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SECOND MORTGAGES IN TORONTO AND ALL OF ONTARIO
Do you own your home and are looking for a Second Mortgage in Toronto or anywhere in Ontario? If you’re looking for a top mortgage broker, at Mortgage Central, we’re experts at hard to place private mortgages and second mortgages. As a matter of fact, 90% of our clients have poor credit and we pride ourselves on getting approvals within 24hrs.
Whatever your reason for a Second Mortgage, whether it’s to fund a home renovation project, pay for education or any other reason, we’re here to help. If you own your home, you’re approved!
5 REASONS A SECOND MORTGAGE MAY BE RIGHT FOR YOU
Not sure where to get some much-needed funds or if you should go for a loan? If you’ve got home equity, then a second mortgage should not be a problem for you!
What is Second Mortgage?
Second mortgage is any other mortgage you make while you are still paying off your first mortgage. Usually, a second mortgage is backed up by a real estate property such as your home because it requires you to have something that has equity to borrow against. The equity can be from your home’s appreciation, your principal mortgage down, or from a large initial down payment you’ve made when buying property. By going for a second mortgage, you can refinance up to 85% of your property’s value!
So now that we know what a second mortgage is, let’s talk about the top 5 reasons why most people get one!
1.) Buying Another Property
Buying a rental property is a wise investment because the rent from such can go into paying for the property itself, thereby earning you some profits once the property is fully paid off. The clincher is you often have to chalk up about 20% of the property’s value for your down payment – that’s where a second mortgage can come handy.
They say that it takes money to make money – so it goes without saying that to start a business or invest into something, you’ll need to first come up with a considerable amount of cash. You can use a second mortgage to start a business or beef up your portfolio. Just be sure to invest on something that will be worth your while.
3.) Paying Off Debt
Debt that is left unattended can swell to unmanageable amounts because of high interest rates. Because second mortgages these days often have a low interest rate, it would be wise to use one to get rid of debts that have a high interest rate. You can also pay off several loans at once, leaving you with just a second mortgage to manage.
4.) Renovating Property
Home renovations can get very expensive and getting loans for home renovations is often tricky. By going for a second mortgage, you can use your home equity to get what needs to be done, done!
5.) Paying for School
Going for higher education can be very expensive. If you’ve got home equity, you can use that to get a second mortgage and go back to school or send your kid to school. Higher education also means better jobs and making more, so this is truly a wise way to use a second mortgage for!
Second Mortgage Info
We Help You To Make A Wise Decision
At Toronto Mortgage Brokerage we do not pressure you into making a decision so that we can earn off of you. Being our valued customer, we hold your best intentions when advising you and making changes. A second mortgage is a serious decision and should be made wisely. By working with us, you will also get the lowest possible rate for your second mortgage and you won’t be charged with ridiculous fees like you will be at some of our competitors. Depending on the amount that you need and for the time that you need for, we will create a unique solution for you. Contact us today to discuss getting your second mortgage..
Second Mortgage Benefits
People get a second mortgage or even third, typically to consolidate debt without disrupting their first mortgage. There are many of other reasons however as well. The main benefit is that a second mortgage can become a fantastic source for additional money to flood in. Nonetheless this second mortgage will have to be paid off eventually. Before any funds go to paying off the second mortgage, the first loan would need to be taken care of completely.
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FAST PRIVATE LENDING
WE LEND ON EQUITY NOT DREDIT & INCOME
NO INCOME OR CREDIT REQUIREMENTS
NO MIN BEACON SCORE
NO MIN INCOME REQUIREMENT
BAD CRDIT & NO INCOME ? WE CAN HELP
BANKRUPTCIES? WE CAN HELP
GET APPROVED IN 24 HOURS
GET FUNDING IN 3 DAYS
MOST COMPETITIVE RATES & FEES
- 1ST MORTGAGES STARTING AT 6.99%
- SECOND MORTGAGES STARTING AT 9%
COMMERCIAL RATES STARTING AT 7%
LENDER FEES STARTING AT 1%
Reasons to Get a 2nd Mortgage:
FAST & EASY APPLICATION PROCESS
SAME DAY APPROVAL ON SECOND MORTGAGES
mOST COMPETITIVE 1ST & 2ND MORTGAGES
CANADA LARGEST POOL OF PRIVATE LENDERS
WE FUND YOU WHEN BANKS DECLINE YOU
We Make You Aware Of Pros & Cons
If you are in need of extra cash and feel that a second mortgage is the way to go then let us help you at Toronto Mortgage Brokerage to go through the process of getting it correctly. You have to keep in mind that there are risks involved as with any loans and because of that it is very important to turn to a reliable professional.
We Educate You About The Options You Have
If you have already paid off a portion of your home and/ or the market value of the home had risen then you are especially a good candidate for a second mortgage. Even if this is not the case for your situation, then there are still options that we can provide for you.
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Frequently Asked Questions
How Does a Second Mortgage Work?
Superficially, a second mortgage works much like a first one. You will borrow a sum of money from a lender based on the value of your home. You will then need to repay this principal amount, along with the interest, over a set period of time. The difference is that you will now effectively be being off two mortgages on the same home that may or may not be of equal value.
Another difference is that should anything happen that causes you to become unable to pay off your mortgage and the bank takes possession of your home, the first lender will be compensated first. Only if anything is left will the second lender be compensated. This is why requirements are often stricter on second mortgages and the rates are higher.
Why Get a Second Mortgage?
Is there anything that costs a large amount of money that you want to buy but you just don’t have the money on hand? Yes, you could also buy it on credit. However, large purchases like a boat, a new car, or that massive renovation project may not be available on credit or the interest rates can be much higher than compared to a mortgage from a bank or lender.
If you are in this situation, getting a second mortgage on your home might be the best option. Your interest rate payment will be slightly higher than your first mortgage but should still be better than buying on credit, opening a line of credit, or a vehicle/chattel loan. As your home is a “fixed asset”, you also know that your collateral is safe and sound as long as you can keep up your payments.
How do I Qualify for a Second Mortgage?
The process to apply for a second mortgage will be very similar to applying for a first mortgage and any broker or lender might offer a second mortgage. However, there are usually fewer lenders willing to do so as not everyone is equally risk-tolerant.
The requirements for a second mortgage will also be higher than for your first mortgage. Because you already have a mortgage to your name, your debt-to-income ratio will naturally be higher from the onset.
The following factors will play a big role:
- Credit score: You will need a good credit score that’s at least 600 but preferably between 700-900 for most lenders.
- Equity: This refers to the amount of your home’s value that’s technically no longer mortgaged. The closer you are to fully owning your home and amortizing your mortgage, the better.
- Income: Lenders will be even stricter on a stable source of income that’s sufficient to cover your debts for the foreseeable future.
Get a Second Mortgage – The Fastest Way to Borrow Money From Your Home Equity
If you have been struggling with your monthly payments due to high interest rates on your credit cards or unsecure loans, you can now use your home equity to take out a second mortgage to consolidate your high interest debt into a more manageable loan and become debt free sooner. Our second mortgage program opens the door to many private lender mortgages that offer you the ability to take out a 2nd mortgage or a private mortgage even if you have are going through::
The second mortgage is the fastest and easiest way to borrow money from the equity you have built in your home. Whether you live in a major urban area or a rural area, as long as your home is in Ontario and you have sufficient equity in your home, then you are qualified to apply for a second mortgage. I have access to many private lenders in each area with flexible lending policy that do not require income or credit qualifications.
What is a Second Mortgage And How Does it Work?
Pay out tax and mortgage backlogs to save your home from the province
Lower your monthly payments by paying out high interest debt and credit cards
Pay off your consumer proposal
Access to quick and easy cash to pay consumer proposal, judgements or urgent bills
Fast approval & quick closing mortgages available
Renovate / Invest
Use the funds to renovate your home or as a down-payment for a new purchase
Your past bankruptcies won’t stop you
Your credit is not an issue, all credit types accepted
No Credit and Income Qualification Required
Second mortgage lenders and private lenders are often referred to as equity lenders since they are less concerned with your credit and income and more focused on the equity in the property. In fact, I have private lenders that do not even consider income or credit that is why I can approve clients that have lost their job or going through consumer proposal and power of sale. Your equity determines how much you can borrow.
How Much Can I Borrow?
One advantage of second mortgages is that the amount you are approved to borrow is directly related to the amount of equity you have in your home not your credit or income. Thus with sufficient equity, you can borrow a large sum of money regardless of how much you earn, your current credit, consumer proposal or past bankruptcies.
How to Apply For a Second Mortgage
HOME EQUITY LOANS
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OUR SIMPLE & HASSLE FREE PROCESS
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Why Choose My Services
Who are you calling? Ask yourself what happens if you just called RE/MAX or walked to their office to sell your home? Who would pick up the call? Would it be the best salesperson in the office? In fact the opposite is more likely. The chances are your call will be routed to the first person picking up the phone or you would meet those sitting around in the office because they don’t yet have enough experience/clients; and thus, you may not receive the level of service you had hoped for. Mortgages are no different. Therefore, it is absolutely critical to KNOW WHO WOULD BE WORKING ON YOUR FILE.
With access to OVER 500 PRIVATE LENDERS, I can approve mortgages that many other agents and brokers including those that specialize in bad credit and second mortgages cannot. I have built an extensive network of private lenders so that I can approve tough situations all around including in small towns and rural areas of Ontario.
Private mortgages are different from traditional mortgages in that it is up to each agent/broker to find his or her own source of private funds. Most agents have only a few lenders they use for every situation which results in high fees, rates and turn-downs due to the fact that not every lender is able to finance every area or type of property.
Since each applicant’s situation is unique, I submit your request to the lender which can best serve your financial needs based on your location, type of property and LTV. This ensures that not only you receive the second mortgage funds you need on time but that you receive an outstanding service as well as low rates and fees. Contact me today to discuss your financing needs
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