Behind on Property Tax Owning a home comes with a number of costs that you might not have considered ahead of time. One of the most common items that people often forget about is property tax. However, making sure you’re paying property tax is vital because you can lose your…
Home Equity Loans A home equity loan is a mortgage loan that uses your home as collateral. A home equity loan does not affect your first mortgage. The payments are made completely separate from each other. A home equity loan is a stand alone mortgage. At Turnedaway.ca, we get a lot of inquiries about home…
What is a Second Mortgage in Canada? We all need to borrow money at some point. Maybe you’re hoping to make upgrades to your house, or perhaps you want to consolidate high interest credit card debt and improve cash flow. However, it’s not always easy to get the funding you need — especially if you need…
A home equity loan can be your path to achieving many financial goals. What do you need financing for? It’s frustrating when your bank won’t help. Especially when you’ve got equity in your home and it really seems like an approval should be a slam dunk. If no one will lend to you, how can…
The primary service that a broker can offer is competition and competition means a better rate for you. Picture this scenario: you walk into your own bank looking for a mortgage. The loans officer offers you their posted rate. You know this rate is higher than you have seen it in other advertising so you…
Getting a personal loan to combine high interest credit card debt and reduce it to one payment seems to be a thing of the past. Most lenders want better collateral as insurance that you will repay the loan. The biggest and best form of collateral is the equity in your home. So while most lenders…
Being self-employed certainly has its perks; it also has its disadvantages. Buying a home or refinancing your mortgage is proof of this. Most major banks require a slew of paperwork which is not easy to produce. Providing proof of income when you are self-employed can be difficult and in some cases impossible. Using a…