A second mortgage may be a better alternative to having an existing mortgage re-financed, especially when there are penalties involved. You may also go for a second mortgage if the first one has a good interest rate and you do not want to lose it. If you are confused whether to get a second mortgage or get the existing one re-financed, contact us and we will explain this to you. Many situations will make you think about getting a second mortgage, for example:-
- Consumer Proposals
- High Interest Debt
- Property taxes & Income tax arrears
- Judgments, Garnishments, and Liens
Our Second Mortgage program allows you to take up to 85% of the equity out of your home. This program is available to most people even if they have not so good credit, have a history of bankruptcy or are Self Employed. In some cases, there may be a cost to have a second mortgage but we let you know of such factors ahead of time so that there are no surprises. Such costs however can be added to the loan amount that you can pay off easily rather than pay up front. We advise you to contact us and discuss your situation with us in detail before making a move for a second mortgage. We will provide you individual, personalized assistance and no obligation consultation.