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How to Request and Secure a Commercial Mortgage Loan in Canada

Posted onSeptember 19/2019By

Trying to secure a commercial mortgage in Ontario may be intimidating to some, but it doesn’t have to be. A commercial mortgage can help you to expand property, or finance a brand new property if you wish. A commercial mortgage can also be used to consolidate one’s debts. However, the criteria for obtaining a commercial mortgage are quite different from those required to obtain a residential mortgage. Here, we will focus on how you can secure a commercial mortgage loan in Canada. What are commercial mortgages used for? A commercial mortgage is a loan taken out on a commercial real estate property with the property in question serving as collateral. The borrower can be incorporated, a limited company, partnership, or conventional enterprise. A commercial mortgage loan can be taken out to finance a hotel, office, store, industrial property, construction site or residential real estate property but can also qualify if…

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Guide to Using a Second Mortgage Payment Calculator

Posted onSeptember 12/2019By

If you would like to know what a second mortgage entails or would like to secure one, then an easy tool, that won’t cost anything to use is a second mortgage payment calculator. A second mortgage calculator is a handy tool that will allow you to calculate the amount that you can theoretically qualify for, as well as the amount of equity that you can extract from your property as well. Here, we will provide a guide to using a second mortgage payment calculator. Basic Second Mortgage Payment Calculator There are some rudimentary second mortgage calculators that you can use online. Essentially, the only figures you will need to input are the numerical value of the home, the balance on your 1st mortgage, and the amount of the 2nd mortgage, if applicable. Then hit send, and you will get a figure that indicates the amount that you can borrow. The…

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Things to Consider When Buying an Investment Property

Posted onSeptember 07/2019By

There are many things that you should consider when buying an investment property, such as investing in a residential mortgage in Ontario. It should also be noted that while people can make money by buying and selling real estate properties, the world that is depicted in reality TV shows that focus on house flipping is not how the real world works. If you would like to procure a residential mortgage in Ontario and are interested in buying an investment property, then there are certain things that you should consider first. What is its condition? Some people may opt for a fixer-upper property due to the low initial investment. They may see potential in either the home or neighbourhood in which it is situated. However, you need to think in the long-term, as investment properties are a marathon and not a race. Ask a licensed and bonded home evaluator to inspect…

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How Monthly Payments Work for a 30-year Fixed-rate Mortgage

Posted onSeptember 05/2019By

When looking for mortgage solutions, the number of options at your disposal can be daunting. For instance, some people may opt for a second mortgage, while others may opt for a 30-year fixed-rate mortgage instead. In Canada, the 30-year fixed-rate mortgage is more popular than the second mortgage option, and accounts for roughly 80% of all home purchases; its popularity has not waned since its inception. Here, we will focus on how monthly payments work for a 30-year fixed-rate mortgage. What is a fixed-rate mortgage? A 30-year fixed-rate mortgage is a loan issued by a financial institution that has an interest rate that is fixed for the duration of the loan. It usually has a repayment term of three decades, although the homeowner can refinance or sell their home before the 30-year term ends if they wish. The interest rate is determined when the loan is first issued to the…

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Things to Consider When Retiring With a Mortgage in Ontario

Posted onAugust 28/2019By

While retiring is something that many Canadians look forward to, the celebrations can be cut short if they have a substantial amount of debt to deal with in their twilight years. For instance, many Canadians may worry about retiring with a mortgage. In fact, a recent Equifax study found that Canadians over the age of 65 have accrued debt at a much faster rate when compared to other Canadian demographics. As such, many Canadians may need to turn to innovative commercial and residential mortgage solutions in order to deal with their rising debts. Here, we will focus primarily on the things you will need to consider when retiring with a mortgage in Ontario. Focus on Paying Off Your Debts Many middle-aged people will focus on helping their children pay off their student loans or car payments, or will prioritize the growth of their investment portfolios, while they slowly but surely…

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