We specialize in providing 1st & 2nd Mortgages for people in the GTA
Second Mortgage is a great option for anybody to borrow additional money on their property even if they have Bad Credit or Low income. Borrowers can borrow up to 90% of the appraisal value of the property. Second mortgages can be used for:
- Consolidating debt
- Covering home renovation costs
- Paying for children’s education
- Repaying mortgage and tax arrears
- Having disposable cash in hand
Advantages of a SECOND MORTGAGE:
- It is a second position mortgage which is advantageous if you currently hold a favorably low rate first mortgage and do not want to discharge due to penalties, fees, etc.
- Second mortgages can also be arranged with greater ease due to the amount of lenders available both institutionally and privately.
- Borrower qualifications are usually based more on home equity rather than credit and income
- Flexibility-most second mortgages are interest only payments and have 1 year term.