First/Second/Third Mortgage

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First/Second/Third Mortgage
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Synopsis

1. What Exactly is a Mortgage Broker and Why Should
   I Use One?
2. What to Prepare, What to Do and What to Expect on
   Your Online Application For Your First Mortgage
3. Second Mortgage - Benefits and Considerations
4. Third Mortgage Loans - A Few Things to Know about
   3rd Mortgages

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What Exactly is a Mortgage Broker and Why Should
I Use One?

• Save time With the help of a mortgage broker
  looking out for the best mortgage deals for you,
  it saves you the time and stress that is involved
  in visiting major Canadian retail banks. Once you
  hire their services the mortgage broker will
  arrange for a meeting in a place that's
  convenient for you. While at this meeting you are
  expected to discuss your mortgage needs and
  he/she will thereafter handle the shopping for
  you. You dont have to go through the stress of
  shopping for the best mortgage deal. Mortgage
  brokers know whats right for you
• Credit Score In Canada, the fact still remains
  that credit scores are a major setback in getting
  mortgages. This is because applying for a
  mortgage usually comes with a credit inquiry from
  the banks you are dealing with. And it's
  important to note that for multiple applications
  it means multiple credit inquiry which will
  ultimately bring about a negative effect on your
  credit score. Having a mortgage broker shop for
  you will involve making just one credit inquiry
  which will be sent to the bank that they dealing
  with.
• Save Money The popular misconception out there
  is that hiring a mortgage broker for your
  mortgage advice and shopping comes at an
  exorbitant cost. Whereas on the contrary, it's
  even cheaper and most times even free. This is
  because Canadian banks ensure that mortgage
  brokers are paid a certain commission for
  bringing in customers.

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What Exactly is a Mortgage Broker and Why Should
I Use One?

• Best Rates When you think about getting the best
  mortgage rate from a Canadian bank, you should
  think about a mortgage broker. This is often the
  case because these mortgage brokers rely heavily
  on referrals from clients who are very satisfied
  with their services. Furthermore, banks are more
  likely to offer favourable interest rates to a
  mortgage broker who has consistently brought in
  customers to them.
• Fast Approvals Another wonderful reason why a
  mortgage broker should do mortgage biding for you
  is that your application will be approved within
  24hours. They know the ropes better than you do!
• Feel At Ease Another important benefit of having
  a mortgage broker handle your mortgage dealings
  lies in the fact that, the agent is going to take
  his time to carefully explain all the terms and
  conditions that are attached to the deal. This
  action should be considered priceless especially
  if you are a first home buyer with little or no
  experience in the entire mortgage process.

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What to Prepare, What to Do and What to Expect on
Your Online Application For Your First Mortgage

• Arm yourself with the necessary information
• Information on taxes you paid last year.
• Bank statement,
• Payslip.
• Personal account information
• Current creditors
• Your next move should involve
• Making a decision on the mortgage type that is
  best suited for you. Either the adjustable-rate
  mortgage (ARM) or fixed-rate mortgage (FRM).
• Deciding on an amount that you can afford.
• It's very important to go for a loan that you are
  confident that you can service. So before
  submitting your application ensure that you have
  made the right choice.

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What to Prepare, What to Do and What to Expect on
Your Online Application For Your First Mortgage

• Make enquiry on your Credit Report.
• Credit report also influences your chances of
  getting your application approved and it also
  determines if you will get a decent interest
  rate. This is the reason why lenders or brokers
  are always swift in checking an applicant credit
  report before processing the mortgage request.
  With this in view, a prior knowledge of your
  credit report will ensure that you are in full
  control of mortgage dealings, especially as
  regard interest rates.
• What to expect
• The applicant's financial history
• The applicant's employment
• The authenticity of the documents presented to
  them.
• The applicant's co-signatories
• The applicant's collateral for the loan

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Second Mortgage - Benefits and Considerations

• Benefits
• Consolidation of debts A second mortgage loan
  can be utilized in servicing debts such as credit
  card debts and various other debts.
• Tax advantages Getting a second mortgage also
  come with an incredible tax advantage. This is
  evident in the opportunity which tax laws accords
  homeowners in the deductions of interest on their
  second mortgage.
• Comfortable interest rates Another fine benefit
  of getting a second mortgage lies in its enticing
  interest rates. Getting a second mortgage is
  considered a wise move in a situation where the
  homeowner is convinced that the cost of his
  long-term saving potential is far exceeding the
  cost of a second mortgage.
• Considerations
• Home equity line of credit Commonly referred to
  a revolving line of credit that gives homeowners
  the opportunity of seizing the benefits that come
  with the equity in his home. It's mostly used by
  homeowners who prefer to have a revolving credit
  line within their reach and also homeowners who
  are confident about the use of their homes in
  securing a loan. Usually when deciding the
  maximum amount for this credit line, what is done
  is getting a percentage of the appraisal value of
  the home which is often pegged around 75-85,
  then the balance remaining on the original
  mortgage is subtracted to give the maximum amount
  for the credit line.
• Closed-end mortgage Contrary to the equity line
  of credit mortgage, closed-end mortgage is a
  second mortgage system that offers a fixed loan
  amount which is expected to be repaid over a
  fixed amount of time. This second mortgage type
  is suitable for homeowners whose needs for funds
  is for a specific issue.

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Third Mortgage Loans - A Few Things to Know about
3rd Mortgages

• Benefits
• Debt consolidation loans
• Third mortgage refinance
• Third mortgage lines of credit
• Remodelling of your home
• Before applying for a third loan, it's important
  that you take quality time to research
  extensively about equity homes, lenders, their
  rates and also fees. Doing this will enable you
  to make the right and insightful decisions on
  your third mortgage. Meanwhile, if you are taking
  a third mortgage with the aim of using the funds
  for the remodelling of your home, it's therefore
  important that you, first of all, come up with a
  very detailed and realistic budget of the project
  stating clearly the estimated cost. With this in
  place, you can go about shopping for the third
  mortgage deal with the best rates and terms that
  suits your needs.

The End
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• For more details, please visit
• https//mortgagesolutionsgroup.ca/

Yonge Street Richmond Hill, ON, L4C 3B9
Canada 1-888-233-6164 info_at_mortgagesolutionsgroup.
ca