second mortgage

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    Home values have risen dramatically in the past several years, so chances are if you are a homeowner, then you’ve built up some considerable equity in your home. But what exactly does that mean for you, and how can you access that equity? One option is to get a second mortgage.

    What is a second mortgage?

    A second mortgage is simply a loan that is secured by the equity that you have in your home. It works very similarly to a first mortgage (the one that you used to purchase your home) – you must go through an approval process and once approved you receive the loan in a lump sum, and then pay it back with interest over the term of the mortgage.

    At the end of the second mortgage term, you will have the option to pay off the loan in full or to renew the second mortgage.

    Most lenders will allow you to borrow up to 80% of your home equity. So if your home is worth $900,000 and you still have $300,000 owing on your mortgage, you have $600,000 in home equity and would be able to borrow up to $480,000 with a second mortgage.

    Second Mortgages For Customers Across Canada

    When coming to applying for a second mortgage, your might consider it, given you’re already paying off your primary mortgage and why would you want another one on top of that. However, a second mortgage is not always a bad idea and it can be very helpful in case you need some emergency funds. You can contact our team at Harpreet Puri for all the details and if you do apply we will see to it that it gets processed as quickly as possible. Schedule a consultation today, we look forward to hearing from you.

    Why Get A Second Mortgage?

    Although the interest on a second mortgage is a little higher than the interest on a first mortgage, it is still usually much cheaper than the interest on other types of loans. So if you need a large sum of cash, getting a second mortgage may be one of the best options available.

    Reasons that homeowners get second mortgages are varied however some common reasons are to finance large expenses like home improvements or a down payment on another property as well as debt consolidation.

    Using a second mortgage for debt consolidation is a great strategy for paying off higher interest consumer debt more quickly and more affordably. Consumer debt from credit cards, payday loans and other unsecured sources of credit often comes with a very high interest rate. By consolidating your debt with a second mortgage and reducing the amount of interest that you have to pay each month, you will be able to reduce your debt payments, pay off the principal faster, or even both!

    How Do I Get A Second Mortgage?

    The best way to get a second mortgage is to work directly with your mortgage agent. I as a Mortgage Agent have an extensive network of Lenders that I work with and this makes me best equipped to shop around on your behalf and compare interest rates and terms to make sure that you are able to get the Second Mortgage that is right for you at the most affordable price.

    I, Your Mortgage Agent also work with a number of specialty Lenders so if you have circumstances that might make it harder for you to get a loan – such as being Self-Employed, or having Poor Credit, I, Harpreet Puri can help to match you with a lender that can best suit your needs.

    I will also let you know what information and documents you will need in the application process and make sure that your application is complete and accurate – this can really help to avoid delays in the process!

    And finally, I, Your Mortgage Agent will answer any questions that you may have about getting a Second Mortgage so that you can feel confident in your decision.

    How Can I Get The Best Rates For A Second Mortgage?

    Getting an affordable interest rate won’t be that difficult when you’re applying for a second mortgage. If you have a stable job and your credit score is high, you will be eligible for a nominal interest rate.

    But I have a Low Credit Score

    Even if you have a Low Credit Score when you’re applying for a second mortgage, you won’t need to worry that much. You can focus on increasing your home equity percentage as well and that will help you with your loan application. I, Your Mortgage Advisor, will also review your Credit Report first and advise you on how you improve it quickly. When you are working with Me, I will take care of the rest– I can really take the stress out of getting a Second Mortgage with bad credit.

    Several Advantages Of A Second Mortgage

    • You can use a second mortgage for home renovations
    • It can take care of your living expenses in case of a financial crisis
    • You can use the funds to pay off existing loans and debts
    • Second mortgages can be used as an income supplement
    • Health care or medical expenses
    • You can also use second mortgage funds as a gift to a family member in the form of early inheritance

    Contact us today

    If you are considering getting a second mortgage, our Mortgage agent is here to answer any questions you may have, find you a great rate, and help you through the process. To set up an appointment with one of our agents, give us a call today.

    Proudly Serving Ontario, Canada

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