Second mortgage FAQs by Kevin Slemko

Second mortgages: Popular FAQs

Second mortgages can be useful - but it's important to know what you're getting into As appraisers, it's not unusual for us to be asked to provide a valuation for a property when a second mortgage is being considered. Because second mortgages are, as their name suggests, 'second in line' to be repaid after the first mortgage, the amount of equity in the property is even more crucial than for a first mortgage. Lenders want to be assured that in…...
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Kevin Slemko AACI appraiser on Canada mortgages
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Mortgages in Canada: A range of options

It's best to understand your options before you shop If you've been thinking about buying a home in Canada, you've probably also been thinking about mortgages. If you've ever spoken to anyone at your bank or other financial institution about mortgages, you probably know there are a sometimes-bewildering number of options. But what do they all mean? Here, we break down your choices, and provide a high-level outline of the differences. Conventional mortgages This is probably what most people think…...
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