Second Mortgage Mississauga Second Mortgage - Lotus Loans and Mortgages

If you are looking to borrow against the equity of your home, a second mortgage can be a great option. There are two main ways to obtain this type of loan, including a traditional second mortgage or an Equity Line Visa card. Depending on your specific situation, it may be cheaper to obtain an Equity Line Visa or even refinance your entire mortgage. Regardless of which option you choose, our team at Lotus Loans is here to help you with your home financing needs.

In order to qualify for this type of mortgage, you must have built up the equity in your home. Home equity is the value of your home, minus any outstanding mortgages or liens against it. For example, if your home is valued at $200,000 and you have a mortgage of $130,000, your home equity would be $70,000. Most second mortgage lenders will only lend up to 85% of your home’s value, with a few lenders willing to go up to 90%.

It’s important to note that interest rates on second mortgages may be higher than those of a first mortgage. This is because second mortgages carry more risk for the lender, as they are secondary to the first mortgage in the event of a foreclosure. Mortgage lenders do not typically post second mortgage interest rates to the public, as they can vary greatly based on each individual’s unique situation.

To determine if a second mortgage is the best option for you, we recommend working with a mortgage broker to assess your personal situation. Our team at Lotus Loans & Mortgages provides mortgage services throughout the GTA, including Mississauga, Brampton, Vaughan, and more. You can also apply for a mortgage online through our website. If you are interested in learning more about our other mortgage services, click here.

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