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 by Paul Fettes, Broker to 1655513 Ontario Inc. operating as Verico Reliance Mortgages FSRA License 10357, independently owned and operated