Second Mortgage London Ontario
Second Mortgage London Ontario
Second Mortgage London Ontario
Second Mortgages can be an ideal solution for those who need some extra cash but already have a First Mortgage on their current home.
Call or Text Mark Mitchell – 519-860-2102 to Schedule an Appointment
While there are a number of reasons to take out a second mortgage, from bruised credit to debt consolidation, home improvements, cash flow, etc, there are a number of options available for getting a second mortgage.
Second Mortgage London Ontario – Why Get a Second Mortgage?
People obtain Second Mortgages for lots of reasons. Mainly, a Second Mortgage can help with paying off high-interest credit card debt, home renovations, unexpected expenditures, etc.
Paying off your debt, be it a personal loan, auto loan, collections, with a Second Mortgage can free up cash flow in the short term while you plan for the longer term. Many people choose a Second Mortgage as a short term solution, enabling them to make plans for long term gain. Book a Free Consultation to go over your options..
Most credit card payments are a minimum of 20 percent interest, whereas a Second Mortgage Payment can range anywhere from 8 to 14 percent. By merging all of your credit card payments into one, lower-interest loan you can free up more of your money every month.
Whether it is adding a new garage, installing a new kitchen, basement renovations, etc, a Second Mortgage can get you the money you need to improve your home. In most cases the addition of an upgrade in your home will help to increase its value, making the cost of a Second Mortgage much more attractive.
Second Mortgage London Ontario – Frequently Asked Questions
A Second Mortgage is a loan against your property, placed in second position behind your first mortgage. When you get a Second Mortgage you are essentially taking out an additional mortgage, with payments to be made to your Second Mortgage Lender, in addition to those paid to your First Mortgage Lender.
Second Mortgages in London Ontario are based largely around on the amount of equity held in the home. Because of this it is much easier to qualify for a Second Mortgage than a traditional first mortgage. While factors such as income and credit score are taken into account when determining the interest rate, they are not given as much weight as a first mortgage.
The Interest Rate on a Second Mortgage is largely determined by the amount of risk born by the Mortgage Lender. Mortgage Rates on a Second Mortgage usually range from 8 to 14 percent, although there are always exceptions to every rule.
Requirements for a Second Mortgage
- Own your Home (First Mortgages okay)
Access up to 90 Percent of your Home’s Value
Ability to make Payments
Unlike First Mortgages, the requirements for a second mortgage are much less stringent. Non-Traditional Lenders, including Private Mortgage Lenders, maintain less stringent requirements than the traditional banks when approving a second mortgage application.
To Apply for a Second Mortgage complete the Application Form, or Call or Text Mark Mitchell – 519-860-2102.
