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(647) 375-5275

second mortgage Brampton

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1 - 2 days

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Apply For Second Mortgage

    Min $200,000

    Min $25,000

    Need Help With Your Second Mortgage in Brampton?

    Harpreet Puri Mortgage is here to help. You can schedule an appointment with us today to discuss your mortgage need, and we can draft a contract that meets all of them. We will also make sure that you have an affordable interest rate on your loan, so you don’t need to worry about managing your monthly finances. With a second mortgage, you can fulfil any urgent financial obligation without any hassle. These mortgages also come with a short repayment term, so unlike your primary mortgage, you will not have stress about this for 8-10 years. For further details, feel free to give us a call; we look forward to hearing from you.

    Understanding Second Mortgages

    A second mortgage can be considered a type of loan that you can take out against your home equity and can be used for numerous purposes, such as investing or paying off high-interest debt. As you pay off your primary mortgage, you gain equity on your property, and you can use it as collateral to apply for a second mortgage. One of the primary benefits of a second mortgage Brampton is that the approval is based on equity, and Harpreet Puri Mortgage agents can help you secure the funds as quickly as possible.
    You will not have to break the primary mortgage if you want to take out a second one, and you can use the mortgage funds to:
    • Consolidate debts
    • Renovate your property
    • Fund major purchases
    • Increase cash flow
    Second Mortgage Brampton
    Second Mortgage in Brampton

    Qualifying for a Second Mortgage in Brampton

    Qualifying for a second mortgage is comparatively easier than qualifying for a mortgage from traditional money lending institutions such as banks and credit unions. Generally, the mortgage lender that our mortgage agents work with look at the available equity, location, qualify and the marketability of the property and less importance is given to the borrower’s (your) credit score. In turn, the process needs less documentation provided by the property owner. If everything is in order, the funds will be transferred to your account within 24-48 hours. One matter that you should know is that high-ratio mortgage insurance is not available on second mortgage loans. Some of the documents that you may need for a second mortgage are:
    • Two pieces of identification
    • Recent appraisal document of the property by a reputable appraisal company.
    • Recent property tax bill showing the total amount of annual property taxes and any outstanding property tax arrears.
    • 3 to 6 months of bank statements that show your name and the property address.
    • Your credit report
    If you have any queries, feel free to get in touch with us.

    Interest Rates on Your Second Mortgage

    With second mortgages, the loan to value ratio is the most important factor if you want to get a low interest on your second mortgage. If you want to be eligible for the lowest interest rates, then try to keep the loan to value ratio below 65%. Alongside, property location and the type of property also play a role in the interest rate of a second mortgage.

    Second Mortgage Brampton
    Second Mortgage Brampton

    A few reasons why you may consider a Second Mortgage Brampton

    • Purchasing another property:  If you plan to invest in another property, applying for a second mortgage can be helpful. You can use the mortgage loan to pay the 20% downpayment required to purchase a property.
    • Investments: You can use the funds that you acquire from your second mortgage to start a business or invest in another one.
    • Clearing debts: Debts that are left unattended can swell up to unmanageable amounts due to high-interest rates. As second mortgages come with a low-interest rate, it would be wise if you consolidate all your existing high-interest rate debts under your second mortgage and pay them off at a lower interest rate.
    • Property renovation:  Home renovations can help increase the value of your property. However, they are expensive too. Consider using the loan amount to renovate your home.
    • Covering child education costs:  Higher education can be quite expensive, but you will want nothing but the best for your child’s future. If you have home equity, you can apply for a second mortgage and use the funds for your child’s education.
    Want to know more, contact Harpreet Puri Mortgage in Brampton today.

    How Harpreet Puri Mortgage can help?

    At Harpreet Puri Mortgage, we offer you customized second mortgage contracts that meet your financial needs. As professional mortgage agents, we can provide several options and quotes from different lenders and ensure that you get access to the best second mortgage plan available in the Brampton market.
    Bridge Loan Mississauga
    Second Mortgage Brampton

    Advantages of hiring our mortgage agent

    There are several benefits that you get by hiring our mortgage agent:
    • If you are not sure about what type of plan you should opt for, we carefully review your financial needs and offer unbiased advice so you can decide.
    • We share all the details that you need to know about second mortgages.
    • Our team members can resolve any queries for you if you have any queries.
    Speak with our mortgage agents at Harpreet Puri Mortgage today; book a consultation, and you won’t regret it.

    Contact us today

    Planning to apply for a second mortgage? Our team at Harpreet Puri Mortgage has you covered, contact us today.
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