Can a Second Mortgage be beneficial in the GTA?

by Prudent Financial Services | Sep 10, 2020 | Bad Credit Borrowing, Bad Credit Mortgage, Debt Consolidation, Equity Loans, Home Equity Loan, Loan After Bad Credit, Mortgage Financing, Prudent Mortgage Corp, Second Mortgage

A Home Equity Loan (also known as Second Mortgage) is essentially another loan separate from your original mortgage with a lien on property in second position. A lien is the right to possess and seize property under circumstances explained in your mortgage documents....

In a Financial Jam and Realizing Selling Your House Isn’t That Easy? Here Are Some Options

by Prudent Financial Services | Oct 2, 2019 | Bad Credit Mortgage, Borrow With Your Home, Financial Problems, Getting Out of Debt, Home Equity Financing, Home Equity Loan, Home Equity Personal Loan, Mortgage Financing, Mortgage Renewal, Prudent Financial, Prudent Mortgage Corp, Second Mortgage

We write a lot about dealing with outstanding debt and finding more space in your budget – but what can you do if the problem isn’t your budget, but rather your expenses? It happens sometimes that the cost of living for a person or family may simply be too high....

Preparing to Refinance/Renew Your Mortgage at a Higher Interest Rate

by Prudent Financial Services | Aug 7, 2019 | Canadian Interest Rate, Mortgage Financing, Mortgage Interest Rate, Mortgage Refinancing, Mortgage Renewal, Prudent Financial, Prudent Mortgage Corp

Are you planning to renew your mortgage soon? If so, you could be in for sticker shock. Economists estimate about 24.1% of mortgages will renew in 2020, and 26.8% in 2021. Since 2017, we have seen interest rates rise significantly, going from 0.5% to 1.75%. If you...

How to Obtain Home Equity Financing Without Getting Other People on Title Involved

by Prudent Financial Services | Jul 24, 2019 | Borrow With Your Home, Home Equity Financing, Home Equity Loan, Home Equity Personal Loan, Mortgage Financing, Prudent Financial, Prudent Mortgage Corp, Unsecured Home Loan

Home equity financing can help you achieve a lot of financial goals — complete a home renovation, fund a major event, like a wedding or tuition, get out of debt, and more. But sometimes it can be difficult to secure the financing if there are other people on title....

When Does a Second Mortgage Make Sense?

by Prudent Financial Services | Jun 13, 2019 | Bad Credit Mortgage, Borrow With Your Home, Home Equity Financing, Mortgage Financing, Prudent Financial, Prudent Mortgage Corp, Second Mortgage

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 secured by a...

Types of Mortgage Lenders Who Offer Mortgage Refinancing

by Prudent Financial Services | Apr 10, 2019 | Bad Credit Mortgage, Borrow With Your Home, Home Equity Financing, Home Equity Loan, Home Equity Personal Loan, Mortgage Financing, Mortgage Refinancing, Prudent Financial, Prudent Mortgage Corp, Second Mortgage

Thinking about applying for mortgage refinancing? It can be a great way to: Consolidate debtFund a home renovationPay for a big event, like a weddingCover education costsAnd more. But if you’re looking into mortgage refinancing, you’ll need to decide where to secure...