In Ontario, if you discharge your mortgage before it matures, you pay a penalty. However, if you reapply for a new mortgage within 90 days from discharging, you receive a portion of that back. I believe it is called "porting" your mortgage.

Powered by

I was reading that you could use your home a collateral for another loan. is that true? i'm looking into investing in a rental home, eventually moving into it. but i can't sell the one i'm in until the real estate market turns around.

If your current house is completely paid off, ie no mortgage, then yes. Otherwise no. This is because even if there is equity in the house, the current mortgage lender has the lien on it and no one else will take a subordinated position.

Powered by

My wife and i live in a home legally donated to us by family. we have ownership. can we use this home as collateral for a mortgage loan on another home in another state? if so, how does that work?

Don't see why not. Each state has different rules and regulations regarding this particular matter.

Powered by

I have a construction company but currently have no actual proof of income yet i make plenty to cover the payments. i even have cash in the bank as collateral- i just want to get partially financed to build my credit. thanks!

jed you can do a savings secured line or loan with your bank. Easy, not qualifying.... Soccerref

Powered by

I'm doing a homework. and question is "give three example of collateral material" plz help

Collateral material is usually 'handouts"; or material to support a lecture or sales pitch, such as brochures, lecture materials, presentation notes, reports, financial spreadsheets, etc.

Powered by

Not unless maybe you signed a form stating that you would have it insured as stipulation of the loan and it is not insured.

Powered by

We owe them .a little scary now isn't it?why is the great one still talking about another stimulus bill may be needed?is there anyway we can give them the current us government and whitehouse as collateral?

like any good lending institution they want to make sure we have a way to pay the trillions that we owe them and they know with obama spending money that we aren't going to worth chit when he is through

Powered by

I am looking to expand my current business in the inflatable rental business by obtaining a collateral equipment loan, to be used to purchase new inflatables, but i have a low credit score..any honest suggestions??

Your best bet is to go the the bank that has your business bank account(s). Generally, business lines and commercial loans are in-house products. This means the bank makes a business decision as opposed to a "credit' decision. Hope this helps and good luck

Powered by

If i go to my bank with a cosigner and ask for a personal or business loan would they give it to me? say i have no assets, no collateral, bad credit, and, no current income. note: suppose i have a cosigner with 730 or better credit, would they accept me and give the personal loan to me?

Banks make loans all the time to people who have co-signers with good credit. But really, from the bank's point of view, they are making the loan to your co-signer rather than to you. In other words, although you think of the loan as a loan to you (with your co-signer as "insurance"), the bank will look to your co-signer as the person who is really going to be paying. Without any income or ability to pay the loan, they will just assume that you are not going to be making the payments. It would be as if your co-signer applied without you even being part of the transaction. Your name would be on the loan, but it wouldn't add to the qualifications of the real borrower, your co-signer.

Powered by

I have some land that has never been touched. it is paid off and i am current on any taxes. i live in dallas county. my credit is not good but i want to use the land as collateral to get a bank loan and build a house. my land is worth $30,000. what bank is good to work with?

If you have the deed and the land is paid for, I would shop around. Talk with a couple of banks because you will want the one with the best interest rate. Some banks may be hesitant because they already have foreclosures and property they are trying to sell. You don't know until you try. Try the big banks then maybe some small community banks in your area.