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Home Finance

Opting for home finance is probably the easiest way to own a home today. Home loan interest rates are among the lowest in the history of home finance. You also have many home loan calculators to plan your repayment with ease, and home loan eligibility has also become much more lenient. For more information visit: https://www.amanduggal.ca

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Home Finance

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  1. ABOUT US AmandeepDuggal Mortgage Broker has years of experience supporting his clients and negotiating with mortgage lenders. As your personal mortgage broker, he’ll always put you and your budget first. Whether you’re purchasing your first home with your first mortgage, taking out equity from your home with a home equity mortgage, or refinancing your first or second mortgage, Aman can help you with even your most complicated mortgage needs. Don’t go through this challenging process alone. Instead, get the professional and experienced advice you need to make smart, careful and cost-effective buying decisions. Call AmandeepDuggal Mortgage Broker today for a free consultation about your mortgage needs. We will be happy to help!

  2. Second Mortgages When a homeowner has available equity in their property, meaning they have repaid a certain percentage of their first mortgage, they are eligible for a second mortgage as another means of financing. With a second mortgage, the property owner’s home is used as security for the lender, who requires assurance that the borrower is capable of repaying both loans. The new mortgage does not remove or modify the terms of a homebuyer’s first mortgage. And if the borrower defaults or fails to pay either mortgage, the first mortgage must be paid before the second. A second mortgage can be a home equity loan, which means it will have a lower interest rate than a credit card or another loan.

  3. What is the purpose of a second mortgage? When a homeowner chooses a second mortgage, the money provided by the lender can be used for a wide range of home-related improvements, including home additions, improvements and repairs. The funds may also be used to pay for expenses that are unrelated to the home, such as paying off car loans and high interest credit cards.

  4. Is a second mortgage right for me? A second mortgage isn’t the right solution for all homeowners. For example, if you’re considering an additional mortgage, think about the amount of equity you have in the property. If you don’t have enough equity in your home, you’re unlikely to be approved for a new loan. Also, before assuming a second mortgage, keep in mind that payments will increase your monthly expenditures. If the additional mortgage fits in your monthly budget, and you’re most likely able to make the payments for the duration of the repayment schedule, potential lenders are far more likely to approve the loan. Adding a new loan to your financial situation is an important decision that requires careful consideration and expert advice. If you’re unable to repay the loan, or if you miss payments, you can place your homeownership and financial circumstances in jeopardy.

  5. Contact Us AMANDEEP DUGGAL MORTGAGE BROKER Address: 6321 King George Blvd #102, Surrey, BC V3X 1G1 Cell +1 (604) 227-9694 Website URL: https://www.amanduggal.ca

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