Financial Resource Centre

Welcome to our Mortgage Blog

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

Debt Consolidation

Is It Beneficial to Refinance Your Mortgage for Debt Consolidation?

Debt consolidation is a popular way to avoid paying huge interest rates for existing debts. Through the process of debt consolidation, multiple debts are converted into just one easy-to-manage debt with just one billing instead of having to keep track of multiple bills a month. It works by borrowing enough ...

Home Equity Loans

Should Banks Be Given More Power to Refinance Mortgages and Approve Home Equity Loans?

The COVID-19 pandemic has been going on for weeks and our economy has been taking the hit for the same span of time, but is there more that can be done to help people deal with job losses, decreased business revenue, and less billable hours at work? Experts fear that ...

Home Equity Line of Credit

Pros and Cons to Using a HELOC as an Emergency Fund

Using a HELOC as a source of emergency funds during this COVID19 epidemic, has been a topic of debate for many. Just like any other home equity loan, a HELOC has its own set of advantages and disadvantages attached to it. These and the accompanying risks are things that anyone ...

Second Mortgages

Third Mortgages Explained

A third mortgage is a type of mortgage that someone who has an existing primary and second mortgage can get on the same home or property. Most people who take on a third mortgage do so when the penalty for paying off the primary and the second mortgage is not ...

News

Prevent Yourself from Falling Victim to Mortgage Fraud

Real estate fraud has been seeing an increase in incidences lately. Be it title fraud or mortgage fraud, it seems that more people are falling victim to real estate fraud and it’s about time people arm themselves with information for better awareness. What is Mortgage Fraud? Mortgage fraud is when ...

Home Equity Loans

Is It Worth It to Pay Your Debt with Your Home Equity?

Trying to manage several debts can be a huge headache more so if you have to deal with debt collectors and are already financially stressed out. It might be best to consolidate your debt to make payments easier to manage as well as get rid of unnecessary stress. More so, ...

Second Mortgages

Is It Easy to Get a Second Mortgage?

Perhaps you’re wondering whether now is the right time to get a second mortgage. After all, getting a second mortgage is quite common these days and it doesn’t seem to be a very complicated process. Is it indeed true that it is easy to get a second mortgage? Second Mortgage ...

Mortgage Debt

Power of Sale for a Mortgage

Paying for a mortgage can be tricky. A simple financial misstep can easily lead to missing a few payments which can have severe consequences according to the specific terms agreed between the lender and the borrower. When a person takes out a mortgage, it is agreed that payments must be ...

Home Equity Loans

How Home Equity Loans Can Fund Hobbies For Seniors

A home equity loan is a type of loan taken on a home’s equity. It can be used by anyone who owns a home with substantial equity. Most people who have such equity are seniors who are in or near retirement age because they’ve been paying for that equity for ...