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Get away with a Canadian vacation mortgage

Have you been wishing to get away for a vacation, but don't have the money.  Your house may be the answer to your prayer.

Many folks don't realize that you have equity built up in their home and it is available for you to tap.

Equity is the difference between what you owe on all mortgages on your property and the market value of your home.  For example, if you have a $300,000 house, and you only owe $100,000 on it, you have $200,000 of equity.

If you wish us to see if we can get you your vacation mortgage today, please fill out our quick form below.

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Once it is determined that you have enough equity in your property, the next decision is how to get it out.  If you don't currently have a mortgage on your property, you can access it with a first mortgage.  Or, if you are over 55 years of age, and you have at least 50% equity in your property, you can do a reverse mortgage with a CHIP program.  (Please ask us about this).

If you already have a mortgage on your property, you may wish to choose from either a second mortgage or a secured line of credit.  Both are actually mortgages.  They just have different terms and conditions.

With a second mortgage, a lump sum is given to you for the purpose you require.  Rates are usually slightly higher than a first mortgage, and just like a first mortgage, monthly mortgage payments are required.  The loan is secured by your property.

A secured line of credit (called an LOC) is an open mortgage with a credit limit.  For example, you may be given a $40,000 LOC.  That means that you can take any amount of money out of the LOC, up to 40K, and repay it with either minimum monthly payments or make larger lump sum payments.  The bank will usually charge you around the prime interest rate, plus or minus a few basis points.

But just be aware that it is critical that you understand that after the vacation is over, you will have a monthly payment to make on the mortgage.  Make sure you budget for this expense.

So if you feel that you just need to get away, whether it be Mexico, Disneyland, or just getting in the car for a cross-country adventure, the money for this vacation could be right in front of you.

Please talk to us about this opportunity. 

All Applications are FREE and there is NO OBLIGATION to borrow

 

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