When a borrower fails to pay their mortgage installments, the lender can choose between several mortgage remedies. These include power of sale, judicial sale and foreclosure. There are several more, but the most commonly used remedy is a power of sale, and we will be dealing with them in this article. Following a borrower’s default, a lender may choose to sell the mortgaged property to a third party. This allows the lender to recover the remaining balance on the debt. The process is simple and fast. Upon default, the lender provides the borrower with a notice (usually 35 days). Following ...
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Finding a mortgage is no easy task whether you are planning to buy a home or refinancing to help pay off your creditors. This article will illustrate the major considerations when it comes to finding a mortgage that is suitable to you. A borrower when shopping for a mortgage should not only consider the principal amount, interest rate, amortization and the payment frequency that best fits a borrower’s needs but understand that a mortgage is a legal contract between the borrower and lender. It provides a loan secured against the borrower’s property. As such, there are different mortgage types which ...
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From wearing masks to curbside pickups, the world has changed significantly over the past 18 months. As a result, so has the mortgage industry. There are new trends throughout the industry that will permanently change the institutional mortgage application and closing process. These emerging trends focus on clients never having to leave the comfort and safety of their own homes. The online model is now the most dominant. The online models have in fact become so good that you can access mortgage funds for a Refinance or a Purchase simply from your desktop or mobile device. Mortgage brokerages have adopted ...
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Applying for a mortgage? Here is what you need to know about mortgage fraud. The mortgage interest rates are near record lows right now, making it more appealing and affordable for homeowners to apply for a mortgage loan. Yet, it is still very difficult to qualify for one due to stringent pre-approval rules. With more individuals having a hard time getting a mortgage comes a risk of being involved in mortgage fraud. Mortgage fraud is one of the most common ones. It occurs when an individual deliberately misrepresents or withholds information to obtain mortgage financing. Some of the common examples ...
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The demand for Private lender financing is increasing and is becoming a more favorable method for consumers who are looking for an alternative to traditional lending. A private mortgage is a loan whereby funds can be obtained by a private entity rather than borrowing from a bank or other finance provider. In many cases, private mortgages are a mutually beneficial solution for both the investor and the borrower. Frequently, the mortgage rate is high, and the payback period is shorter than a traditional mortgage but qualifying for a private mortgage is far easier then qualifying for a traditional loan, instead ...
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Being required to pay a Harmonized Sales Tax (HST) when you purchase a newly built home can be so troublesome. Most homebuyers are usually confused about the HST rebate, asking questions like “How does it work?”, “Who can benefit from it?” and “Who pays for it on new housing?” First, let’s start by defining what an HST is. A Harmonized Sales Tax is what you pay on top of your purchase price when buying a new house or condominium. The HST is a combination of the provincial portion and federal portion. It was implemented in 2010, and it increases the ...
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Buying a new home is something many of us have to do at some point in our lives. It’s also one of the most expensive purchases we’ll ever make. The procedure can be complicated for first-time buyers, and any mistakes can delay this already-lengthy process. Home inspections and mortgage applications are just the beginning, and there are many steps to take when the paperwork is done. We understand how stressful and confusing purchasing a house can be, so don’t be afraid to contact us. We can help you understand the process and quickly get you settled into your new home. ...
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It may seem daunting at first, but qualifying for a home mortgage loan in Canada is easier than you might think. The minimum requirements list can make you lose hope long before the financial advisor even looks at your application. Thankfully, there are many changes you can make to your day-to-day life that’ll help you. The national and global economies are still trying to recover from the global pandemic. Although it created a buyer’s market for property hunters, it also means lenders are even more selective in handing out credit. That doesn’t help the average person qualify for a home ...
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Searching for a new property can be exciting. It’s a life-changing chapter in our lives that is as important a decision as any. We want to make sure that this search is as stress-free as possible. Real estate can be complex. There is an abundance of small details that need to be appropriately dealt with. If not, problems can arise. It is a significant advantage to have a knowledgeable, qualified professional to help resolve potential issues. Real estate lawyers provide this benefit. Why are real estate lawyers so important? Well, their responsibilities come into play after the real estate agent ...
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So, you’ve bought a new property intending to rent it out. How do you determine the price of a rental property as a first-time landlord? Determining the price of a rental property can be challenging. If your rent is too low, it could be detrimental to financial goals. Setting it too high could leave your property vacant for an undetermined period. Charging the right price can help find reliable tenants that won’t struggle to make the monthly payments. Finding this balance between the best rental cost and a dependable lessee is where it gets tricky. There are options to explore ...
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