FAQ’s

A second mortgage is using the value that is in your house right now. Here is what we mean.

When you bought your house, lets say that you paid $350,000 10 years ago. In 10 years your house has probably gone up in value. At the same time you have been paying down on your mortgage.

Lets say that your remaining balance on your mortgage is $230,000. We can send someone to evaluate your property.
Once the evaluation is done lets say that your house is now worth $520,000. So here is where the math kicks in:
Your house is worth $520,000
You still owe $230,000
——
the equity is $290,000

DEFINITION of ‘Equity ‘
Equity is the value of an asset less the value of all liabilities on that asset.

*All this means is that you have $290,000 of value in your home that you can now leverage to get a second mortgage for renovations, vacations, education or whatever you decide.
Contact us today to find out what your options are.
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HOW DOES A DEBT CONSOLIDATION MORTGAGE WORK?

A debt consolidation mortgage works by taking debt paid to several sources (like multiple credit cards), at high interest rates, and paying them with a single payment. This is usually at a much lower rate. Sometimes less than half of what you were paying before.

This is when you have a bunch of bills coming from a variety of sources like credit cards. All of these places that you have borrowed money from are charging you high interest rates. If you could pay off all of these bills with a consolidation mortgage with a much lower interest rate is could possibly save you a substantial amount of money.

WHAT IS THE IMPORTANCE OF HOME RENOVATIONS?

A few good renovations can increase the value of your property substantially. Think of it like an investment in your own primary asset. A deck, a fence and a new kitchen can add tens of thousands of dollars to your asking price. Our Team can walk you through home renovation mortgages available to you.
Renovations can increase the value of your property.The example above refers to the value of your property going up over time. With a renovation to your kitchen, bathrooms or yard you can expedite this process. By increasing the value in your home you can gain thousands of dollars on your asking price if you are looking to sell.

CAN I GET MONEY FOR A HOLIDAY?

Banks can be uptight about the second mortgages they give their customers. It’s not uncommon for them to see a vacation as an unnecessary luxury, and will not give you the money. We think your money is yours to do as you see fit. Therefore, we offer vacation mortgages for those who want them.
Has it been a long time since the family went on a good vacation? If you go to a bank they might want to know why you are going on a vacation and not approve you for the second mortgage. We think that if the equity is yours then you should be able to use it as you see fit. If you are looking to pull out some money to take a well deserved vacation then we can do that for you.

HOW CAN I GET A LOAN, WHEN MY CREDIT IS BAD?

If you own a home, you can get a mortgage credit, regardless of you age, credit or income.
Your credit rating does not come into play most of the time. If you have equity in your home then age, credit and income don’t come into play.

WHERE IN CANADA CAN I GET A MORTGAGE WITH Mortgage Depot?

The Mortgage Depot services all areas of BC & Alberta

WHERE DOES The Mortgage Depot HAVE ALBERTA MORTGAGES?

Mortgage Depot offers mortgages in all areas of AB including Edmonton, Calgary, Red Deer, Lethbridge, Cochrane, Airdrie and Okotooks.
We serve all of BC and Alberta including Calgary, Vancouver, Edmonton, Prince George, Fort Mcmurray and all outlying areas.

WHAT IS A BAD CREDIT MORTGAGE?

If you are one of the millions of Canadians with bruised credit, poor credit, bad credit, then a second mortgage is still available to you. No matter what the banks say. Same goes if you are just self- employed. A bad credit mortgage does not look into factors such as credit, age or income. All that matters is if you own a home. This is especially important for people in the business world. To learn more about a business mortgage, contact your nearest office.
Bad credit, No credit, bills piling up? No matter what the bank says A second mortgage is still available for you if you own your own home. Even if you are self employed or looking to start a business we can help. Lots of people assume that they cannot get a second mortgage, we say just ask. We can do a free application or call and find out for you in a few min.

SIMPLE
Application Process