You arranged an expencive secondary financing on your home (second mortgage or line of credit) because at that point in time it was your only option. Things change and if your qualification situation improved, you should consider refinancing both mortgages into one. Long term, you could experience considerable savings. Contact a Homefund mortgage professional today to discuss your options.

A home renovation can transform your living space or increase the value of your house. There are many provincial & federal energy-efficiency rebates you can tap into. If you’re doing major renovations (over $25,000), financially it is easier to go with a mortgage vs a line of credit. Explore your options with a mortgage broker.

Use the equity in your home to finance the purchase of investments. Also, you can do a debt swap to transfer none tax-deductible debt to become tax deductible. Homefund cand lower your carrying costs and make your interest tax deductible. High-income homeowners tend to benefit more as they can cut their after-tax income close to half.

You may be also considering starting up a new business, or expand an existing one. Sometimes, the associated costs of business loan programs are fairly high. Benefit from lower carrying costs of a secured line of credit or mortgage, and write-off the interest costs against the taxable incomes.

Leverage the equity in your home to purchasing a second home, cottage, a home for your child, or for a family member. The property must meet lender’s and insurer’s guidelines.

Take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property. A down payment of 20% plus closing costs is required. Speak with a mortgage professional at Homefund to know your qualification limits.

The best thing we can do for our children is to give them a good education. With the high cost of education, many Canadians don’t have that kind of money in the bank. However, many of us have it in the form of home equity!

When going through a divorce there are assets & liabilities that need to be dealt with. Usually, the home is the biggest asset and in some cases, one partner may want to buy out the other partner. Fortunately, there are mortgage programs that can help. One can obtain a mortgage of up to 95% of the property’s value. This entails having a finalized separation or divorce agreement where both parties have to be on title to the property prior to the legal separation. Also, they need a satisfactory income to meet debt servicing ratios and an acceptable credit rating. The maximum equity that can be withdrawn is the amount agreed upon in the separation agreement, but not to exceed 95% loan to value (LTV). An Agreement of Purchase will have to be prepared and accepted by both parties, and a full appraisal is required since the purchase transaction is non-arms length.