First Mortgage

A First mortgage is the first debt registered against a property that is secured by a first “charge” on the property. If a default on the mortgage occurs, the first lender has first right on the property to recover the outstanding principal and interest costs, and any other costs incurred during the process. Second Mortgages: A second mortgage is a debt registered after a first mortgage has been registered. In most cases, the interest charged on the second is higher than the first, reflecting the higher risk to the lender, but over a short term, still more cost effective than paying the high cost of the CMHC/Genworth/AIG insurance premium. They can be used to finance up to 100% of the purchase price or value of the home.

Second mortgage

With a second finance mortgage loan, you can avoid refinancing your first mortgage, which would be a pain and quite costly to say the least. A second-loan can allow you to get "equity take-out" from your home, or help you get "debt consolidation" or a "line of credit" - without you having to touch your home's first mortgage!

Second finance mortgage loans slip you gorgeous benefits. Here's some of them:

• A second finance mortgage loan can get you cash out of your home, without you needing to spend a ton of money refinancing your first mortgage. Second mortgages make equity-take-out a breeze.

• With a second finance mortgage loan, you can get cash out of your home to consolidate debts that are buzzing around you, like credit card debts, car financing debts, etc., and pay a much lower rate on your new second mortgage than you would on those multiple debts [i.e. credit card rates = 18%, and second mortgage rates could be 6%, and that's a huge happy difference]

• Second finance mortgage loans can also get you a nifty line of credit for you to use as you please. A line of credit from a second home loan comes at a far lower rate than a line of credit from a bank.

Third Mortgage

Even when you already have a first and second mortgage on your home, you may want to secure a third mortgage. You may use the cash for some value-adding feature to your home, like a swimming pool or a new kitchen may be the reason. However, securing a third mortgage is not very easy.

A third mortgage loan stands subordinate to the first and second mortgage liens that exist. For this reason, it is very difficult to find lenders offering third mortgage home loans. The risk is much greater for the lender in case of a foreclosure. If the loan does get approved, which is difficult, it would be at a much higher rate of interest as compared to the earlier mortgages.

Refinancing

Personal Loans *

A personal installment loan is an easy way to arrange for financing when you need extra cash fast. And, since there are no restrictions on how you can use the money, you can use it for unexpected expenses, to pay off your bills, or for a well-deserved vacation – the choice is yours.

In order to apply for a personal loan, you must meet the following criteria:

1. Be a Canadian resident
2. Be of age of majority in the province in which you reside
3. Have a consistent source of income

The single largest challenge faced by borrowers with commercial projects is actually getting them funded! Lenders require last minute appraisal modifications, extended paper trails, a new document here, another there. More hoops are jumped through than circus tigers. It's no surprise that trying to secure commercial funds can be a fire-breathing experience.  We are here to help by providing you with possible funding sources for your commercial funding needs .