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There is no denying that today many people consider buying a new home as a very challenging decision in their life. It will always make sense for property buyers to look outside of conventional mortgage options, utilizing a private mortgage to buy a home or investment property. Wondering, what is a private mortgage? It is actually a loan created between private individuals for the purchase of a mortgage under a secured loan. The lender, who could be a friend, family member, colleague, or investment firm, will loan the money to the borrower just as a bank would, securing themselves with a mortgage note or comparable contract. On proper placement, a mortgage loan is always paid back over time through monthly principal and interest (P&I) payments, earning the lender interest on the original principal balance. In many cases, there are situations too where you will need to seek all information about the  best private mortgage lenders rates . The information on mortgage lender rat...

Being a Canadian homeowner, you’ve probably heard about second mortgages. Second mortgages are money that you can borrow from a lender against in the equity in your home. Despite being so prominent, many Canadians don’t understand them and aren’t able to use second mortgages to their maximum benefits.  Here are a few things that most Canadians probably don’t know about second mortgages that will help them in making the most of their assets. ·          Second mortgages have different types. Second mortgages come in different forms. For example, with a revolving HELOC, the borrower gets continuous access to equity as they pay off the principal. Or you can get a closed second mortgage meaning that you will be able to get one lump sum of cash from your equity and pay it down gradually.  ·          Second mortgages are mainly used for two purposes. Most commonly, second mortgage...