A first mortgage is a primary loan that you take out in order to buy a home. In general, it is used for a larger amount than a second mortgage. In addition to that, it has a lower interest rate.
When it comes to seniority, the first mortgage is more senior than the second one.
In the context of loans or debts that you may have, the first mortgage has priority over them.
It is kind of easier to get a first mortgage than a second mortgage.
In case you don't pay the mortgage payments, the bank will first take the money that you borrowed with your first mortgage.
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Applying for a mortgage is a big commitment. One needs to think of it effectively before getting it. These perks will make you indulge in your first mortgage:
Those days are gone when first-time homebuyers had to put 20% down. Now you get a low down payment as well.
Benefit from the low-interest rates before they go up.
First-time home buyers can remove the interest they have to pay off on their mortgage.
Mortgage Architects comes up with the best possible solution for you. We provide an environment that motivates community and culture from every level. Our aim is to make the process of loan smooth for our clients.