Lic 10845, Independently Owned & Operated
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.
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