I just came across a pretty nice page on the “Morgix” website. For those who don’t know, Morgix is a Canadian finance company who helps the little guy tackle big money problems…
A lot of folks have questions regarding debt and mortgages. There’s also a lot of folks who SHOULD be asking tough questions about their personal finance.
Morgix Questions and Answers
Morgix, a mortgage broker in Newmarket took the stage to allow the opportunity to let some local people come up and participate in a Questions and Answers session in order to help create some good local mojo as well as offer some real down to earth advice.
One of my favourite parts was how the home equity line of credit loan was compared but differentiated to a second mortgage. I had previously been confused as to the difference myself. Great to have things cleared up.
As a quick explanation, I guess those with better credit, or lower risk can get the HELOC, which is a revolving door of credit with no term, and full access to a percentage of equity.
A second mortgage is more like taking out a static amount of cash against the equity, then having to pay it down in a specified period. A second mortgage just has a little more restrictions to minimize the risk involved.
Here’s the full page on Morgix site
Morgix has 5 offices across Canada at the moment, and is sure likely to expand to more in the near future. Morgix’s positioning on helping everyday folks with their financing is spot on for marketing and a way to break through all the other financial clutter out there.
- More on all this type of nonsense on the general Wikipedia site as well
- Or ask questions yourself on a site like Quora