Can you be denied a mortgage renewal? The answer is yes. Although you can be denied a mortgage renewal as your lender reserves the right to do so, it’s an unlikely move on their part. However, there is still a chance you will find your request refused. But you don’t need to worry as our…
What Happens if You Don’t Renew Your Mortgage?
Your mortgage is set in terms, with it being a year, two years or whatever you have agreed to. Renewing your mortgage is necessary when if and when your term is expiring and you still haven’t paid off the principal. But what happens if you don’t? There are actually a few reasons why you may…
How to Buy out Your Partner in a Mortgage in Canada
We see dissolution of agreements that can affect your mortgage, and one of them is a divorce or split of some kind. To avoid a nasty assets battle in court, you can choose to buy out your partner. Let us first take a deeper look into what exactly a mortgage buyout is. While most of…
Demand Letter
A demand letter is served once repayments haven’t been met. This happens because unmet payments equates to loss for the mortgage lenders. Let’s take a look at what a demand letter is and what to do if you receive one. What exactly would result in an issue of a demand letter? One thing that issues…
Third Mortgage
You may have heard of a second mortgage, but did you know there is a third? If you know a little bit about second mortgages, you will know that the second is also referring to the order it is paid, and it’s the same with the third mortgage. Let’s take a look at it in…
Second Mortgage Toronto
A second mortgage in Toronto is much like the name suggests. It is an additional mortgage taken out on a property that already has an existing mortgage. Not only does the “second” refer to the order in which the mortgage was taken out, but also the order the lender’s money is returned. Let’s look at…
First Mortgage
For a first time home buyer, all the financial lingo could be tough to understand. From the right mortgage lender, the best interest rate and to the loan amount, there is much you need to learn that could really add up. To help sort through all the information, we have a guide for taking…
Private Lender Toronto
As real estate demand becomes higher and higher in Canada, the largest cities in this country are experiencing astronomical rises in prices. As Toronto is the city with the largest population, this pertains to this maple leaf city as well. Let’s take a look at some mortgage lending options from private lenders and why they…
I Can’t Pay My Mortgage! What Can I Do?
Everyone was already feeling the economic crunch when Covid-19 came along. Many workers have already lost their jobs. In March 2020 there were more than 400,000 jobs lost in Ontario alone.lost in Ontario alone. Canadians are finding it hard to pay their mortgages. In the last three months of 2019, there was a one…
What To Do When Receive a Statement Of Claim On Mortgage?
The expression goes “Desperate times demand desperate measures.” If you haven’t been in one or wish to avoid the experience read on. Times like this remind me of the story of my old neighbor, Jacky. Although he was a hard-working man and never let anybody down, the recession of 2008 hit him pretty hard.…