{"id":176,"date":"2021-10-29T21:26:00","date_gmt":"2021-10-29T21:26:00","guid":{"rendered":"https:\/\/mortgagesbysoin.ca\/?page_id=176"},"modified":"2021-10-29T21:27:11","modified_gmt":"2021-10-29T21:27:11","slug":"residential-financing-2","status":"publish","type":"page","link":"https:\/\/mortgagesbysoin.ca\/residential-financing-2\/","title":{"rendered":"Residential Financing"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ admin_label=”Page Title Section” _builder_version=”4.12.0″ use_background_color_gradient=”on” background_color_gradient_start=”#313e47″ background_color_gradient_end=”rgba(49,62,71,0.5)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/pexels-jimmy-chan-998499-scaled.jpg” custom_padding=”120px||120px|” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row admin_label=”Page Title Area” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text admin_label=”Page Title” _builder_version=”4.12.0″ text_font=”||||||||” text_text_color=”#ffffff” text_font_size=”18px” text_line_height=”2em” header_font=”Prata||||||||” header_font_size=”60px” header_line_height=”1.6em” header_3_font=”||||||||” header_3_line_height=”1.8em” text_orientation=”center” background_layout=”dark” max_width=”700px” module_alignment=”center” custom_margin=”||10px|” animation_style=”fade” header_font_size_tablet=”40px” header_font_size_phone=”” header_font_size_last_edited=”on|desktop” global_colors_info=”{}” theme_builder_area=”post_content”]

Residential Financing<\/h1>\n

Mortgages by Soin<\/strong><\/h3>\n

 <\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Quote Section” _builder_version=”3.22″ custom_padding=”110px|0px|110px|0px” border_color_all=”rgba(255,186,96,0.6)” border_width_right=”8vw” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row column_structure=”3_4,1_4″ admin_label=”Quote Area” _builder_version=”3.25″ use_custom_width=”on” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”3_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text admin_label=”Author Name” _builder_version=”4.12.0″ text_font=”|600||on|||||” text_text_color=”#ffba60″ text_letter_spacing=”4px” header_font=”||||||||” header_4_font=”||||||||” module_alignment=”center” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”10%” animation_starting_opacity=”100%” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]

Residential Financing<\/p>[\/et_pb_text][et_pb_text _builder_version=”4.12.0″ text_font=”Roboto Slab||||||||” text_font_size=”17px” text_letter_spacing=”1px” text_line_height=”1.8em” header_font=”||||||||” header_3_font=”||||||||” header_3_line_height=”1.6em” header_4_font=”||||||||” custom_margin=”|||” custom_padding=”|||30px” animation_style=”flip” animation_intensity_flip=”5%” animation_starting_opacity=”100%” hover_enabled=”0″ border_color_all=”#313e47″ border_width_left=”10px” global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]

A residential loan can be used only\u00a0for the purchase or construction of a primary residence.\u00a0<\/p>[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Project Image Area” _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_image src=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/mortgage-brokers-vs-banks.jpg” title_text=”mortgage-brokers-vs-banks” show_bottom_space=”off” force_fullwidth=”on” align_tablet=”center” align_phone=”center” align_last_edited=”on|desktop” _builder_version=”4.12.0″ custom_margin=”|||” custom_padding=”|||” animation_style=”slide” animation_direction=”right” animation_intensity_slide=”2%” hover_enabled=”0″ border_width_all=”30px” border_color_all=”#ffffff” box_shadow_style=”preset2″ box_shadow_horizontal=”0px” box_shadow_vertical=”15px” box_shadow_blur=”60px” box_shadow_color=”rgba(29,61,71,0.2)” global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Project Analysis Section” _builder_version=”3.22″ custom_padding=”90px||90px|” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row admin_label=”Project Analysis Area” _builder_version=”4.12.0″ custom_padding=”60px|0px|60px|0px” border_color_all=”rgba(51,51,51,0.12)” border_width_top=”1px” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.12.0″ text_font=”||||||||” text_font_size=”16px” text_line_height=”2em” animation_style=”fade” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]

You may be able to borrow money secured against your home equity. Typically, interest rates on loans secured against home equity can be much lower than other types of loans.<\/span><\/p>\n

Not all financial institutions offer home equity financing options. Ask your financial institution which financing options they offer.<\/span><\/p>\n

You must go through an approval process before you can borrow against your home equity. If you\u2019re approved, your lender may deposit the full amount you borrow in your bank account at once.<\/span><\/p>\n

Refinancing your home<\/b><\/h2>\n

You can borrow up to 80% of the appraised value of your home.<\/span><\/p>\n

From that amount, you must deduct the following:<\/span><\/p>\n

    \n
  • the balance on your mortgage<\/span><\/li>\n
  • your total <\/span>HELOC<\/span> amount, if you have one<\/span><\/li>\n
  • any other loans secured against your home<\/span><\/li>\n<\/ul>\n

    Your lender may agree to refinance your home with the following options:<\/span><\/p>\n

      \n
    • a second mortgage<\/span><\/li>\n
    • a <\/span>HELOC<\/span><\/li>\n
    • a loan or line of credit secured with your home<\/span><\/li>\n<\/ul>\n

      Getting a second mortgage<\/b><\/h2>\n

      A second mortgage is a second loan that you take on your home. You can borrow up to 80% of the appraised value of your home, minus the balance on your first mortgage.<\/span><\/p>\n

      The loan is secured against your home equity. While you pay off your second mortgage, you also need continue to pay off your first mortgage.<\/span><\/p>\n

      If you can\u2019t make your payments and your loan goes into default, you may lose your home. If that\u2019s the case, your home will be sold to pay off both your first and second mortgages. Your first mortgage lender would be paid first.<\/span><\/p>\n

      Getting a reverse mortgage<\/b><\/h2>\n

      A reverse mortgage allows you to borrow up to 55% of the value of your home. You must be a homeowner and at least 55 years old to qualify for a reverse mortgage.<\/span><\/p>\n

      Interest rates and fees on second mortgages<\/b><\/h3>\n

      Interest rates on a reverse mortgage are usually higher than on a regular mortgage. They may by fixed or variable.<\/span><\/p>\n

      You may have to pay administrative fees such as:<\/span><\/p>\n

        \n
      • an appraisal fees<\/span><\/li>\n
      • title search<\/span><\/li>\n
      • title insurance<\/span><\/li>\n
      • legal fees<\/span><\/li>\n<\/ul>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”CTA Section” _builder_version=”3.22″ use_background_color_gradient=”on” background_color_gradient_start=”#313e47″ background_color_gradient_end=”rgba(49,62,71,0.74)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/law-firm-03.jpg” custom_padding=”99px|0px|200px|||” border_color_all=”#26333a” border_width_left=”8vw” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ admin_label=”CTA Area” _builder_version=”3.25″ locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text admin_label=”Title” _builder_version=”3.27.4″ text_font=”||||||||” header_font=”||||||||” header_2_font=”Prata||||||||” header_2_font_size=”48px” header_2_line_height=”1.6em” background_layout=”dark” module_alignment=”center” custom_margin=”|||” custom_padding=”|||” animation_style=”fade” header_2_font_size_tablet=”40px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|tablet” locked=”off” global_colors_info=”{}” theme_builder_area=”post_content”]

        Let’s Work Together<\/h2>\r[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_button button_text=”Get In Touch” _builder_version=”3.16″ custom_button=”on” button_text_size=”14px” button_text_color=”#ffba60″ button_border_width=”2px” button_border_color=”rgba(255,164,13,0.4)” button_border_radius=”0px” button_letter_spacing=”4px” button_font=”|700||on|||||” button_icon=”%%3%%” custom_margin=”10px|||” custom_padding=”10px||10px|” animation_style=”fade” animation_direction=”right” button_bg_color_hover=”rgba(0,0,0,0)” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”rgba(0,0,0,0)” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” theme_builder_area=”post_content”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

        Residential Financing Mortgages by Soin  Residential FinancingA residential loan can be used only\u00a0for the purchase or construction of a primary residence.\u00a0You may be able to borrow money secured against your home equity. Typically, interest rates on loans secured against home equity can be much lower than other types of loans. 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