People borrow money as a loan when they like to buy a house, purchase a car, pursue higher studies etc. or in an emergency. When they apply for a loan, banks or other lending organizations, known as creditors, seek evidence of ownership of some property by the borrower. The borrower pledges the property to the creditor.
If the borrower doesn't repay the loan according to the agreement, the lender may take legal steps to acquire the borrower's property. A qualified Calgary Mortgage Broker Josh Tagg can help you understand how this works.
If the borrower doesn't repay the loan according to the agreement, the lender may take legal steps to acquire the borrower's property. A qualified Calgary Mortgage Broker Josh Tagg can help you understand how this works.
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The first thing to consider is that most people have when selecting a mortgage is the interest rate. While it is true that this is important, the lowest interest rate is not always the best mortgage product for everyone. Consider things such as pay down options, prepayment privileges, payout penalties, portability, transferability, and the ability to refinance in the future.
Do you own a home? Would you like to change your financing for something better? Sometimes that means refinancing into a mortgage with a lower interest rate, sometimes that means refinancing into a longer amortization and lowering your monthly payments, other times it means borrowing out some of the equity in your home so that you can use that money to pay off debts, improve your property, or spend it on something fun.
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