Second Mortgage Financing

Second Mortgage Lenders TorontoWe pride ourselves on being one of the best second mortgage lenders Toronto residents have to choose from. Whatever the reason may be, we can help you secure a second mortgage on your home fast.

Our professional mortgage agents will walk you through the entire process, from applying to approval.

Not to be confused with a second home mortgage, a “second mortgage” is a new loan on a property, which already has an existing mortgage on it.

In the event of default in repayments, the original mortgage lender will receive his dues in priority, before any money is paid to the second mortgage lenders.

 

Second Mortgage Lending Services

Most borrowers are aware of home mortgage refinancing and  may prefer it over a second mortgage loan. However, there are certain circumstances where a second mortgage is the most viable option.

  1. Fixed rate of interest: If your first mortgage is a fixed rate mortgage, the foreclosure charges can be extremely high. Moreover, the fixed interest charges might be much lower than the prevailing adjustable interest rates. In such a situation, it is better to borrow the supplementary amount by the use of a second mortgage.
  2. Guarantee for another loan: If you intend to assist your family member in purchasing a new home, then you have an option to guarantee their home loan by securing a second mortgage on your property.
  3. Excellent second loan terms: Borrowers can sometimes find excellent terms and conditions for second mortgages, than they can with a refinance.

 

How Our Toronto Second Mortgage Loan Options Can Help You

A homeowner can benefit immensely by obtaining a second mortgage on their property. If you are a house owner, you can meet all your additional expenses through a second mortgage.

  • Second MortgagesSecond mortgages aid in meeting the post-construction costs of a house, like property maintenance, furnishing and even setting-up an enclosure for business purposes. It also saves you from the hassles of mortgaging another asset to a new lender. A second mortgage is easier to obtain than a first mortgage, if the credit score and report of the borrower meet standards.
  • Home improvements can be easily financed for lower amounts, and a second mortgage can be a great option for such a scenario. You can also save on legal charges and other verification fees, if you avail the second mortgage from the same financial institution.
  • A second mortgage loan is an excellent option for avoiding private market insurance. Though the second mortgage has a higher interest rate, you can save money in the long run. The entire loan amount, inclusive of the first and second mortgage may be tax-deductible, and if you repay your second loan earlier, then you can drastically lower your monthly repayments.
  • Debt consolidation loans can be easily initiated through second mortgage financing. If you are repaying several loans at a single shot, your life can be much simpler and systematic. Multiple credit card payments with high interest rates can be easily set-off through a second mortgage. Your second mortgage will not only lower the interest rates, but also enable you to avail tax discounts on the loan value.
  • You can easily purchase a new home or act as a guarantor for another person through a loan obtained from a second mortgage. If the new home does not fulfill all requisite conditions for a fresh mortgage, then you can provide the existing property as a second mortgage for the purchase a new home. Similarly, you can offer your property as a second mortgage for guaranteeing the loan payment of another person.

 

Second Mortgage Loan ApplicationContact Us For Your 2nd Mortgage Needs

When you are in need of a second mortgage on your home, we can make it happen. Not only do we offer great second mortgage rates, our application process is far less stressful and time consuming than most banks.

We also have much faster approval processing times than most other second mortgage lenders in Toronto.

Even if you aren’t sure if a second mortgage is right for you. Simply contact one of our mortgage agents and they will help you figure out whats right for you.

Get a Free Second Mortgage Consultation at Tel# 647-883-7069 or visit our contact us page.