Oshawa Second Mortgage

You can get a second mortgage in  Oshawa which can be used to pay off credit cards, complete home renovations or to pay off personal expenses. Most second mortgages in Oshawa have a loan to equity value below 80% but some second mortgages will have a loan to value ratio as high as 85%.

Reasons to get a Second Mortgage

A second mortgage can be used for many different purposes. Debt consolidation is a very common use for second mortgage funds. Many credit cards charge an interest rate above 20%, a second mortgage will have a much lower interest rate. Home renovations can increase the value of your home while also making your home much more comfortable to live in. If you have property tax arrears a second mortgage can eliminate your tax problem fairly quickly. Second mortgages can also be to avoid large breakage penalties on your first mortgage. Second mortgage are perfect for people a low-rate first mortgage but who wouldn’t qualify for such a low rate with a new first mortgage today. Getting a second mortgage allows the borrower to keep the first mortgage and use the home equity to get the second mortgage.

Private Lenders for Second Mortgages

Most second mortgages are funded by private lenders in your local area. The mortgages are based on the equity in the property, not your income or your credit score. This means that most home owners can qualify for a second mortgage. Private lenders will usually go to each property and personally inspect the house and talk to the home owner. Each home owner has a different reason for needing a second mortgage. The lender would like to hear this and develop a relationship with the home owner.

What If I have Bad Credit

A  bad credit score will not prevent you from getting a second mortgage. But a bad credit score can result in the borrower paying a higher rate of interest due to the poor credit rating. It is always a good idea to try and improve your credit score before looking for a mortgage.

Do I Need an Appraisal

An appraisal is required for most second mortgages. The lenders assigns the appraiser and the appraisal is usually completed in about one week. Making small repairs to your home before the appraisal is done can add thousands of dollars to the value of your house.

Oshawa Main Streets

Oshawa was built around the General Motors plants located across the town. Highway 401 runs through the lower half of the town. Stevenson Road, Simcoe Street Ritson Road and Harmony Road connect to the 401 and are the main north south routes for Oshawa. Bond Street and King Street are the main east west streets for the downtown and central part of Oshawa.

As second mortgage agents in Oshawa we have access to private funds that can quickly provide you with the money you need. Call us for your second mortgage needs.

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In The Media

The following articles refer to people who had problems with their mortgages. Some were in power of sale, other in default of their first or 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.

Contact Us

Email at ron@secondmortgageontario.ca or call 416-499-2122 or 647-385-2122 for a Free quote on your mortgage!