Mortgagenomics Canada

If you're about to secure a mortgage, here's something you might want to consider regardless of whether it's a purchase, refinance or renewal.  Make the mortgage readvanceable.What does readvanceable mean?Firstly, a readvanceable mortgage starts out as a typical mortgage where a specific portion of your payment goes towards the interest charge and the rest gets directly applied towards the mortgage principle gradually paying it down over time, thereby, building equity in your home.  But this is where the similarities stop and the readvanceable mortgage begins to impose its leading characteristics.Firstly, readvanceable mortgages include at least two components; a regular principal-interest mortgage and a Home Equity Line of Credit.  The supplementary Home Equity Line of Credit acts as the primary component that allows the mortgage to become readvanceable.  A mortgage becomes readvanceable when the first mortgage payment is made and it continues on until the mortgage is eventually paid off.