Blog | Mortgage Advice in Ontario
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Assured mortgage assistance for first time home buyers
September 16, 2019 | Posted by: The Mortgage Captain - Ottawa, Toronto and Ontario Mortgage Brokers
A family home is one of the biggest goals that everyone has on their bucket list. Each and every one of us dreams of buying the house that would be ideal for raising a family and a house that would be utilized by generations to come. But buying a house is not an easy task. Apart from all the location scouting and hunting, getting a mortgage is the biggest challenge faced by every potential home buyer. Getting finance for the house can turn into a nightmare for many who are not aware of the taxes and collateral involved.
A mortgage consists of a legal contract which binds the borrower legally to make the repayment along with the interest rate and other costs that come along with it. The house for which the mortgage is taken acts as the collateral for the loan and the total cost includes the taxes insurance and interest payments. The entire amount of mortgage is paid back in monthly installments over a period of 15 -30 years. If a person defaults on the payment,the lender has a right to seize the house.This act is known as foreclosure, which affects the credit rating of the borrower negatively. Also, foreclosure is a major setback to the buyer for future purchase.
Looking for mortgage and more importantly settling on realistic mortgage goals can be a difficult task for the first time buyers. A first time buyer may not be aware of the various aspects of the procedure of taking a mortgage. Before taking a mortgage, one should be aware of the right mount of the mortgage they qualify for. This can help the buyer to keep the search limited to the houses that he can afford. The first time buyer is also generally clueless about the amount of money that should be given as the down payment. Therefore, it is important to take professional help. A mortgage broker can help by acting as the middle man between the lender and the borrower. People looking for a mortgage broker in Barrhaven can turn to Mortgage Captain. Mortgage Captain happens to be one of the best mortgage brokerages in Barrhaven. They can help you all along the way if you are looking for a mortgage broker in Barrhaven. They canprovide help from the beginning till the end. Mortgage Captain can not only help you in deciding what is the best mortgage for you, but can also help you in saving a substantial amount of money on taxes. Unlike banks which generally do not disclose various other collateral charges, taxes and interests that come with breaking a mortgage, Mortgage Captain believes in complete transparency so that the clients have a crystal clear picture of the money which will be involved.
With Mortgage Captain, you can be assured that your money and savings are in good hands. Just as you would focus on saving money, Mortgage Captain aims at getting you the best deal on mortgage, as well as helping you save your hard earned money.