A second mortgage is a loan that is taken out using the equity in a property as collateral. It is called a "second" mortgage because it is a secondary loan, behind the primary mortgage that is used to purchase the property. The equity in a property is the difference between the property's value and the outstanding balance on the primary mortgage. For example, if a property is valued at $500,000 and the outstanding balance on the primary mortgage is $300,000, the homeowner has $200,000 in equity. A second mortgage loan can be taken out for any amount up to the value of the equity in the property.
A mortgage pre-approval is when a traditional lender like a bank or a credit union approves you conditionally for a maximum loan amount before you decide to make a final offer to purchase the house.
Most people assume debt consolidation to be just a loan. However, it is a fantastic way to consolidate high-interest debt. Additionally, they also offer a wide range of options, including combining multiple monthly repayments into one single-to-make payment with low or no interest.
The experience with AKAL Mortgages Inc. is great!!! I recently got approved for a business loan thought them and the agent that helped me with the process was outstanding. I am impressed with the convenience and very helpful service. I hear their agents on the radio all the time making consumer aware of the options available about mortgages and loans. And, they way they do, touch my heart. So honest and ethical.
My wife and I visited AKAL mortgages Inc. due to their reputation in the market. We were attended in a timely fashion to discuss our mortgage and line of credit needs. We are so glad that we were provided with great options and solutions to choose from. We are very happy and satisfied from the services provided by AKAL mortgages Inc. We definitely recommend their services to our family and friends.
