Did you read the fine print in your mortgage? This client didn’t

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We recently completed a mortgage for client that was refinancing his property to get a larger mortgage and use the additional funds for investment purposes.  The bank that he was looking to pay out had a clause in their mortgage that basically read “you cannot payout your mortgage unless the property has been sold”.  This means that the bank would not allow the client to payout the mortgage unless he produced a sale agreement showing that someone unrelated to him was purchasing the property.  Needless to say the client was extremely upset and couldn’t believe this clause was not explained to him when he took the mortgage.

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Should I get a second mortgage?

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This is a great question that we often get asked and often consider when someone really needs cash but may not qualify to refinance their existing mortgage OR they do not want to pay the penalties associated with paying out an existing mortgage.  There is no perfect answer or a “one size fits all” solution, however here are some things to consider if you are evaluating a second mortgage.

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