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All You Need to Know About Home Equity Loan

All You Need to Know About Home Equity Loan

Many confuse Home Equity Loan with Home Equity Line of Credit (HELOC). Home Equity is a lump sum you borrow against your own stake, while HELOC is more like an access to a limited amount of credit which you can borrow and pay off periodically, much like a credit card. In a Home Equity Loan you use the equity value of your home as collateral, and to determine the value of the property one needs to get his / her home appraised.

How Much Home Equity Loan Can You Borrow?

Generally 80% value of the available home equity is eligible to be given out to as loan, but the loan amount also depends upon the borrower’s credit score and payment history.

Your Home Needs only a 20% Investment. Employ the Rest Elsewhere. Visit us Today.

How is Home Equity Loan different from a Regular Mortgage?

A regular mortgage is when you borrow to purchase a home. Home equity loan, is when you borrow on a part of what you own already. In a regular mortgage, buying the property is your primary motive, while in a Home Equity Loan, your primary purpose to borrow could be a personal expenditure or home renovation or such other expenses.

Is Reverse Mortgage a Better Option than borrowing on Home Equity?

Reverse Mortgage is relatively costlier. Reverse mortgage is to be paid off only at the time of resale, till which the interest gets accumulating. Amount in Home Equity is received as a lump sum and is repaid as an amortizing loan.

Other Features:

  1.  You Can Sell while on loan
  2.  You Can Use the Amount to fully finance a Second Home
  3.  You can avail finance quickly
  4.  Provides opportunity in times of lowering interest rates or rising property rates
  5.  You can avail tax benefits on the interest paid towards Home Equity Loans

Contact us Today and Know How Much Equity are You Eligible to Borrow Right Away!

How Second Mortgages allow you to Borrow from Your Own Pocket?

How Second Mortgages allow you to Borrow from Your Own Pocket?

Second Mortgage options in Markham if bought after through research, can give you a great return on your equity owned. It is almost like borrowing from your own pocket and earning returns on it. For those who are new to the second mortgage, it is simply a loan you can borrow from a lender by offering him a collateral being your equity left in the home after deducting your first mortgage. Wondering how it can it not cost you much to borrow a second mortgage in spite of already having the first mortgage? Let’s see:

Contact Us to Reach a Second Mortgage Lender Today!

Way’s You Can Use a Second Mortgage as an Opportunity:

Erase The High Rated First Mortgage Off Your Cards:

This is the most common reason for one borrowing through a second mortgage. When the mortgage interest rates in the market take a steep fall, it is better to purchase a new mortgage at a lower rate and pay off the initial mortgage to the full.

Second Mortgage Markham

Build the Resale Value of Your Home:

The second mortgage can be borrowed to renovate your home for a better resale value. At the time of resale, owners usually furnish and polish their home to make it more presentable to the buyer. Newly renovated strong houses give a higher resale value.

Call Us and Find Out the Second Mortgage Market Rates You can Access Right Away!

Give Wings to the New Business Opportunity:

That store you wanted to open or the idea you wanted to fund, that product you wanted to make or the trade you wanted to can now all be possible at a second mortgage rate. Mortgage rates would allow you to reach your break even quickly.

Lend on an Unorganized Platform:

Since mortgage collateral’s are strong and physically immovable, the lending rates are quite low compared to other financing options. This allows you to lend your money to another at a higher rate and save the difference in rates for your good.

Benefits of Second Mortgage

Why Should You Take a Second Mortgage?

A Mortgage simply refers to a loan where the collateral is specifically a residential property. A second mortgage is a loan borrowed in spite of an existing ongoing loan against the property. Thus in a second mortgage the risk of the lender is higher than the risk of the first mortgage lender. The first mortgage lender has the initial rights over the property to clear off his share after which the second mortgage lender has a right.

Click here to avail a Loan of 80% of the value of your home

Usually the loan you can avail from a second mortgage is around 80% of the value of home, but it differs from situation to situation. Since the risk of the second mortgage lender is high, the interest rates are also higher than the first mortgage market rates at a particular time. That is why consulting a broker has become very necessary to secure a good deal in the mortgage market. Brokers have no charge for their consultancy, they are simply paid by their network of lenders.

Lump Sum Availed from the Second Mortgage Can be Simply Used for Anything:

Cover the Down payment of Your First Mortgage

A second mortgage can be availed to cover the down payment of the first mortgage only after which you will be able to avail the first mortgage. You can also avoid Private Mortgage Insurance using your second mortgage.

Secure a Better Interest Rate

Being a volatile market, you can avail a second mortgage at a low interest rate and simply pay off your first mortgage with the lump sum received. You can also pay off your high rated debt obligations such as your credit card dues using the second mortgage.

Meet Emergency Financial Obligations

Emergency medical expenses or higher education expenses can easily be covered by a readily available second mortgage. The rates are much lower than other borrowing options in case of a second mortgage.

Move to Another Lender

A lender having better terms and conditions can always be approached and availed by borrowing a second mortgage on your home and using the lump sum to pay off your first lender. You can convert from bank to a private lender or vise versa using a second mortgage.

Interest payments on Second Mortgage are usually tax deductible unlike other interest payments such
as your credit card interest charges.

Are You Buying Your First Home in 2018 – 2019? Here’s All You Need to Know

Are You Buying Your First Home in 2018 – 2019? Here’s All You Need to Know

Make Your First Home Your Dream Home.

Most of us just hold the thought of our desired home, but there are only a few who execute it. At Toprate Mortgage, we simply guide the later few. First Homes can be quite a drag as the purchase might not turn out as simple as it may seem. Let us see what are the steps involved for a First Time Home Buyer:

THERE IS A FIRST TIME FOR EVERYTHING! Click Here For Your First Home Purchase.


There are a few conditions that every home buyer must be aware of. Either he can do his own research on the rules and procedures or can simply approach a mortgage broker having reliable testimonials. Mortgage brokers are usually paid by their network of lenders and hence won’t cost you much, but will definitely save you thousands on your deal.

Determine Affordability

A certain down payment has to be made by the buyer to avail your mortgage. In case the down payment is too low, the buyer will have to buy the mandatory mortgage default insurance. Your down payment usually determines your interest rate as well as your affordability. As you are a first time home buyer your credit score may or may not be a reliable indicator.

Make an Offer and Clearing Inspections

Once you have visited a few homes and prefer a specific one you go ahead by making an offer. There may be more along with you making the offer and hence making an offer can be quite competitive. A broker usually helps you understand the locality and its ongoing rates along with the value of the built property. An inspection will then be made to check the durability and quality of the home.

Only After all these steps you will be en-cashing your mortgage and making your first home purchase. It is always better to employ a mortgage broker who can give you an insight of the market and help you get your first and best deal.

Best and cheapest mortgage rates

Are you on a hunt for the best mortgage rates? Read on to become the best deal hunter!

Everyone wants the best rates on the market. But most are unsure on how to go about it. Obviously, the lowest rates for your price range could make all the difference in your finances. But hunting and searching high and low for months on end is hardly the solution anyone wants. There are a few ways to become the best deal hunter out there and bag the best and cheapest mortgage rates!

What should you know before starting the hunt?

The main thing most brokers from Markham and Richmond Hill would tell you to keep in mind is that the lowest rates are not always the best. There is a huge difference there. The best mortgage plan for you would have low monthly payments and low interest rates which you can clear off in a short time. So always look for the best plan and not the lowest rates

Get your customized plan with Toprate Mortgage and enjoy the best!

How to get the best mortgage?

  • Compare. A lot.
  • Hire a broker
  • Know the market
  • Negotiate

The mantra to get the best rate is comparison. Search as many websites as possible and get the best rates. This will consume a lot of time and you will be required to submit your credit reports multiple time which may cause a drop in score. How can you avoid both?

Hire a broker! You can submit your credit report to the broker just once and they will take care of the rest. You can get the best rates delivered to you without moving a finger! They can also give you exclusive deals and customized plans!

Having a knowledge of the market is of utmost importance. You need to keep track of the rate changes and which would be the best time to get the cheapest mortgage rates. Once you know this, you will have a foundation to carry on negotiations with. Your mortgage broker can also help you in this aspect.

Toprate Mortgage delivers experience and expertise! Get the best mortgage with ease!

Why To Use A Mortgage Broker

Why To Use A Mortgage Broker

Mortgage Brokers are the bloodline of the mortgage industry. Mortgage brokers are the primary business agents that get a majority of the mortgage deals done in the mortgage market. They are most commonly the agents of the mortgage providers. But they do not just do the job of mortgage brooking, but a lot more than that. They can be of utmost use to the people who are first time home buyers and are in need of a mortgage for their home. The Mortgage brokers and their business has ascended in the late 1990 as the demand for real estate had gone up and on the other side the competition among the mortgage providers had also increased.

To know why mortgage brokers are essential and are aligned to serve your needs, given below is a list of essential services and benefits that mortgage brokers provide:

Economical Services

The fees charged by the mortgage brokers to the mortgage seekers is minimal for the services they provide. It is so because the mortgage brokers earn a major sources of their revenues as commission from the mortgage providers. In cases where the mortgage seekers have a good credit report, he may be exempted from the mortgage broker’s commission.

Tailored Mortgage

If you are a first time mortgage seeker with little or no knowledge, you can just put forth the type of mortgage that you would want that would cater to your financial position, the mortgage broker will provide you with an array of choices.

One Stop Shop

A Mortgage Brokers is a financial expert, looks after all the paper work relating to the mortgage and has got the knowledge of the laws that should be complied with by the mortgage seeker, while opting for a mortgage. Hence, he looks after all of these aspects in your mortgage transaction.



3 Things You Need For Your First Meeting With Your Mortgage Broker Markham

Mortgage brokers in Markham can provide multiple options to you for your mortgage needs. Mortgage brokers in Markham provide refinancing, renewal and home mortgage services. Markham brokers also provide ways to invest in property. A client may have lots of questions to ask during the first meeting with a mortgage broker. There are a few things that mortgage brokers in Markham require you to bring to the first meeting to speed up the process of acquiring a mortgage. They are:

1. Information about you.

The Markham broker will want to get to know you and hence it is advisable to be ready to answer a lot of questions and be ready with identification proof and your social insurance number.

2. A report of your income statements.

Mortgage brokers in Markham require you to bring documentation relating to your income so they can ascertain whether or not you have enough income to repay the loan you take and also determine the limit for your loan. They also require a letter of employment stating your current salary and position accompanied with the date of joining. All these documents help determine your eligibility for the loan.

3. Details about your source of funds for the down payment and the property to be purchased.

The mortgage broker in Markham will require you to provide a statement about how you plan on making the down payment for the home you have selected. If there are any funds which you have received as gifts, you will need to show proper documentation of the same. You also need to provide details about the property you want to purchase so that the mortgage broker in Markham can determine whether you will be able to afford the property or if you are reaching far beyond your means and help you make the decision correctly.



Mortgages are beneficial to you in many ways. They help you achieve your dreams by financing them. But they are hardly easy to get. There are so many criteria that have to be filled and so many conditions to be met. With your busy schedule and heavy workload it could become impossible for you to really work towards getting yourself a good mortgage deal. So, how can you make it easier? By hiring a quality mortgage broker from Markham. With many sites listing out the top quality mortgage brokers in Markham for you to choose from, they are just an interview away.

A quality mortgage broker in Markham can help you align your finances. They can advice you on what could work towards improving your finances and what could bring you down. Your financial positions and financial statements are an important factor when the terms of your plan are being determined. It is important to have a guide to make them better and a quality mortgage broker in Markham can do just that for you. They can view and evaluate your finances before showing them to a lender and hence prevent you from being rejected.

Quality mortgage brokers in Markham also provide you with many options. For example, you have recently moved to Canada and you have little to no history of any credit, then getting a mortgage can become tough for you. A quality mortgage broker in Markham can provide you with the options you need to get a good mortgage. If you are self-employed, have bad credit or have declared bankruptcy in the past, a quality mortgage broker in Markham can still get you the rates and plans you need to achieve your financial dreams. They work the market to find the best options for you.

In Markham, quality mortgage brokers also help guide you through the process. You have someone on the sidelines waiting to do the work for you. Whether it is shopping for rates, making an informed decision for the plans, or aligning your financial statements, a quality mortgage broker in Markham can do it all for you. This takes the burden off your shoulders and lets you do your work without being constantly hounded by the tension of getting a good mortgage with better rates. They can also help you to negotiate with the lenders.

When applying for a mortgage, there is a ton of paperwork to be pulled and aligned as well as a ton of paper work to go through. When you hire a quality mortgage broker in Markham, you can easily leave all of this to them. Letting your agent search for you, also prevents your credit score from getting a hit. You will be submitting your report to multiple lenders which can reflect badly on your score. A broker requires you to submit it once to them and then they spread it to the lenders thereby getting better rates and more coverage without affecting you much. This is why they are important!



Mortgages can be quite deterring. Getting one without the help of an expert can be even more so. If you do not have help, you may miss out on getting the best mortgages for yourself. A home is a huge expense. Not many can pay off the entire sum which is the cost of the home in one go. It is important to understand that there are multiple options available out there to support home owners. It is highly beneficial to take advantage of these provisions. Residential mortgages in Richmond Hill are one of them. Here are five ways you can benefit from residential mortgages in
Richmond Hill.

1. Large sum of money:

With a residential mortgages in Richmond Hill you can get easy access to a large sum of money which would mean you do not owe anything to the seller of your dream home. It also means you can buy the home immediately and make the move to shift in as quick as possible. It also gives you the option of investing it in a property and getting immediate ownership of this property with ease. The sum you receive on your residential mortgages Richmond Hill depends on your credit score.

2. Divided pressure of payment:

A house being such a huge expense. It comes as a relief that you do not have to make the entire payment in one go. You are allowed to make installments towards the residential mortgages Richmond Hill for a fixed amount at a fixed time period. This can help you divide the pressure of making a huge deposit over the time period you have chosen.
This can help you finish other financial necessities as well before moving to this.

3. The many options:

Depending on whom you are getting the residential mortgages Richmond Hill, you are likely to have multiple options for yourself. This could help you to decide and get the best deal. If your home is above your budget, a residential mortgages Richmond Hill can help you get the funding you need and make your dream home yours. There are options of borrowing from the bank or from other sources to help you decide which one is the best and which can get
you closer to your dream home with ease.

4. Quicker ownership:

Once you get your residential mortgages Richmond Hill ready, you can pay off your seller immediately. This means that you can get immediate ownership of your home and can give your family the chance to start making memories immediately. Why should you own a home after a long wait when you can own it now with residential mortgages Richmond Hill.

5. Competitive Edge:

When looking for a home, it gives you a competitive edge against other interested buyers of the same home if you have a residential mortgages in Richmond Hill. The seller is more confident in you as you will definitely be able to pay the sum of money you have promised and hence makes you a likely buyer.



Mortgages are a complex system which is made to provide you with the funds to fulfill your dreams. The amount of paperwork and procedure required can have you spinning. The negotiations, the options and all the various aspects involved in getting a loan can really put you out of your element. Add on top of this, the task of searching for the right lender and the right rates, you have yourselves in quite a soup. In the middle of all this, comes the helper, the
Mortgage Specialist in Markham who knows what they are doing and who can get you the best.

Who is a mortgage specialist Markham?

A mortgage specialist Markham is someone who is well aware of the various laws relating to mortgages and who can customize and make the best mortgage plan for you while keeping your interests in mind. A mortgage specialist Markham can help you devise the perfect mortgage for you while you sit in their office and sip a cup of coffee. They are the experts in the field of mortgages and can help you get what you need with extreme ease and simplicity. Mortgage specialists in Markham, know what they are doing.

Why you need a mortgage specialist Markham?

1. Experience:

Mortgage specialists in Markham have the experience required to get you what you need. They have dealt with many cases like yours and are able to handle all your requirements in the simplest manner possible and can make sure you get what is required. They have the required expertise to complete the task at hand.

2. Knowledge:

Mortgage Specialist Markham have the most current knowledge of the mortgage
industry and can help you reach your mortgage goals easily. They also have knowledge of the
law and know how to work it in your favor to get you the mortgage you need and when you need
it. It is also easy for them to tell you the best rates in the market.

3. Lower Rates:

Mortgage specialist Markham are well aware of where you can get the lowest and best rates in the market. They make it a point to have this knowledge as it can help them give you the best service and fulfill your needs. They have access to rates from banks, institutions and lenders both private and commercial and can get you good rates with ease.

4. Access:

Mortgage specialist in Markham have the widest network of lenders who can help you make the mortgage process simple and quick for you. They are willing to provide you with the best and most customized plans with ease and speed. It can really benefit you to have such a wide variety of options.

5. Paperwork:

The specialists of mortgages in Markham can also take care of the paperwork and other procedures involved in getting the mortgage you need to fund your dreams with ease. They will have a dedicated team with them who will make getting a mortgage a walk in the park for you.