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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.

WHAT'S YOU EXPECT

We Offer To You

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First-Time Home Buyer
Mortgage

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Refinancing Your
Property

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Pre Approval

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Debt
Consolidation

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Renew Your
Mortgage

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Self-Employed
Mortgages

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Private
Mortgages

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Commercial
Mortgages

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Second
Mortgage

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Small Business
Loans

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Home Equity Line of
Credit

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Renew Your
Mortgage

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First-Time Home Buyer Mortgage

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Refinancing Your Property

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Pre Approval

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Debt Consolidation

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Renew Your Mortgage

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Self-Employed Mortgages

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Private Mortgages

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Commercial Mortgages

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Second Mortgage

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Business Loans

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Home Equity Line of Credit

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Renew Your Mortgage>

STEPS & PROCESS

Easy Approval Process

When we say YES! We stand behind our

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CHOOSE YOUR SERVICE

Why You Should Choose
AKAL Mortgages Inc.

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 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.

  • Oli Rubion

    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.

Blog | AKAL Mortgages Inc.

commerical_mortgage
Published: 30 October 2020
Details | Written by AKAL Mortgages Inc.
Looking for a commercial mortgage in Mississauga?

If you are a business owner in Mississauga, it is likely that at some point in your career you will be looking to get a commercial mortgage.

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Published: 25 September 2020
Details | Written by AKAL Mortgages Inc.
Why you should hire a mortgage broker to get a Home Equity Line of Credit in Mississauga?

As a homeowner in Mississauga, perhaps the least expensive and most convenient way to borrow money is from you

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Published: 15 July 2020
Details | Written by AKAL Mortgages Inc.
Looking for a Mortgage Agent in Brampton?

If you are looking for a mortgage agent in Brampton, you need look no further than AKAL Mortgages Inc.

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Published: 15 July 2020
Details | Written by AKAL Mortgages Inc.
How you can benefit from a home equity line of credit in Mississauga

Most residents of Mississauga will need access to cash at some point. You can use credit cards or some other form of unsecured loan

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