The Loans Canada Blog

What is a CMHC Improvements Mortgage?

What is a CMHC Improvements Mortgage?

Purchasing a home is a huge decision and can be stressful. It is not uncommon for someone else to place a bid on a home that you want and outbid you. When you consider how much additional money it takes to purchase a home that needs work, it can cause… Read More


Mortgage Default Insurance (CMHC Insurance)

Mortgage Default Insurance (CMHC Insurance)

Mortgage default insurance protects lenders in case borrowers become unable to make their mortgage payments. This type of insurance is available for higher-ratio mortgages if the home’s purchase price is less than $1 million. The maximum allowed time for amortization is 25 years for mortgages that are insured with this… Read More


New Construction Mortgages

New Construction Mortgages

A new construction mortgage is specifically for those who want to build their own homes. It’s designed to help a person finance the building process while protecting the lender – usually a bank – at the same time. The lender requires additional protection whenever construction is involved, as there is… Read More


Debt Consolidation vs Bankruptcy

Debt Consolidation vs Bankruptcy

Whether you are struggling to pay the high minimum payments on your credit cards or worrying about how to pay thousands of dollars in unanticipated medical bills, too much debt can wreak havoc on your financial situation and make life more stressful. It is important to remember that there are… Read More


Using a Second Mortgage to buy a Car

Using a Second Mortgage to buy a Car

A second mortgage is a loan of a fixed amount that is taken out against your home’s current equity, and is secured by the home itself. It differs from a home equity line of credit (HELOC) in that a HELOC has a variable limit,… Read More


Living with Bad Credit

Living with Bad Credit

Coping with bad credit is a disastrous position that nobody wants to find themselves in. However, many individuals find themselves drowning in a sea of insurmountable debt every day as they struggle to survive paycheck-to-paycheck. Buying a house, leasing an automobile, getting utilities connected, reserving a hotel room, and getting… Read More


Mortgage Rate Update: Current Status

Mortgage Rate Update: Current Status

While their bank neighbors to the south might be chomping at the bit to see consumer mortgage loan rates rise again, Canadian private banks received word in January 2013 that their own operating rates were going to stay low. The central Bank of Canada was not convinced in January 2013… Read More


What is a merchant cash advance?

What is a merchant cash advance?

Merchant cash advances are funding options available for small-business owners who need money fast. They are typically structured so that a lump sum payment called split withholding is made in exchange for a percentage of future debit/credit card purchases. For example, a $20,000 lump sum payment was given to a… Read More


What Your Credit Score Range Really Means

What Your Credit Score Range Really Means

Knowing where your credit lies on the credit score range is important. Depending on your score and ranking, you will receive lower interest rates and are more likely to be approved for loans and credit cards. There are two different credit reporting agencies in Canada, Equifax and Transunion. Each has… Read More


Note:

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