If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.
If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.
Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.
If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.
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.
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.
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.
Home renovations can be an exciting way to add value to your property, improve your living space, or finally tackle those long-overdue projects. However, financing
A second mortgage can be a successful financial strategy, giving homeowners access to their home’s equity for things like renovations, debt consolidation, or significant expenses.
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
