What is a First Mortgage?
In order to understand what a first mortgage is, it is first necessary to know the meaning of the term mortgage. A mortgage is basically a transfer of interest in a property to a person who is lending you something, usually money, as a security. It is important to understand that a mortgage in itself is not a debt, but it is a security for a debt.

The amortization mortgage is something the lender can hold until the borrower has settled the dues. Now when it comes to first mortgage, it is the first claim which the lender can make if a default occurs. It is the first mortgage which has maximum priority in case a default occurs.

Canada is located in North America and it is the second largest country in the world in terms of area. It is one of the developed nations in the world today. Being a large country, the population will surely be large too. And this means the number of people going in for loans will be sizable. One cannot say that population is the only reason for this.

There are several other reasons like economic development, advancements in the technological fields, etc. which encourage people to take loans. And when one takes a loan, mortgage comes into the picture. Mortgage as already explained, is a security which you need to give to a lender for the money you are borrowing. And first mortgage is the most important in case a default occurs. Let us see who we can approach or how to get a loan in Canada.

It is very easy to get a loan in Canada as there are several agencies, both private and public which are more than willing to offer its customers a loan. When it comes to those who are buying a property for the first time, a lot of agencies come forward to help these first time buyers as they are new to the concept of mortgage. They help their customers with the best deals.

Can Equity is one such agency which is committed to help their customers find the best mortgage deals in the country. Any questions or problems you have, you can be assured that the employees of Can Equity will help you find the right solution.

When we look at first mortgage in particular, the most commonly asked question is that what one would need in order to get a first mortgage. In most cases, what one would need to satisfy all the requirement criteria would be a secure job or a stable income. You will also need proof for your income.

This can be obtained from the organization where you are working. Apart from this, you will also need a good credit rating. It is also necessary that the down payment you make is verifiable. And after all this, you will need to fill out the mortgage pre- approval application. Once all this is done, you can be assured that your mortgage transaction will be successful. What is a first mortgage?

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