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Second Mortgage – Financing Made Easy!
Soon, Canadians will have reached historical highs of unsecured debt. Moreover, there are a large number of consumers who are struggling to meet their monthly obligations and are overwhelmed by high-interest debt. Thus, more homeowners are looking for solutions that can alleviate the pressures of a face paced world.
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What is a 2nd mortgage?
A second mortgage in Toronto, or any other city for that matter, is a way to borrow money by using the equity in your home as collateral. Furthermore, they don’t require making changes to your primary mortgage. In fact, they are an entirely separate type of loan that is secured by your home equity.
Finally, if you are not familiar with the term 2nd mortgage, it’s likely because they are often referred to as a home equity loan. Consequently, this term for this type of loan has blossomed because it sounds prettier, despite the rate and closing costs being the same.
Generally, the big banks do not offer secondary financing. However, when they do, they are done in the form of a low interest rate home equity line of credit. Lines of credit HELOCs get approved sparingly. Generally speaking, this is because new government regulations for lines of credit make them very difficult to get.
In comparison, qualifying for second mortgages is easy. They are different than that of a first mortgage or home equity lines because they are approved almost exclusively on equity. Although they have moderately higher interest rates, the approval process is so much simpler.
Generally, the more equity you have, the easier it is to get approved. It should be noted that they also come with moderately higher mortgage interest rates.
In addition to high-interest debt consolidation, secondary financing can be used for a variety of things including:
- home improvements
- repairing bad credit & improving credit score
- paying property tax arrears
- discharging consumer proposals and bankruptcies early
- preventing power of sale & foreclosure
In other words, because lenders place few restrictions on equity based financing, there are almost no restrictions on what you can use your loan for.
Can I Get a Second Mortgage in Canada with Bad Credit?
In short, getting a 2nd mortgage with bad credit is not impossible. In fact, if you work with a mortgage broker who specializes in bad credit, the process can be surprisingly uncomplicated.
Generally, bad credit second mortgage lenders work exclusively with select mortgage brokers who cater to these types of mortgages. Turnedaway.ca, as the name implies, specializes in equity-based second mortgage lending.
As a result, this means that homeowners with equity can get the best deals and the best second mortgage rates.
Can I get a 2nd mortgage in Canada if I’m not working?
Ordinarily, taking another mortgage when your not working may seem impractical but the truth is, this is when they are most handy. If you have been laid off, injured or lost your job a 2nd mortgage may be just the solutions you need.
Above all, 2nd mortgage lenders put equity at the top of the list for approvals, which means you can get a second mortgage while not working. Likewise, with enough equity, the right mortgage broker can even arrange an interest only loan or help you prepay your second mortgage for up to a year.
In this case, you end up having very low monthly payments or none at all for up to a year. The best part is you can receive your money in a lump sum and use it at your leisure, without restrictions.
In this case, by adding your payments on to the amount you borrow, you can effectively get up to one year without having to make payments. Subsequently giving you time to repair your credit, get back to work or sell your home if the situation necessitates.
Why Choose Turnedaway.ca for a 2nd Mortgage?
Simply put, we help homeowners who have equity, arrange their second mortgage in Canada with the best rates and terms. Namely, the respect we have garnered allows us to get even the most complicated deal approved. Consequently, giving you the flexibility you need with a low monthly payment.
Lastly, we have access to an endless pool of private lenders, Mortgage Investment Corporations to complement the banks we deal with. Moreover, our private lenders are vetted and experienced so you won’t get stuck with lenders who are not flexible. In short, if you want the best second mortgage rates and terms, call today for a free consultation 1-855-668-3074 or apply online and get approved today!
We’ve helped a lot of people. See what they have to say!
Marilyn & Bob T
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
Dave & Sharon S
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating. We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking. I couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going. Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did. They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.