What is a collateral mortgage? We get asked this question A LOT! Everyone has heard this term, very few know what it means. Lots of people tell me they have seen the CBC Marketplace episode and they know that collateral charges are bad. The truth is that they are not good or bad, they just are. Collateral mortgages are only bad when you don’t know that you are getting one and then get caught by the fine print. They can also be great for people who need them and know how

We can offer 3 different options to offer you to finance a home renovation. 1. Purchase Plus Improvements When you purchase a home the lender will loan you the extra money to fund a renovation that improves the value of your home. The lender will require quotes and often a second appraisal to confirm that the renovations will improve the equity in the home. The extra money will come out of your mortgage and be held in trust until the renovation is completed. Then it will