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First vs. Second Mortgage: What’s the Difference?

Posted onJune 29/2022By

What are first and second mortgages? Investing in mortgages and mortgage investments come in different levels. At every level, the likelihood of risk will grow, as well as the potential reward.  For the most part, a first mortgage is the first mortgage that a borrower will secure for the purpose of buying a property. A second mortgage can be viewed as a further loan after a first mortgage has been obtained; it is usually a secured loan, which means that you can use the equity in your home as collateral.  The loan-to-value (LTV) ratio of second mortgages is generally higher…

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10 Tips for Getting a Good Mortgage Renewal Rate

Posted onJune 27/2022By

Mortgage lenders send out renewal statements as your loan term nears an end (the most common term is five years). Your lender must send a 21-day notice before your mortgage term ends. To ensure that you take full advantage of your mortgage renewal, here are our top 10 tips: 1. Conduct your own research on rates If you compare your current rate with what other financial institutions are offering, you will know how much leverage you have (since you will have leverage; see tip #2). 2. Postings are rarely the “lowest” rates The goal of a bank is to make…

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The Difference Between High-Ratio and Conventional Mortgages

Posted onJune 22/2022By

Purchasing a home can be challenging, especially for first-time buyers. Depending on the housing market, saving up a down payment may be difficult. With rising house prices, down payment requirements have changed over the years. In this article, we will provide details on these adjustments to help you decide which mortgage is best for you. Loans With High Ratios vs. Conventional (Low Ratio) Loans Conventional and high-ratio mortgages depend on how much you are able to pay down. Conventional mortgages require a 20% down payment. Many people can manage a down payment of 20% with some work.  In recent years,…

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Are Private Mortgages a Good Investment?

Posted onJune 20/2022By

In recent years, the number of private mortgages has grown dramatically because such mortgages offer unique opportunities to borrowers who find it difficult to get one anywhere else. The following are some of the benefits you can enjoy as a private mortgage lender: If you are lending money to borrowers who have been declined by banking institutions, you can charge a higher interest rate due to the risk you are taking. It is difficult to believe that private mortgage lending outperforms stocks and other traditional investments when it comes to returns. Since a property secures the loan, you can rest…

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