- The Facts on Getting a Bad Credit Mortgage Approval - When you have bad credit, getting a mortgage may seem impossible or as though you’ll never be able to afford it because your rate will be so high. There are ways you can get a mortgage approval when you have bad credit, which will give you a chance to build up your credit score while working to own your own home. Here’s what you need to know about getting a bad credit mortgage in Brampton. What is a bad credit score? In Canada, a credit score below 600 is generally considered a low credit score. Lenders that are willing to work with borrowers who have a credit score below this are generally considered high-risk lenders and they may require borrowers… More
- What You Should Know About Mortgage Refinancing, Rates, and Terms - As the Bank of Canada continues to increase interest rates in efforts to curb inflation, it may be time to consider refinancing your mortgage. It could also be the ideal time to refinance if you’d benefit from taking out a larger loan to consolidate your consumer debts or to finance a major project or purchase. But before you make your decision, here is what you need to know about mortgage refinancing in Brampton. What is mortgage refinancing? To refinance your mortgage means you are breaking your existing mortgage and replacing it with another. The new mortgage could be for the same amount as your current mortgage and simply pay it off, or it could be for a larger amount if… More
- How Quickly Can You Get Approved for a Private Mortgage in Brampton - Congratulations you have you found the home of your dreams and now you’re ready to put in an offer. If you have been pre-approved for a mortgage, you can show the seller that you are a serious contender to purchase the home for sale and your offer will have a strong chance to be accepted. But what if you haven’t been pre-approved yet? It’s no secret that the housing market in Brampton and the GTA is hot and its very likely that other potential buyers who have been pre-approved are already putting in offers. Homes for sale can often end up in bidding wars and go over asking by as much as $100k to $200k or more. Acting fast will… More
- How to Choose the Right Mortgage Broker in Brampton - When you purchase a home two of the most important decisions you will have to make is where to secure your financing and what type of financing you will require. Shopping around for financing on your own is time consuming, and you may not be able to access the best funding for your situation. But with the help of a mortgage broker in Brampton, you’ll be able to review your options and get expert advice on the best financing for you. Our team at Brampton Mortgage Broker has put together this brief and informative article on how to choose the right mortgage broker in Brampton when it comes to finding the right mortgage for your situation. If after reading this… More
- Why a home equity loan is a great way to invest in your home - Performing maintenance on your home or completing a home renovation is a great way to add value to your home. Many home renovations are really investments that can result in a significant return when the time comes to sell your home. That being said though, home renovations can be expensive upfront, and you will likely need some kind of financing to complete the renovation. One of the best ways to finance a home renovation is with a home equity loan. Our team at Brampton Mortgage Broker has put this brief and informative article for you to help you with getting a better understanding of why a home equity loan is a great way to invest in your home. If after… More
- Should I Consolidate My Debt with Equity from my Home? - If you are struggling with high debt, you may be wondering whether it's a good idea to consolidate that debt using the equity in your Brampton home. Maybe you even know someone who has done this, but you wonder if that's the best decision for you. Before making your decision, it is essential to consider what is involved and the pros and cons of consolidating your debt into your mortgage. Our team at Brampton Mortgage Broker has put this brief article for you to read so you can better understand if you should consolidate your debt with the equity from your home. If you have any questions after reading this article, get in touch with our team so we can… More
- Top 10 Benefits of Using a Mortgage Broker in Brampton - Working with a Mortgage Broker can be the best decision you make when you are considering purchasing a home and are looking to get approved for a mortgage, or even if you are already a homeowner and are looking to refinance your current mortgage. When it comes to your mortgage financing, there are many advantages to using a mortgage broker that you may not even be aware of. Because of this, our team at Brampton Mortgage Broker decided to put this brief article together to help you give some insight into the benefits of using a Mortgage Broker. Here are the top 10 reasons why working with a Mortgage Broker is in your best interest when getting a mortgage. 1.… More
- Is a Debt Consolidation a Good Idea? - With inflation and rising interest rates, it's no surprise that many people living in Brampton are struggling with high amounts of consumer debt. If you are one of those individuals who finds themselves in a similar situation, then debt consolidation can be a good idea. Don't let your debt get out of control, take charge of your case, and leverage a debt consolidation to your advantage by erasing your high-interest debts. If you are wondering how you can do this, then you are in luck, our team at Brampton Mortgage Broker has put together this brief article piece for you, and we will provide insight into the question being, as asked, is debt consolidation? is a good idea If you… More
- How to get a mortgage when you have bad credit in Brampton - Purchasing a home is one of the best ways that you can start to build wealth, as home values in Brampton have been steadily on the rise over the past several years. Finding a lender who will give you a mortgage can prove challenging if you have bad credit. Not to worry, though; our team at Brampton Mortgage Broker has put together this short and easy-to-read article to help you with some tips you can use to improve your chances of getting a mortgage in Brampton, even if you have bad credit. If you have questions after giving this a read, feel free to reach out and get in touch with our team so we can answer any questions you… More
- What is a second mortgage, and how can you use it? - In recent years, home values in Brampton and the GTA have been going up significantly and has allowed homeowners see the equity in their home build up. Now, with home prices reaching levels never before seen, this maybe a great time for you to extract the cash from your home that was built up from your home. One great way to get access to your home’s equity is through the financing of a second mortgage. A second mortgage can be a powerful financial tool and can benefit you in a number of ways, but first you have to understand exactly what it is and how it can be used. Luckily for you, our team at Brampton Mortgage Broker has put… More
- Mortgage Refinancing – What you need to know - If you are a Brampton homeowner who is looking to save some money on your mortgage or perhaps you are looking to borrow additional money at a low rate of interest to consolidate your high interest debts, then refinancing your mortgage may be a good option for you. Currently interest rates are very low, but they won’t last as the Bank of Canada has started to raise them and there is indication that rate will continue to rise. So, if you are thinking about making this move to refinance your mortgage for any reason, then acting as soon as possible is what you will need to do. But if you are unfamiliar with what mortgage refinancing is, well gladly help… More
- What is Private Mortgages? - What is a Private Mortgage? Most people, when they think about mortgages immediately think of the traditional mortgages that one might get from a bank or credit union. But did you know that more and more, private mortgages are playing a bigger role for Canadian homeowners. Yes, it is true and our team at Brampton Mortgage Broker has put together this brief article to help you out with giving you a brief overview of what is a Private Mortgage and what you need to know. What is a private mortgage? Just like a traditional mortgage, a private mortgage is a home loan – since most Canadians cannot afford to buy a new home with just cash, they will need some… More
- What are the advantages of getting a HELOC? - If you are a homeowner in Brampton and are wondering what your options are for borrowing money, you may want to consider something called a HELOC. HELOC stands for home equity line of credit, and this financial tool can be incredibly handy when you need to finance a large purchase or expense but don’t want to be stuck with huge interest payments from other forms of loans such as your credit cards or unsecured loans. What is a HELOC and how does it work? A HELOC is referred to a revolving line of credit that is secured using your home’s equity. In most cases, you can get approval for a HELOC worth up to 80% of your home’s equity. A… More
- What are the main reasons why someone would get a second mortgage? - A second mortgage can be a great tool for homeowners in Brampton who are looking to access some cash from their home equity. But what exactly is a second mortgage and how can it be used to your advantage? Here is what you need to know: What is a second mortgage? A second mortgage is simply another term for a loan that is secured by your home equity and registered on homes title. It does not require you to break or change your first mortgage you currently have in place. Most lenders will allow you to borrow up to 80% of your home value with very little requirements. That means that if your home is valued at $500,000 and you… More
- Bruised Credit Mortgage - If you have tried to get a bruised credit mortgage, then you know how difficult it can be. Banks will turn you away for your mortgage if your credit is not up to their strict credit requirements, leaving you to find a mortgage lender that specializes in obtaining a bruise credit mortgage. Luckily for you, this is where our team at Brampton Mortgage Broker excels, and we can help you get the mortgage you need for your purchase or refinance even with your bruised credit situation. Over the years we have approved hundreds of mortgages for clients and have developed the mortgage know how to get the job done. Our team has put this post together for you so you… More
- Fast 2nd Mortgages In Brampton - If you are looking for a Fast 2nd Mortgage In Brampton, then you have come to the right place. Our Team at Brampton Mortgage Broker are known for getting our clients Fast 2nd Mortgages in Brampton at great rates and low affordable monthly payments. If you have been turned away from your bank for a loan for any reason, then our team at Brampton Mortgage Broker can help you. Over the years have helped over hundreds of clients get approved for a 2nd Mortgage. How Does Our 2nd Mortgage Process Work? We have developed a simple and easy to follow process to getting you the cash you need from a Fast 2nd Mortgage In Brampton, regardless of your income situation… More
- How to get a Mortgage with Bad Credit - Let’s be honest, bad credit can happen to anyone, even good people can end of with bad credit with no fault of their own. With all that life throws at you, it can become downright difficult in maintaining good credit, especially if there are some circumstances beyond your control such as family or financial emergencies. Having bad credit can become a roadblock and affect your chances of getting a loan approved, so this begs to ask the following question, how to get a mortgage with bad credit. Since it is a well-known fact that having bad credit can hurt your chances of getting a mortgage, this especially holds true when we are speaking about getting a mortgage from the banks.… More
- Approving Bad Credit Mortgages in Brampton - Our team makes approving bad credit mortgages in Brampton an easy process. Even if you have a low Equifax credit score of 550 or less, our team at Brampton Mortgage Broker can find you a mortgage approval for your bad credit mortgage. Although you maybe limited in the mortgage lenders that you will be able to access due to your credit score, our team can help access bad credit mortgage lenders so you can get great mortgage rates and low monthly payments. Our team specializes in approvals for bad credit mortgages in Brampton and a member of our team is always available to help you with a mortgage approval regardless of Equifax credit score. Bad Credit Mortgage Approval |… More
- Refinance Your Mortgage for Home Renovations - It's no surprise low Mortgage interest rates can motivate you to Refinance your Mortgage so you can get the cash you want to complete Home Renovations you have been holding off on, all the while enjoying low monthly payments. Our team at Brampton Mortgage Broker knows firsthand how costly Home Renovations can be, and to come up with a large amount of cash in an instant can be downright difficult. Not to worry, if you have been thinking about starting a Home Renovation or completing the Home Renovation that you have already begun, then Refinancing your Mortgage can be a great option. Refinancing your Mortgage will allow you to gain access to your home's equity so you can get the… More
- Brampton Debt Consolidation Mortgage Relief - With many Brampton homeowners taking on more and more debt, it can become an overwhelming and even a downright challenge to manage it all but, this is where a Debt Consolidation Mortgage can help you. If you are feeling overwhelmed by debt, you don’t need to stress yourself over it, our team at Brampton Mortgage Broker can help you manage your debt properly and can reduce or even eliminate your high-interest debt entirely and change your life for the better. At Brampton Mortgage Broker our team's focus is on finding nothing short of the “Best Debt Consolidation Mortgage Outcome” for You! All of our Debt Consolidation Mortgage services are personalized just for you. We provide one on one consultations and… More
- 10 Tips to Refinance your Mortgage for a Better Rate! - Mortgage in itself is a very complicated process. Understanding the entire procedure, conducting research and then getting a low-interest rate takes a lot of time. So if you would like to refinance your existing mortgage, we definitely understand how you would feel about going through another set of paperwork on rules and regulations and not to mention another round of research. We don’t want you to waste your valuable time that you can use on more serious matters. That's why our team at Brampton Mortgage Broker has come up with this blog to help you with your mortgage refinance decisions. So, without further a due, here are 10 tips that can help you refinance your mortgage for a better rate.… More
- Mortgage Refinance – Your Guide To Saving More Money With Your Mortgage In Brampton - Owning a home today is certainly not an easy task. Most people either have taken a mortgage or a few of them still end up paying rent. In situations like these, it is imperative to save money, and one way you can save money while repaying your mortgage is through refinancing. A mortgage refinance is when you pay off an existing mortgage loan and replace it with a new one, either with the same lender or a new one. There are various reasons to refinance your mortgage; it can be to consolidate your debts, get a lower interest rate, or even access the equity in your property. Through this blog that our team at Brampton Mortgage Broker has put together… More
- What do you need for a second mortgage to be Approved? - A second mortgage happens when an additional loan is taken out on a property that already has a mortgage on it. Typically, this happens with residential mortgages, and homeowners take a second mortgage when they have an emergency need for extra cash or want to make some major renovations to their home, pay off high-interest debts, consolidate multiple debt payments into one low monthly payment or for a large purchase or investment. Simply put reasons for taking out a second mortgage are dependent on each individual homeowner and their needs for cash. Our team at Brampton Mortgage Broker has put together this blog to help give you some insight on what you need for a second mortgage to be approved.… More
- Key factors you need to know before getting a second mortgage? - When it comes to mortgages, there’s something for everyone. A second mortgage can really help you out when you need funds and have home equity built up. Although many people are nervous about the term “Second Mortgage,” it isn’t as scary as it sounds. How does a second mortgage work? What do you need to qualify for one? Is a second mortgage what you need? Our team of Mortgage Brokers at Brampton Mortgage Broker has put together this blog to help go over what a second mortgage is, and why you should get one. What is a Second Mortgage? In simple terms, a second mortgage is another mortgage you obtain on an already mortgaged house. This means a second mortgage… More
- How Bad Credit History Affects Your Mortgage Options? - You have probably heard that having a good credit score is important and that your credit score plays a big role in the type of financing you can obtain when it comes to your mortgage. Credit scores show banks and mortgage lenders how dependable you are with the financial responsibilities of being able to make and maintain your payments. It also shows banks and mortgage lenders the likelihood of you continuing to make future payments even if your life situation changes. What is just as important is your credit history, and bad credit history can affect the mortgage financing options you will be able to obtain. What is the difference between a credit score and credit history? It turns out,… More
- Top reasons why you should get a second mortgage in 2021 - Many people cringe when they hear Second Mortgage. There is no need to avoid Second Mortgages as they have their place in the important world of mortgages. When used correctly, Second Mortgages have many benefits. Let’s take a look at Second Mortgages and see if they are an option for you. What is a Second Mortgage? A second mortgage, also nicknamed a piggyback mortgage, is when you borrow against the value of your home. That means you use home equity. You still need to apply for this loan, just like you did for your original mortgage. These Second mortgages are very helpful when you use them to pay off debt, do major home renovations or pay education costs. Second Mortgages… More
- What should you consider when refinancing your mortgage in Brampton? - Refinancing your mortgage can lower your loan payments and improve finances when you do it right. Our experienced and licensed team of mortgage brokers at Brampton Mortgage Broker has helped many homeowners get the most out of their mortgage refinance but here are a few things our team would like to share with you and what we think you should know when you refinance your mortgage in Brampton. Refinancing Explained Refinancing your mortgage is when you renegotiate your current mortgage terms and work on creating new ones. This newly ‘refinanced’ loan actually pays off and gets rid of the first loan, creating a new one. This new loan will have lower monthly loan payments. Why Should I Refinance my Mortgage?… More
- $700k Mortgage Refinance for a Truck Driver from Brampton, ON - Here is how I (Brampton Mortgage Broker – Rumy Gill) was able to help a Truck Driver from Brampton, ON get approved for $700k Mortgage Refinance just before he was about to give up. A Truck Driver from Brampton, ON, had come to me 3 weeks before the renewal date. He was looking to refinance his mortgage as he was not happy with the mortgage renewal he was getting from his current mortgage lender. He was being offer a rate of 5.99% (which in my opinion is a outrageously high) on his renewal of his mortgage of $550k. The client did not want to renew his mortgage as he was looking for $700k Mortgage Refinance so he could… More
- How a $465k Private Mortgage saved Brampton Home Owners? - Here is how I (Rumy Gill – Brampton Mortgage Broker) was able to help finance a $465k Private Mortgage in Brampton to pay off mortgage arrears and credit card debt. Jack and Tracy found themselves in the biggest financial mess of their lives; due to the ongoing COVID-19 situation, Jack and Tracy were just barley getting by due to uncertain circumstances. Jack had just lost his job and he was trying to find new employment and Tracy had transitioned to working from home. With the constant scare of COVID-19 and rising daily case numbers, Jack fell into a depressive state and wondered if even trying to find work was going to be worth it. Jack did not want to leave… More
- When Is The Best Time To Refinance Your Mortgage? - When Is The Best Time To Refinance Your Mortgage? Are you thinking about refinancing your mortgage, but are wondering if it is the best time to do so? Well, this is not an easy question to answer, as everyone has their own situation and financial needs. You will need to consider your financial goals and what you want to achieve. If you are struggling with making mortgage payments, it may be time to refinance and get that much needed breathing room. Let’s take a look at what refinancing is, and when refinancing a mortgage is a good plan. What is refinancing a mortgage? It is when a borrower renegotiates the current mortgage loan contract and selects new terms. You will… More
- Tips to Consider while Refinancing your Mortgage in 2021 ( post Covid era) - The past year has been a year of surprises, changes, and constantly adapting. It has been the same for mortgages too. Is your mortgage term ending? Is it time to think about refinancing, or are you wondering if that is the right choice for you? Let’s look at what refinancing can do for you and any tips for refinancing in 2021. What is refinancing a mortgage? Refinancing is still the same now, as it was before. It is when a borrower renegotiates the current loan and selects new or better terms. The new mortgage loan should improve the borrower’s finances. Mortgage refinancing pays off and replaces the first loan. The new, refinanced mortgage will usually have lower loan payments. You… More
- How can I get all my debt into one Payment with a Debt Consolidation Mortgage? - How can I get all my debt into one Payment with a Debt Consolidation Mortgage? Getting out of debt can seem like a long road, but there is financial help out there. One option, when payments seem to be getting out of control, and debt keeps building, is getting a debt consolidation mortgage. Let’s take a look and see if it’s something for you. About Debt Consolidation Mortgage Debt consolidation mortgage is a way of combining multiple types of debt incurred by a person, into one monthly payment. Using this method, you can aim to pay off your debt in a much shorter time and save a lot of money in the process. Although debt consolidation is helpful for several… More
- Home Equity Loan or Mortgage Refinance - Can you believe your house is more than just a home? It is an investment, and also a source of money ready to help with repairs, upgrade and emergencies or any cash shortages you may have. You can get this money through refinancing a mortgage or through a home equity loan. Are you wondering what the difference is, and which would be better for your financial situation? Let’s take a look at each of these options. What is Home Equity and What does Home Equity do? First, what is home equity? Home equity is the market value of a person’s home, excluding any liens that may be attached to it. It is the personal wealth you hold in your home,… More
- How to refinance a mortgage with bad credit - How to refinance a mortgage with bad credit? Refinancing a mortgage refers to the process of replacing your existing mortgage with a new single new mortgage. Refinance can help you reduce your monthly payments, provides you the flexibility to repay your loan at your own pace and may also help you get a mortgage loan at a lower interest rate. It also enables you to change your type of mortgage rate from an adjustable rate mortgage to a fixed-rate mortgage. However owing and financing a home when you have a poor credit score can be daunting. If you are carrying multiple debts and are looking for a mortgage refinancing to lower your overall monthly payments, we can help. Refinancing your home can be an ideal way to… More
- How to get emergency money with a second mortgage - At first, the idea of a second mortgage might not be tempting. You might be thinking that you already have a mortgage on your home and applying for a second mortgage would mean you would have to pay more in total mortgage payments then you are currently paying. However, this is not the whole picture of what getting a second mortgage is all about. In fact what you are not seeing is, by taking up a second mortgage you would be able access immediate cash for whatever you need or just simply be able to pay off high interest debts immediately. High interest debts such as credit card balances, car loans, pay day loan, personal loan and any other high… More
- Should you refinance your Mortgage during COVID -19 Pandemic - Should you refinance your Mortgage during COVID -19 Pandemic? Whenever there is a global issue, be it a disease outbreak or war, it is never good for the global economy and we are seeing the same effect with the outbreak of the COVID-19 pandemic. Life as we know it has come to halt. Most to all business offices are closed, complete nations are under lockdown, which only means that many businesses are down and could be facing financial troubles. Many companies have laid off their employees and some have shut down altogether. But how does someone still paying a monthly mortgage make sense of the economy and their finances during this pandemic? Is it better to renew their mortgage or… More
- What to expect during a Mortgage Renewal? - What to expect during a Mortgage Renewal? When you are applying for a mortgage on your house, chances are you are not thinking about renewing it but rather how can you quickly move through the process and get it approved. Like most Canadians you would probably want to pay your mortgage within the stipulated time and take complete ownership of your house. However, this may not be possible as life may alter your financial plans, so creating and having a mortgage renewal plans in place makes the most sense. A mortgage renewal plan can look at renewing the contract for an extended-term so you can pay back your balance mortgage amount and also assess future financial goals. Creating a mortgage… More
- Top 5 Great ways to save thousands of dollars - Top 5 Great ways to save thousands of dollars and increase your cash flow with the help of mortgage broker Hire the right mortgage broker to make the right financial decision.The mortgage market is vast and can be extremely confusing, challenging and difficult to understand. Choosing the right mortgage in a sea of mortgage plans can be overwhelming and exhausting. That is why hiring a professional and fully qualified mortgage broker is essential. A qualified broker will be able to offer valuable and quality advice regarding a variety of mortgage plans. Whether you are looking for a private mortgage plan to help you buy your new home or refinance your current home or are looking to renovate or even just consolidate… More
- Why you should use a mortgage broker to get a private mortgage - Why you should use a mortgage broker to get a private mortgage when you have bad credit? A private mortgage can be a great option if you have been denied a mortgage due to your bad credit, it is always best to hire a mortgage broker to know what your options are. A mortgage broker will have all the necessary knowledge and experience to help you source the best mortgage plan even with your bad credit score and history. The mortgage market can be challenging and difficult to understand, more often than not, most lenders are hesitant to offer mortgage plans to individuals with bad credit score and history. As mortgage brokers, we are able to find clients mortgage solutions… More
- What are the requirements for a private mortgage? - Many Canadians have found it difficult to obtain a mortgage through a bank or other traditional mortgage lender. Whether due to high credit card debt, negative items reported on their credit report, a consumer proposal, self-employment income, or another reason that has led to a mortgage decline it no wonder why many Canadians are seeking a different path to home financing. Private mortgages are often the best choice for those who need alternative financing for their home purchase or refinance. what is a private mortgage lender? A private mortgage lender is an individual, group of individual investors, or mortgage investment corporation that offers loans to purchase or refinance a house, even if you do not meet the strict qualification guidelines… More
- Is it better to get a mortgage at the bank or with a Brampton Mortgage broker? - It’s time to buy a home and you are completely lost when it comes to choosing the appropriate financing options for your upcoming mortgage. When it comes to finding the right mortgage, simply going to your bank is an easy option – but it may not be the best. Utilizing a mortgage broker in Brampton may be more feasible for your new homes mortgage. How Does a Mortgage Bank Work? Mortgage financing banks have loan officers, underwriters and a whole slew of other team members working for them. They usually offer a set of loan types to specific customers based on qualifying factors and they complete your entire loan through their bank. This sounds great, right? For most, it is! … More
- How to Consolidate Debt with Poor Credit? - We hear the words “consolidated debt” all the time in commercials, radio advertisements, and even in digital marketing ads. There are so many people living with massive mountains of debt to their name and with interest rates growing exponentially each year, it can become difficult to even manage your debt. So before you decide to refinance your home, purchase a rental or investment property, purchase a vehicle, or other large purchase, it is always good practice to check your credit and maintain it. Things can show up from years ago that you thought were settled and taken care of. Been divorced? Your ex-spouse may have filed bankruptcy and those creditors don’t care who shows responsibility for the debt in the… More
- How to Refinance Your Mortgage with Bad Credit? - Did you know carrying too much debt can lead to a poor credit score rating? Yes, it is true. If you are carrying too much debt your credit score will be impacted greatly. Especially, if you maintain high balances on your outstanding debts. Having your debt utilization close to 100 percent or over of the limit you have on your outstanding debt will result in a low credit rating. So if you are drowning in debt, then consolidating your debt with a mortgage refinancing will help increase your credit score rating and provide overall savings in your monthly payments. But a common question as by clients is; how can you refinance your mortgage if you have bad credit? The simple… More
- How Home equity line of credit works in Brampton? - A home equity line of credit, which is also referred to as a HELOC is a kind of mortgage that uses an individual home as collateral and allows them to borrow the equity in there in a form of a line of credit. A home equity line of credit works similar to revolving loans such as a personal line of credit or a credit card but instead without the high-interest rates that are charged with credit cards and personal lines of credit, a home equity line of credit offers you a much lower interest rate. Unlike other loans that offer a one-time lump sum amount immediately, a HELOC allows you to borrow in a way you see fit. That means… More
- How to get a second mortgage with bad credit? - A second mortgage is a perfect alternative to mortgage refinancing or taking out an unsecured loan for when you need money when you have bad credit. We all know that it is no secret that having a bad credit score can make it challenging to find lenders that will work with you and offer you a refinance including your bank, however this when a second mortgage can be a great option help you out. If you have an existing mortgage and want to get rid of the high interest debt or outstanding debts you have, then you may be able to refinance those debts outside your mortgage into a second mortgage with low affordable monthly payments without worrying about your… More
- When you should opt for a home equity line of credit? - With so many mortgage products that allow you to borrow equity from your home that it can be hard to know which option is right for you. Ultimately, the best thing to do is to sit down with your mortgage broker, since they can bring up questions you hadn’t thought about. But having some kind of knowledge about which products do what, can give you a good idea of what is best for you when it comes to borrowing equity from your home. In this article, I will discuss home equity lines of credit (HELOCs) and when they might be the best choice for you. What is a HELOC? A home equity line of credit, also known as a HELOC… More
- Why you should get a debt consolidation mortgage? - If you are looking for a way to get out of debt, you may have heard of something called a debt consolidation mortgage. But exactly is a debt consolidation mortgage? Well it is simply a mortgage (usually a second mortgage or a refinanced mortgage) that uses your home equity to pay off your debt. Most lenders will allow you to borrow up to 80% of your home equity in order to do this, but there are a few who allow even a higher amount even up to 85% or even 90%. Now you may be wondering, what is the point of this is. After all, don’t you still have the same amount of debt once you have consolidated it?… More
- Can you pay off a Home Equity Loan early? - So, you’ve got a home equity loan that you’d like to pay off? When you originally got your home equity loan, it provided you with a lump sum of cash that you needed to start a business, complete a home renovation or consolidate debt. However now, it is an extra payment that you have to make each month – and since you find yourself in a better financial situation, you’d like to take care of that debt and pay it off. But before you do, you need to check your agreement with the home equity loan lender. Because sometimes paying off your home equity loan early may not be worth it. How do home equity loan payments work? Home equity… More
- Why you should Work a Mortgage Broker if you have Bad Credit? - There are a lot of professionals out there who can help people with Bad Credit, but one type of professional that is often overlooked is the Mortgage Broker. And that’s a shame, because there is a lot that Mortgage Brokers can do to help individuals who have less than perfect credit. For those looking to become homeowners These days, it is hard enough for people with good credit to become homeowners – so is there any hope for people with bad credit? The answer is yes! Although you won’t be able to get a mortgage with a major bank if your credit is poor, there is still a good chance you can get a mortgage if you work with a… More
- Can you get a second mortgage with a different mortgage broker? - If you are in the market for a second mortgage and are not happy with your current mortgage lender or mortgage broker, you may be wondering whether you can switch and use a different mortgage broker or mortgage lender than you did for your first mortgage. Well the answer is yes, and this is because your second mortgage is tied to your home equity and not directly to your first mortgage. This makes it easy for you to change mortgage lenders or mortgage brokers when looking for a second mortgage. To understand why this is the case, it is helpful to understand what a second mortgage is and how it works. What is a second mortgage? A second mortgage… More
- How Rumy Gill Can Help You Get a Bad Credit Mortgage in Brampton? - If your credit is less than perfect, you are probably well-aware how difficult it can be to get a mortgage. What you might not be aware of however how Rumy Gill a Brampton Mortgage Broker can help you get a mortgage and finally become a homeowner – yes, even if you have bad credit. As a Mortgage Broker working in Brampton Rumy Gill has been helping people get bad credit mortgages for years, and he can help you too. Here’s how: What is a bad credit mortgage? A bad credit mortgage – just like the name suggests – is a mortgage or home loan specifically tailored for people with bad credit. While major banks and other “A Lenders” require that… More
- What is the difference between renewing and refinancing a mortgage? - Most homeowners when they first sign on to a new mortgage don’t give a lot of thought to renewing or refinancing their mortgages. But eventually when their mortgage term is up (most mortgage terms in Canada are five years although they may also be longer or shorter), the time will come for them to renew. Because the words mortgage renewal and mortgage refinancing sound similar, some homeowners make the mistake of thinking that they are the same thing. This, however, is incorrect. While both mortgage renewal and mortgage refinancing involve getting a new mortgage, they have some very important differences. What is mortgage renewal? Mortgage renewal occurs when the term of your current mortgage is up but you still have… More
- Top 5 facts about working with a mortgage broker in Brampton - If you are looking to purchase a home in Brampton, one of the first decisions you will have to make is whether to work with a mortgage broker or whether to try and find a mortgage on your own. Here are the top five facts you need to know about working with a mortgage broker in Brampton. 1. Mortgage brokers save you time and money Mortgage brokers in Brampton have access to dozens of lenders (some of which you can only access through a mortgage broker). Instead of wasting time comparing rates and terms your mortgage broker can do this for you. 2. Mortgage brokers can get you lower than advertised rates. Because mortgage brokers do so much business with… More
- What is the difference between a home equity loan and a second mortgage? - Home equity loans and second mortgages are both types of loans that use your home as collateral. As a result, many people are confused about the difference between the two and may even think they are the same thing. The truth is however, that they are two different types of loans and to understand which option is better for you, you need to understand the difference. Home Equity Line of Credit A home equity loan – or home equity line of credit – is a revolving loan. Your lender will approve you for a specific amount (based on how much equity you have in your home) which you can then borrow from and pay back as often as you… More
- How long does it take for a home equity loan to be approved in Brampton? - Getting a home equity loan, can be a good way to access cash from your home equity when you need it. But many of our customers want to know how long the process will take. The good news is that it doesn’t take long. Depending on the complexity, a home equity loan usually takes between a few short days up to a few short weeks from the time of application to approval with cash in hand. What is a home equity loan? Also called a home equity line of credit or HELOC, a home equity loan is a revolving loan that you can continually borrow from and pay back (as long as you do not exceed the maximum approved loan… More
- Is it a Good Idea to Refinance Your Mortgage? - Mortgage refinancing is a common strategy that Canadians use to lower their interest payments, consolidate their debt, save money, or access their home equity. But is it really a good idea? The answer is, that it depends on a few factors. Refinancing could save you a lot of money over time, but then again it might not. Or there may be other mortgage strategies that make more sense in your situation. Do determine whether mortgage refinancing is a good idea for you, you should sit down with your mortgage broker and let them calculate a few scenarios for you. In general though, here are a few of the factors you will need to look at in making your decision. How… More
- How Does a Private Mortgage Work in Brampton? - Homeownership is a source of pride among many Canadians. But what do you do when your ability to purchase or stay in your home is compromised by overloaded debt or poor credit? Sometimes the answer is to go to a private lender for your mortgage. Historically, only about 4-5% of the mortgages in Canada have been held by private lenders, but as new federal regulations have made borrowing tougher, we have seen this number start to rise. Usually, a private mortgage is an interest only loan. Keep in mind however, that private lenders take bigger risks and must therefore usually charge higher interest rates to compensate for those risks. Since you will not want to have to pay those higher… More
- Why You Should Hire a Mortgage Broker in Brampton? - If you are thinking about buying a home, one of the first things that you will need to do is get pre- approved for a mortgage. You could just call your bank and see what they are willing to offer you but a better idea is to hire a mortgage broker and get access to the best mortgagee options on the market. Here are just a few of the reasons why you should hire a mortgage broker: They work with many different lenders If you contact your bank for a mortgage, you have essentially limited yourself to one lender and there is no competition. But a mortgage broker works with dozens of lenders and they can shop around to help… More
- How Can a Second Mortgage Improve Your Credit Score? - When you think about ways to improve your credit score, getting a second mortgage might not be the first thought that comes to your mind, but did you know there are ways that a second mortgage can actually help you with your credit? It’s true. Whenever you get new credit and are consistent with making your payments, it helps to improve your score. But if you credit card debt becomes too much then it might become difficult to keep up with the payments, which can harm your credit score. This is where a second mortgage can help you can get out debt faster and help improve your credit score. If you have high-interest debt such as credit cards or payday… More
- Debt Consolidation Mortgage - We have many years of experience in helping clients in Brampton with Debt Consolidation Mortgage Approvals that allow them to lower their overall monthly payments and find real savings through their mortgage. So what really is a Debt Consolidation Mortgage, you might be asking yourself. Simply put, a Debt Consolidation Mortgage is a mortgage that allows you combine several of your debts or liabilities (such as; car loan, credit debts, pay day loans, personal loans, collections, etc) into one single monthly payment at one low rate so you can save a lot of money. Here is an example of we were able to help one of our clients with; “Our client had a mortgage for $325,000 and owed $100,000 in… More
