When purchasing a home in Canada, most Canadians will do so using a mortgage, which is a type of loan designed specifically for property transactions. Today, approximately 40% of all Canadians currently have a mortgage. Loans are most often sourced from banks, large financial institutions and credit unions, but there are also a large number of private lenders that offer mortgage products as well.
Small and medium businesses in Canada can sometimes face significant obstacles when trying to get loans from the big banks or traditional financial institutions. Even healthy, profitable companies can find themselves rejected for small and medium-sized loans, and economic uncertainty can make this problem worse.
Investing in your home pays huge dividends. Whether you create your dream kitchen, add a spacious deck or simply apply a fresh coat of paint, home improvements can add major value to your property when you decide to sell.
Home equity loans – sometimes referred to as private mortgages – are quicker, lump sum loans secured using your house as collateral. Home equity loans can be used for many things, including home improvements, major expenses, or even debt consolidation.