1. First/Second/Third Mortgage

2. Synopsis

3. 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 don’t have to go through the stress of shopping for the best mortgage deal. Mortgage brokers know what’s 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.

4. 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.

5. 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.

6. 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

7. 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.

8. 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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