A TFSA account is also known as a Tax-Free Savings Account and is a brilliant program created by the Canadian government to allow its citizens to save money on the side that is not required to be paid tax over. Some of the most important things that you need to be aware of before opening…
A second mortgage, as the name indicates, is an additional loan that you take on your house with the help of a different lender, a house that already has an existing mortgage to begin with. While you start making payments on your second mortgage, you must remember that you are required to keep continuing making…
Canada has created many different schemes and loans that allow you to take complete control over your retirement and not be dependent on your bank or fund manager for the same. The many options that asset-backed investing, or private mortgages to be exact provide to you in this regard can be quite lucrative. Some of…
Second mortgages can often prove to be risky for lenders. Owing to this, most lenders have certain qualifying criteria that you need to satisfy, to make you eligible for a second mortgage. Some of the most important aspects that lenders scrutinize include: Income- Your income is the most important indicator that will give a lender…
A reverse mortgage is a type of home equity loan that is most effective for Canadian citizens who are aged 55 or more. The reverse mortgage is very much similar to a second mortgage, and basically is a loan that you have secured against your home’s value. Reverse mortgages provide homeowners with the ability to…