What is a first mortgage?
A first mortgage is the original and primary loan a home buyer secures to purchase a property. This loan category does not apply only to first-time home buyers. Instead, the loan is first because of its priority position against any other loan that might be taken against the property. In the event of a default, the first mortgage must be paid first.
Are you ready for a first mortgage?
If you’re ready to buy a property, whether you’re a first-time buyer or not, you may need a loan from a financial institution to finance the purchase. But, keep in mind, this is a big and expensive decision to make.
First mortgage service provider in Surrey, BC, CANADA. When working with Duggal Mortgages, as your first mortgage broker, we must thoroughly understand your financial situation to make sure you’re ready for that first mortgage. To get started, we will ask you some personal questions about your income, savings, debts and other financial commitments. We will also address your questions and concerns, ensuring you’re confident about the process and the important financial decisions you’re making.
Once we understand your finances, We will make recommendations to help you make informed decisions about your budget, prospective lenders and affordable loan rates. Next, We will match you with the right lender who can provide the best terms and conditions and the lowest interest rates for the loan. At this stage, you’re ready to secure your property’s first mortgage.
What happens after you secure a first mortgage?
When you agree to the terms of the first mortgage, you will sign a promissory note, which is your promise to repay the loan amount in accordance with the terms of the mortgage agreement. As your first mortgage broker, we will ensure you understand every detail of this arrangement with your lender before you sign any agreements.
The lender will expect the first mortgage to be repaid in monthly installments that will include a percentage of the principal loan and interest payments. Until the loan is repaid, the lender will maintain a lien on the property you own.
After you secure the first mortgage, We will continue to support your mortgage needs. If you require an additional loan, such as a second mortgage or home equity loan, or if you have questions or concerns related to your mortgage lender, We will be happy to assist you at any time.
Are you a first-time home buyer?
Are you ready to go from renting to owning your first home? Have you been saving for a down payment? This could be the right time for you to choose a mortgage.
Purchasing your first home or property is a big decision for you and your finances. As a first-time home buyer, you’ll need to consider your options carefully, and ensure your home ownership and financial security last long into the future.
Be confident about your decision to borrow money from a lending institution to purchase your first home. As your first mortgage broker, We will guide you through every stage of the lending process.
