Ontario Second Mortgages

 

  • No Credit Score Required!

  • No Income Statements Required!

  • Pay Off High Interest Credit Cards

  • Perfect for Debt Consolidation & Mortgage Arrears

  • Call 416-499-2122 for Same-Day Approvals!

  • Lowest Interest Rates¬†

 

Our mortgage agents can arrange a second mortgage for your house or condo across Ontario. Second mortgages can be used for many different purposes and can provide money to you when you really need it. Call our mortgage agents to quickly find out if you qualify for a second mortgage in Ontario. We provide free consultations for second and private mortgages.

Answers to Second Mortgage Questions:

Do I need to own a house? – You must own a house or property and the property value must exceed the present mortgage amount before you can apply for a second mortgage.

What type of property must I own? – Any property such as your primary residence, a second home, cottage or rental income property can be used as security for a second mortgage.

What if I have a bad credit score? – Your credit rating may have an impact on the interest rate but a bad credit rating will not disqualify you from getting a second mortgage.

What is the loan criteria? – Most second mortgages are based on the equity in a house or property. The loan is not based on your income, employment status, or credit rating.

What will the interest rate be? – The interest rate for a second mortgage will be higher than a first mortgage. The interest rate range is usually from 8% to 15%.

What is the maximum loan I can get? – The maximum loan to value ratio (LTV) for most second mortgages is about 85%, there can be exceptions when there are multiple properties or collateral mortgages. An example is a house worth $300,000.00 with a first mortgage of $200,000.00 can get a maximum second mortgage of $55,000.00, which is a total LTV of 85%.

Media Articles

The following articles are about people who had problems with mortgages. Some people were in power of sale, others were in default of both the first and second mortgage.

The Toronto Life article tells the story of various people in power of sale and how a mortgage broker helped them resolve the situation.

The Global TV news report tells how a private lender used second mortgages to take advantage to homeowners.

Do you really need a second mortgage? Is getting a mortgage the best option for your situation, this article may help answer some of your questions.