While most people associate mortgages with the debt they use to buy a house, in reality mortgages can serve a variety of purposes. For example, if you already own a house you can refinance and increase the mortgage to:
- pay off more expensive consumer debts
- undertake a renovation project on your property
- use the extra funds to buy another property
- use the extra funds to start a business
With the many possible uses comes increased tailoring to ensure your mortgage is right for you. There are many details and variations in mortgage agreements that the uninformed borrower may only discover in hindsight, unless they are pointed out at the outset.
Mortgage brokering provided through Paul Fettes, broker to Verico Reliance Mortgages FSCO 10357