Second Mortgage Solutions Brampton and Mississauga
If you are looking for second mortgage solutions in the Brampton and Mississauga area, Mortgage Power CA has got you covered. Our professional team of brokers can help you with the whole process – from determining whether you qualify for a second mortgage to the interests charged and feasible options. Get in touch with us today to learn more about the second mortgage options we offer in Brampton and Mississauga.
What is Second Mortgage?
Do you have an existing mortgage on your property? A second mortgage is an additional loan that you take on that same property. You can get up to 85%- 90% appraisal value of your home as the second mortgage, after deducting the primary mortgage balance. Although, if you are having bad credit, it will become a little difficult to get approval for a second mortgage.
It can be risky and you need to have a professional help you through the process in order to get the best interest rates and finding the right lender. Call our experienced brokers at Mortgage Power CA to help you with all your second mortgage needs in Brampton and Mississauga.
The interest for your second mortgage will always be different from the primary mortgage. It can be high or low depending on the lender and your circumstances. Sometimes you might also be asked to pay a new mortgage insurance premium along with the second mortgage. Most of the lenders also charge you a bunch of administrative fees for the second mortgage they offer, such as:
Pros and Cons of a Second Mortgage
Every mortgage solution comes with a set of advantages and disadvantages. The trickiest part is to find the one which benefits you the most. The experienced mortgage brokers at Mortgage Power CA can help you in identifying the best solution for you.
Our Second Mortgage Services
All this information can be scary when you read them, but you don’t have to worry about a single thing when you call us for your second mortgage needs. We will guide you throughout the process and clear out any questions or doubts you have. We will make sure you get the best mortgage solution without a credit check or a job verification, depending upon your requirement. Call us today.