Many people look for a second mortgage to pay off financial responsibilities. You can use a second mortgage to pay off debt. If your debt is spread out over several different payments, the second mortgage can bring it all together into one, lower payment. A second mortgage can help with credit card debt, you can also use this specific loan to pay off other obligations such as renovations. Second mortgages usually close in a few weeks, but can take up to a month.
You will need equity, income, credit score, and property. You have better chances of qualifying for a second mortgage is you have equity. Showing you make regular payments towards utilities will help too. Lenders like to see if you have a dependable source of income to show you can make payments. A high credit score helps your chances of securing a second mortgage too. It will cause your interest rates to lower. Let our mortgage brokers help you look over second mortgage options with you.
Mortgage Power has experienced and committed mortgage brokers ready to help you achieve your financial dreams. Whether you have questions about second mortgage rates or a second mortgage application, you can trust us to answer your questions and successfully secure the perfect second mortgage for you.
If you need to pay off other loans and debts, fund a much-needed home improvement, or make a large personal purchase, a second mortgage may be the right choice for you. Student loans, credit cards, medical bills are examples of debts a second mortgage can help with. There are renovations that come up that just cost more than what we can afford. A second mortgage could get you the funds needed to fix your house. Sometimes you need to make a personal purchase, but it is not the best reason to get a second mortgage.
Why use a Mortgage Broker for a Second Mortgage?
The mortgage brokers at Mortgage Power Canada are trained and licensed professionals who are eligible to represent you with the best renewal deals. They usually know where to find the best rates and how to obtain mortgage financing in the best possible way
How does a Second Mortgage Work?
If you happen to find a lender who offers you the best mortgage features, you can ask your bank to match the competitor’s lower rates
Can you get a Second Mortgage with bad credit?
These mortgage brokers are experts in many different areas of mortgage policies, including what type of mortgage financing each lender prefers to pursue. This will help you in figuring out not only the best rates but also if a project is funded at all.