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What to Do If Your Mortgage Renewal Has Been Denied

Posted onJanuary 28/2019By

Learning that your mortgage renewal in Ontario has been denied will make you feel frustrated or outright angry. But once you’re over the initial surprise or shock, the good news is that there are steps you can take to solve this problem. It’s not uncommon for a homeowner’s mortgage renewal in Ontario to be denied, and that means there are financial companies out there to meet your needs and help you renew your mortgage. Why has My Mortgage Renewal Been Denied? That’s probably the first question you’re asking yourself. There are many reasons for this and they are based on, for example, payment history, employment status, and your financial situation, including debt levels. Now, though, the best step forward is to explore how you can get your mortgage renewed quickly. Mortgage Renewal in Ontario If your current lender will not renew your mortgage, you have no choice than to look…

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Different Ways to Get a Second Mortgage

Posted onJanuary 23/2019By

Life can be complex, unpredictable, and exciting. At any point in time you may find yourself in need of a loan to pay for something important, such as an addition to your home, an unexpected repair, medical emergencies, or education tuition. What is a Second Mortgage? A second mortgage isn’t complex and, essentially, is what it says: it’s a secondary mortgage on your property. In other words, you are going to take out another loan on your house based on its equity and what you can afford. So with a second mortgage, you’re not refinancing your primary mortgage or borrowing more money on that primary mortgage. Instead, you are taking out a second, smaller loan in the form of a mortgage. Do I Really Need a Second Mortgage? Whatever the reason, a second mortgage in Toronto is one of the options that can be explored to fund your financial need.…

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Chances to Get a Second Mortgage with Bad Credit

Posted onJanuary 15/2019By

If you need funds quickly, but don’t have cash in the bank and can’t get a loan, borrowing on your property is a good next option. In fact, getting a second mortgage in Toronto is usually cheaper than a loan because you are using equity in your home as security for the borrower. Second Mortgage in Toronto However, there are certain steps you can take to improve your chances of getting a second mortgage. If you have applied for a loan and been refused, you’ll know the reason why—and it’s most likely bad credit history. First, use one of the three main online credit bureaus to find out what your credit score is. By checking out your credit rating, you should be able to pinpoint the problem and possibly fix it. For example, if you are weighed down with credit card debt, find a way of paying it off. Or,…

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Getting a Second Mortgage: Why and How

Posted onJanuary 08/2019By

If you embrace a philosophy of growth and self-care, you’ll want to, as Oprah Winfrey says, “Live your best life.” Even with mistakes, you’ll know at the end you really did make the best effort for yourself, your partner and, if you have them, your kids, too. Second Mortgage in Toronto Sometimes, living your best life isn’t difficult, especially if it means spending time together and enjoying a good meal. But if it’s something that costs money, then you may be looking at securing a loan or getting a second mortgage. If the value of your property has increased since you bought it, then you have what’s called equity in your home. Getting a second mortgage in Toronto is certainly a viable option. A second mortgage means that you can borrow money based on the value of your property. Your home acts as security against the loan. What is a…

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