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Hidden Benefits Of Your Home Equity That You May Not Have Known

Home Equity is that value of your home that is not covered by a mortgage and is of your own. Thus the market value of your home less the value of your mortgage is your home equity. Any homeowner in Canada is required to have at least 20% of home equity. It means you cannot have a mortgage of more than 80% of your property price when you purchase it. As you keep paying your mortgage installments, your home [...]

How Are Commercial Mortgage Deals A Boon To Businessmen

How Are Commercial Mortgage Deals A Boon To Businessmen Commercial mortgages refer to the mortgages that are collateralized by commercial properties or objects. The commercial properties can be office buildings, warehouses, factory sheds, shopping complexes etc. The basic condition is that the property which backs the mortgage should not be a residential property. In other words, commercial mortgages are available only to those properties which can produce income directly. Commercial mortgages can help you expand your business or to consolidate [...]

What You Need to Know about Porting or Transferring Your Mortgage

If you just bought your dream home a few years back, but you’ve found yourself in a tough financial position and are now considering selling your home in the middle of your mortgage term, don’t assume you’ll have to break your mortgage. You may be able to port or transfer your mortgage. However, if you do decide to break your mortgage, be advised you will most likely incur additional penalty fees. What does it mean to port your mortgage? What this [...]