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Second Mortgages on Waterfront Properties

Any decisions that Canadians make on second mortgages will be at least partially impacted by the mortgage rate forecast for 2023. Although predictions are a little premature, the previous rate increases by the Bank of Canada (BoC) will make their way through the economy and be seen more clearly in early 2023.

A slowdown in the economy isn’t ideal. However, slowing job gains and inflation could force the BoC to start dropping its key policy rate.

Chances for Appreciation 

That’s one consideration. Then there are a few other thoughts included in a second mortgage on waterfront property. The chances for appreciation are strong. Plus, there’s good investment potential because these properties can be…

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Private Mortgages in Leeds & Thousand Islands Township

Private Mortgages in Leeds & Thousand Islands Township are an alternative solution to several unique situations homeowners face. The Township is located along the St. Lawrence Seaway with access to all important Canadian-American markets. The population as of 2016 was 9,465 residents. The average income was $67,366 dollars.

Leeds & Thousand Islands Township is conveniently located on Highway 401, approximately halfway between Toronto and Montréal. Almost all (89.77%) of the people who live in this area are homeowners while the rest rent.

Homeowners in the area can find themselves in a situation where they need fast financing. Private mortgages in Leeds & Thousand Islands Township…

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Bad Credit Mortgages on Cottage Properties

Looking into a mortgage for a cottage? Understanding that lenders classify these dwellings into two different types is a good start.

The Type A version is considered a year-round home with winterized access. There is a permanent foundation resting below the frost line, potable running water and a permanent heat source.

Mortgages for these cottages are similar to other permanent residences. There is a minimum down payment and the possibility of fixed and variable terms. These properties are also eligible for refinancing once the equity has been built up.

Seasonal access is the defining characteristic of the Type B cottage. These generally have running water but no permanent heat source. The…

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