Location: TORONTO,CANADA, AT PRESEN
Posted on: 04-09-05 21:16:51
Personal Loans and Reverse Mortgage.How does it work?
Hi Colleagues,
I wish to know how to easily get a personal loan from a bank/financial institution in Canada with a landing status of 4 months (GTA area)and a recently obtained secured credit card/job worth less than 2000$ per month?
Or rather which banks/institutons encourage immigrant laon applications,who have recently landed?
Next, is how does a reverse mortgage work,if one has to take a loan against his house/property in Canada?
Also,as per some financial institutons,one take a LOAN against an already mortgaged property,how does this concept work?Refinance or 2/3 mortgage??
Pl.inform.
caprico
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MJ
For a new immigrant with just one month of secured credit card, getting an unsecured loan can be tough. However, if the said person already bought a house with some huge down payt and already has enough equity in the house, secured loan should not be a prob. If you have any further Q, let me kow, I am a banker.
Even if you just go to your own branch, any personal banker would be more than willing to help you with all your Qs reg the issue.
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Let's help each other to grow & prosper in Canada
Quote:With no unsecured credit cards to your name and a new job (and no credit history), it can be difficult.
Orginally posted by CAPRICO
I wish to know how to easily get a personal loan from a bank/financial institution in Canada with a landing status of 4 months (GTA area)and a recently obtained secured credit card/job worth less than 2000$ per month?
But you won't know till you try.
Some lender might consider your job security and give you a small loan.
You will have to try.....
Quote:Reverse mortgage and loan against house/property are two entirely different things.
Next, is how does a reverse mortgage work,if one has to take a loan against his house/property in Canada?
Taking a loan against the value in your home/property is called Home Equity Loan.
On the other hand, a reverse mortgage is where a lender agrees to pay a home-owner, whose home/property is completely paid off, a certain sum of money every month/year (like a pension) provided the house/property will belong to the lender once the person is no more.
This concept came into being because of retired people who had homes that were worth a lot, but did not have cash for basic day-to-day expenses.
They were called "house poor".
Therefore, the banks came up with this idea of a reverse mortgage - the bank pays the person money, and takes over the house when he/she passes away.
Quote:That's a 2nd or 3rd mortgage, not refinance.
Also,as per some financial institutons,one take a LOAN against an already mortgaged property,how does this concept work?Refinance or 2/3 mortgage??
Refinance is when you switch your loan from one lender to another to take advantage of a lower interest rate.
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