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Archive for the Home Equity Financing Category

When Does a Second Mortgage Make Sense?

When Does a Second Mortgage Make Sense?

Is a second mortgage the right choice for you? If you’ve been wondering the answer, here’s how to tell. First off, let’s define what a second mortgage is. When you first buy your home, you take out a purchase loan – your first mortgage. This is typically…

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Types of Mortgage Lenders Who Offer Mortgage Refinancing

Types of Mortgage Lenders Who Offer Mortgage Refinancing

Thinking about applying for mortgage refinancing? It can be a great way to: Consolidate debt Fund a home renovation Pay for a big event, like a wedding Cover education costs And more. But if you’re looking into mortgage refinancing, you’ll need to decide where to secure that…

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Did You Know You Can Borrow Up to $30,000 at Prudent? [New YouTube Video]

Did You Know You Can Borrow Up to $30,000 at Prudent? [New YouTube Video]

At Prudent Financial, we make it easy for you to get money when you need it. Did you know that you can borrow up to $30,000 through us? If you own your home or a paid-off car, you might be eligible for one of our home equity…

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Borrow Home Equity to Pay Off Your Credit Card – Even If You’re Not the Only One on Title

Borrow Home Equity to Pay Off Your Credit Card – Even If You’re Not the Only One on Title

With interest rates on the rise, high credit card debt can be even more expensive to pay it off. If you have home equity available, you might want to use some of it to pay down your bills, but what if there are other people on title?…

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Financial Spotlight: Homeowners Currently in a 5-Year Fixed Mortgage and Preparing for a Higher-Rate Renewal

Financial Spotlight: Homeowners Currently in a 5-Year Fixed Mortgage and Preparing for a Higher-Rate Renewal

If you are in a 5-year fixed mortgage, it’s possible that you are up for renewal this year or in the very near future. Nearly 50% of Canadian homeowners will be renewing their mortgage between 2018 and 2020. If you are in this boat, there are several…

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GTA and Toronto Mortgage Closing Costs in 1-2-3

GTA and Toronto Mortgage Closing Costs in 1-2-3

When you buy a house or refinance, the mortgage closing costs can add up quickly. Those costs can be even higher if you’re living in an urban area, like Toronto or the GTA. Here are some of the closing fees you might encounter and what they could…

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Accessing Home Equity When Another Person is On Title and Won’t Sign

Accessing Home Equity When Another Person is On Title and Won’t Sign

It’s tough when you have a ton of equity in your home that you can’t use. This happens often when people who have parents or spouses with separate finances on the property title. You don’t necessarily want to share every little bit of your financial business and…

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Why Can’t I Refinance My House in an Undischarged Bankruptcy or in a Consumer Proposal?

Why Can’t I Refinance My House in an Undischarged Bankruptcy or in a Consumer Proposal?

We are frequently asked this question: can I refinance my house after filing for bankruptcy or filing for a consumer proposal? Often, consumers are told by banks and other financial institutions that they can’t borrow money while in an undischarged bankruptcy or in a consumer proposal. But…

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Bad Credit Mortgage Financing – How to Choose the Right Lender

Bad Credit Mortgage Financing – How to Choose the Right Lender

Being a homeowner with bruised or bad credit can seem like a catch-22 — you might have equity available in your home that could help you erase your bad debts but accessing that equity through bad credit mortgage financing can seem nearly impossible. All is not lost,…

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How to Use Your Home to Finance Your Debt – Home Equity Financing

How to Use Your Home to Finance Your Debt – Home Equity Financing

When you are struggling to make the minimum payments on your credit cards or personal loans, but own your own home, you are sitting on an unused debt solution that can save you both stress and money. Using your home to finance your debt is likely the…

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