Stay in Control
Gardenview Mortgage Corporation has all of the expertise needed to properly structure your mortgages. Let us find the best way to finance your life with professionally designed first, second, and third mortgages. A first mortgage is the primary lien against a real estate property, which takes precedence to all other types of mortgages, whereby this mortgage loan has priority to any proceeds, if the property is sold or the borrower defaults on their pre-determined payment installments.
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What is a First Mortgage?
The term “first mortgage” leads one to understand that there could be other mortgages on a property. A homeowner could take out another mortgage, such as a second mortgage, while the original and first mortgage is still in effect. The second mortgage is money borrowed against home equity to fund other projects and expenditures. However, the second mortgage and any other subsequent mortgages that are taken out on the same property are subordinate to the first mortgage. This means that the first mortgage is paid before the secondary mortgages are paid in the event of default.
Personalized For You
We take everything into account when finding you the perfect mortgage, and make sure that you understand everything that you need to know before completing your financing solution.
