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A
loan is when a person borrows money from a financial institution or other
type of lender with an agreement to pay back the full amount plus interest
over a period of time.
Mortgage is money borrowed from a lender in order to purchase a piece of
property. Mortgages vary in terms of length and interest rates. In other
words - it's a loan that is secured by real estate.
You may ask: why another website about loans and
mortgages? Well, it's my little contribution to thank all those that helped
me along the way to have a house of my own and have my financial affairs
under control.
I came to Canada in 1985 with
$10 in my pocket, bought my first car for $150 using money made doing some
odd jobs. Very quickly I realized I need to establish a credit history in
order to get anywhere.
A months or so into my first
"real" job I decided to try to buy more expensive car. I found a used car
dealer with a car I liked and he promised to help me to get financing. He
filled the papers and introduced me to a bank manager that the dealership
had their account with. We've had a long and friendly conversation and he
decided to trust me and secured me a loan after I brought a piece of paper
from my employer that my position with his company was secured. You should
see my face when I was driving away in my "new" 8 year old Toyota Celica and
a brand new credit card in my pocket. I was the king of the neighbourhood!
That's how my credit history began.I
paid my monthly installments on time and soon the loan was paid off.
Of course, like in life, there were ups and
downs - I almost completely ruined my credit history when I couldn't keep up
with payments of another loan when I lost my job after an accident, I've
lost large amount of money to a fraud, but somehow always I kept my head
over the water and now I own a nice house totally paid for and we are
thinking of moving to a dream house in the near future.
We start early in our lives to borrow money - first it's our parents, later
it's a student loan, car loan, then mortgage or business loan. It's good to
know what is involved and how to get the most out loans and mortgages
without getting hurt in the process.
Getting a home loan or refinancing can seem a little disorienting. And while no company can make the process easy, Home123 makes it easier on you. They are a direct lender that guides you every step of the way, from loan application to final approval.
Click Here to Apply
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