Mortgage

All the expected and unexpected fees we incurred during the home buying process and the exact amounts we paid for each.

A second mortgage is an additional home loan you take out while the original mortgage is still in place that lets you access the equity you have built up in your home and use it for other projects or financial purposes such as debt consolidation.

The major difference between the two is whether the mortgage allows you to pay it off or renegotiate it before the term is over. Here’s how they work, the pros and cons of each, and when you might want one instead of the other.

Ensures that all homeowners with high-ratio or uninsured mortgages are to afford their mortgage payments in the event their financial circumstances worsen or interest rates increase. This means mortgages are harder to qualify for, but it also provides security for homeowners.

If your mortgage is up for renewal soon, now is a great time to relearn all those mortgage terms you forgot about after you signed the papers, and hopefully even negotiate a mortgage that will be better suited to your financial needs and goals.

An important step in the home-buying process which will give you more information about the house, and protect you from being surprised by maintenance and repair issues down the road.