Why Should You Get a Second Mortgage From Us?

  • Quick access to cash

  • No credit check

  • Relatively inexpensive to close

  • No application

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    Second Mortgage Solutions Oshawa

    If you are looking for second mortgage solutions in the Oshawa 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 Oshawa.

    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.

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    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 Oshawa.

    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:

    • Legal fees
    • Title insurance
    • Title search
    • Appraisal fees

    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.

    Pros

    • Compared to other types of debts, a second mortgage usually comes with a lower interest rate. Lenders often offer lower interest rates for second mortgages as they offer low risk than an unsecured loan like credit cards.
    • Since your home is worth a lot of money, a second mortgage lets you borrow a significant amount of money. The amount you can borrow depends on your lender but legally you can borrow up to 85% of your home’s value. This also depends on your primary mortgage.
    • In most cases, you can get a tax deduction on the interest paid for your second mortgage. However, this still depends on a wide range of factors. You can ask your broker to walk you through the process and find more details about the same.

    Cons

    • The second mortgage lets you borrow a significant amount of money. This is a strength but can act as the biggest disadvantage if you decide to move or if the lenders decide to increase the interest rates
    • The real estate market can be unpredictable and can lead to depreciation in your home value which means you will end up paying more than what your house currently is worth.
    • Because lenders offer you large sums of money as a second mortgage, it can seem like an excellent source of immediate income, but always be careful to borrow what you can afford to pay back.
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    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.