Second Mortgage

Second mortgages is a simple interest loan that is placed in second position on the property title. This means that it will be paid off on the sale of your home after the first mortgage has been paid in full. It’s simply another mortgage on your home – a loan secured against the property. Second mortgages is used for a variety of borrowing needs, including investment in a business, home improvement, debt consolidation loan or cash.

If you are applying for a second mortgage, you are not obligated to explain your situation. That is because the second mortgage is based on equity in your home and not your credit.  There are two reasons for a client wanting a second mortgage rather than just redoing their current first mortgage.  One is that it is fast and simple because the approval is based on your home equity and not your earnings, your job stability, or whether or not support payments are being received or paid on time. The second reason is that a client for one reason or another would prefer not to touch their current 1st mortgage loan financing.

A second mortgage normally has a repayment term much shorter than a first mortgage and a close-end credit arrangement with a predetermined repayment or amortization schedule.  The holder of a second mortgage has rights secondary to the holder of a first mortgage lien in event of foreclosure. In a second mortgage, interest due is computed on the entire principal balance owed, which is advanced to the borrower after the required three-day rescission period.  The interest rate for a second mortgage is usually fixed with a choice of term lengths that range upto 1 year. Interest paid on a second mortgage may be tax deductible providing the loan is on your primary residence. The interest rate charged for the second mortgage tends to be higher and the amount borrowed will be lower than for the first mortgage.

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A second mortgage gives the home owner the flexibility to access the cash equity in their home. Second mortgage is used for a variety of borrowing needs, including investment in a business, home improvement, debt consolidation loan or cass. We do this by helping you use your home equity or equity in any property. call 416-746-9494
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