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How are second Mortgages beneficial

Second mortgages are a bit risky they may demand high-interest rate or high fees. Mortgage brokers make the process simpler and easy for the client to understand and not be perturbed by the risk.These brokers have the required experience in the financial fields to act according to the situation and in the interest of their clients.

It is important that one should know the current rates of interest before going in for a second mortgage the risks involved and the intentions of the particular lenders should also be looked into and taken into account.

Mortgages agents help to make it easier for individuals with shaky credit caused by first mortgages ago for a second mortgage.

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Bad Credit Second Mortgages

If you have had a bad credit first mortgage then it becomes a bit difficult for you to get a second mortgage. But if you are aware of the kind of trend going on in the market and the intentions of the lenders then you can decide on your next step.

Your Income-to-Debt Ratio

You home equity loan or HELOC can be of help in getting you a mortgage loan you can use about 80% and in some cases even 95% of your home equity loan for your mortgage.

Work History

Another thing that plays an important part as the deciding factor in case of your second mortgage is your work history which means your source of income. If you work history is steady and brings you a stable and regular income then you have a very bright chance of getting a second mortgage.

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  • Bad Credit Second Mortgages

    If you have had a bad credit first mortgage then it becomes a bit difficult for you to get a second mortgage. But if you are aware of the kind of trend going on in the market and the intentions of the lenders then you can decide on your next step.

  • Your Income-to-Debt Ratio

    You home equity loan or HELOC can be of help in getting you a mortgage loan you can use about 80% and in some cases even 95% of your home equity loan for your mortgage.

  • Work History

    Another thing that plays an important part as the deciding factor in case of your second mortgage is your work history which means your source of income. If you work history is steady and brings you a stable and regular income then you have a very bright chance of getting a second mortgage.

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Why You Should Choose
AKAL Mortgages

Service

Borrowers

  • When we say YES! We stand behind our promise
  • Mortgage solutions based on your needs and qualifications
  • Fast approvals and quick closings
  • Save time and money
  • Lower mortgage rates due to lender discounts and promotions
  • Licensed, knowledgeable and experienced
  • Protect your credit score
Service

Brokers

  • The Most Important: Dedication to our agents!
  • Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
  • Training: Weekly training and industry updates, One on one support
  • Mentoring: Specialize in Residential, Business and Commercial
  • Lead Generation: Proven successful campaigns to generate leads
  • Personal website; mobile Apps; online virtual meetings, e-signatures
  • Lenders: VIP access to more lenders and top tier compensation
  • Professional office (at no cost to you): Meet your clients at the office
FAQ

Frequently Asked Questions

    • Are there any limitations to applying for a second mortgage?

      Anyone can apply for a second mortgage even a person with a bad credit history there are absolutely no limitations. The lender will see your debt income history and your work history to decide about the amount that can be lent to you .If you take the help of a broker then he will try and reduce your high interest charged by the lender. A broker will also introduce you to many lenders thus making a wider choice of lenders available to you.

    • How is second mortgage good for me?

      Second mortgage is good if you want to make some necessary improvements in your lifestyle and if they cost more than your ready savings. Second mortgage helps in getting you money on your house which is already in mortgage. So it is an additional loan taken on your already mortgaged property but through a different lender of course.

    • Why are interest rates higher in on second mortgages?

      Interest rates are higher on second mortgage loans because the lender has to safeguard his interests since the property he is investing in is already mortgaged he will have secondary rights on it while recovering his loan.

TESTIMONIAL

We Serve Our Clients
Best Of Capacity

  • Jas Bath

    The experience with AKAL Mortgages 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.

  • Oli Rubion

    My wife and I visited AKAL mortgages 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. We definitely recommend their services to our family and friends.

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