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.
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!
The best way to get a second mortgage is to work directly with your mortgage agent. Mortgage agents have an extensive network of lenders that they work with and this makes them 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.
Mortgage agents 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, your agent can help to match you with a lender that can best suit your needs.
Your mortgage agent will also let you 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, your agent will answer any questions that you may have about getting a second mortgage so that you can feel confident in your decision.
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. We will take care of all the paperwork
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. We will also review your credit report first and advise you on how you improve it quickly. Working with us,we will take care of the rest– it can really take the stress out of getting a second mortgage with bad credit.