Second Mortgages

How it Works | Interest Rate and Qualifying | Terminology

Look No Further, Your Second Mortgage aka Home Equity Loan Is Available Here!

Use a second mortgage to quickly pay off high interest debts, renovate your house, buy a new car, start a business, expand a business, consolidate debit, pay off tuition, pay Revenue Canada (CRA), pay property taxes, or for extra cash.

You don’t have to break the first mortgage and funds are available quickly. Most importantly, low/bad credit score, self employed, and low income is not a problem. Funding is based on the property, location, and the equity in your home.

In addition, a second mortgage can be used for an investment property or to flip a condo/house.

How Does a Second Mortgage Work?

Second Mortgage works by adding an additional mortgage “after” or “behind” the first mortgage. As the name suggests this is another mortgage on your home . A Second Mortgage is added by the following steps:

Second Mortgage Interest Rate and Qualifying

Qualifying and interest rate is dependent on many factors. The major factor is based on the LTV (loan to value) which is the amount of equity in your home. Other factors which are not as important however can be considered is the location, credit score, current market conditions, term, etc. In conclusion, everyone’s home is different and has a unique value. Requesting a free quote is the first step.

Creative Terminology

Lenders, brokers, and agents use creative terms to talk about second mortgages. As a result, it can be difficult to understand and compare what is being offered. However, no matter the term used, the product offered is the same. Here is a list of confusing terms lenders like to call second mortgages:

• Home equity loan – is a general term for different mortgage products
• Home equity mortgages
• Equity mortgages
• Home equity line – is a completely different product altogether!

Quick Summary:

Apply now for a free quote and start using your money right away! You can also email.