Second Mortgages can be obtained in mainly two ways. You can either obtain a traditional second mortgage or you can obtain an Equity Line Visa card as a second mortgage. In some cases it is cheaper to obtain the Equity Line Visa or even refinance your whole mortgage. In either case, we can help you with your second mortgage needs.
To borrow money against a second mortgage you are required to have equity in your home. Home equity is value of your home, minus any money owed against it. For example, if your home is worth $200,000 with a $130,000 mortgage, then your home equity is $70,000. Most second mortgage lenders cap their lending at 85% of your home’s value with a few lenders going to 90%.
Rates on second mortgages may be higher than that of a first mortgage. Mortgage lenders do not post second mortgage interest rates to the public as they differ from situation to situation. Have a mortgage broker assess your personal situation to decide if a second mortgage is for you or apply on line with us today. We provide our mortgage & loans services to all areas in the GTA including Mississauga, Brampton, Vaughn, etc. For other mortgage services click here