Financial Resource Centre

Welcome to our Mortgage Blog

Covering everything from home equity loans, second mortgages, debt consolidation and more.

Debt Consolidation

What Effect Can Debt Consolidation Have on Your Credit?

Debt consolidation can have a huge impact on simplifying your debt management as well as improving your financial situation. It can help you save on interest, allow you to pay your loan faster, and improve your credit as you do that. Are there any negative effects, though? Some people may ...

Home Equity Line of Credit

Getting a Home Equity Line of Credit in Toronto

If you’re trying to use your home equity to get better financial flexibility, then a home equity line of credit could be a good option for you. A HELOC allows a borrower to get a loan at extremely low interest rates and allows the borrower to use the loan as ...

Second Mortgages

Is Now the Right Time for You to Get a Second Mortgage?

Getting a second mortgage is not a decision to trifle with. After all, you need to use your home equity as collateral for you to get approved for a second mortgage. With this in mind, how do you know when it is time for you to get a second mortgage? ...

Second Mortgages

Convert Your Mortgage Into Assets

Most people think of their mortgage as just another bill to pay, not really seeing it as an investment. This mindset has got to change because far from a money pit, a properly handled mortgage is like building up a savings fund for a rainy day. A mortgage is an ...

Home Equity Line of Credit

Key Differences Between A HELOC and A Second Mortgage

Both a second mortgage and a home equity line of credit (HELOC) are additional loans to your home that are taken on top of a primary mortgage. However, some people may be confused about what differentiates them since the term second mortgage is usually used to refer to a home ...

Second Mortgages

Should You Apply for A Second Mortgage During the COVID-19 Pandemic?

Many individuals are experiencing financial difficulties at this time and may be tempted to apply for a second mortgage to meet their financial needs. Some people choose to apply for a second mortgage to consolidate their debts, use as a down payment for another property, to fund a business, or ...

Second Mortgages

How Second Mortgages Work

A second mortgage allows you to borrow against the asset that you have built in your home. If you own a home and have been paying your mortgage, you are building home equity that can be accessed with the help of a second mortgage. This will help you use your ...

Home Equity Loans

Pros and Cons of Home Equity Loans

Getting a home equity loan is not a decision that can be taken lightly. As a type of second mortgage, applying for a home equity loan means borrowing against your home equity or getting a loan with your home as the collateral. Inability to pay back the loan can mean ...

Second Mortgages

Second Mortgage Cost, Alternatives, and More

Getting a second mortgage is a popular way to access home equity, but not everyone is well-versed with it. As a homeowner, you may have heard of a second mortgage and perhaps considering applying for one right now. Before you do so, make sure to read up on the things ...