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Mortgage Guru

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home equity

What exactly is Equity and Using Your Home as a Financial Tool

Most financial institutions consider home equity good collateral and are often willing to lend user money against this. Lenders may problem you a particularly unique check or provide you with a “chequebook” for you to access the loan when you need it. There are usually types to sign, as well as a simple approval. There

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Loans and mortgages

Loan vs Mortgage: All that you should know

Loans and mortgages are two terms that are most frequently used in the banking industry interchangeably. But, do you know that both and loan and mortgage have a significant difference in them? It might seem to be one of the same things for a layman, and almost everyone finds the two similar because both involve

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credit score

How Does A Mortgage Affect Your Credit Score?

Quite simply, our credit score is what holds our future potential for lenders to decide how good, or bad, we are as far as credit risk is concerned. It means that if we have a poor credit score, we might not stand a chance for a loan when we next apply, or if ever we

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Second Mortgage

What Does Second Mortgage Mean, And How Does It Work?

Second mortgages allow homeowners to borrow money against the equity at their own homes. They would not have to refinance their first mortgage. An amount up to 85% of your total home value can be borrowed. A second mortgage is only approved if you have at least 20% equity in your home. While applying for

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