Second Mortgage Quote Windsor, Ontario - (226) 773-1951

Second Mortgage Quote Windsor, Ontario - (226) 773-1951. Mortgage Quotes Explanation

Second Mortgage Quote Windsor, Ontario - (226) 773-1951 video duration 42 Second(s), published by Second Mortgage Windsor on 24 01 2017 - 23:44:48.

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Second Mortgage Quote Windsor, Ontario
http://secondmortgagewindsor.ca - (226) 773-1951

Looking to take out a second mortgage on your Windsor area home? In need of a quote? Give us a call today!

A second mortgage is a loan taken after the first mortgage. There can be several reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (PMI) requirement.

The second mortgage, secured with the same assets as the first, usually carries a higher rate of interest than the first mortgage. The amount that can be borrowed is based on the equity in the home, which is the difference between the current value of the property and the amount that is owed on it.

The Costs of a Second Mortgage:
All companies, including mortgage lenders charge a lending fee. Lenders typically charge loan origination fees and appraisal costs in addition to points. “Points” are a fee for lowering the interest rate of the loan. One percent that is borrowed is equal to one point. For example, a loan of twenty thousand that had a fee of 8 “points”, the actual fee would be $1,600 in “points”. The amount of points charged by a mortgage company can vary and it is a good idea to check with several lenders to get the best rate. Before agreeing to the loan, always get how much the fee is in writing.

Annual Percent Rates:
If the loan has a fixed rate, which means that stays the same for entire term of the loan. However, there are quite a few lenders that will give borrowers variable rate mortgages. These are also known as adjustable rate mortgages. ARMs may have what is called a periodic interest rate adjustment over the life of the loan. If the contract lets the lender to change or adjust the rate of interest, it is important to know when the rate can be changed, how often it can be changed and even if there are limits as to what amounts the payments or interest can be changed. The mortgage company should also advise what basis will be used to figure a new interest rate.

Please call us today at (226) 773-1951 for a second mortgage quote.

Learn more about second mortgages: https://en.wikipedia.org/wiki/Second_mortgage

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