What Is a Second Mortgage? A second mortgage is an additional loan secured against the value of your home, on top of your existing (first) mortgage. It gives you access to the equity you’ve built up without having to refinance
Thinking about the different benefits of a home equity loan vs a HELOC. 8.5 million Canadian households own their own home. They make those monthly payments to work towards complete homeownership and to build equity over time. One big advantage to
Finding private mortgage lenders near you in Ontario is not as difficult as you think. Circumstances might make it difficult to qualify for a traditional mortgage. If you have bad credit or you’re self-employed, a bank may turn you down when
How Private Mortgage Lenders Can Help You Get Financing Getting a mortgage at conventional banks can be stressful, especially for high-risk borrowers. Most of these financial institutions would look at a borrower’s credit rating before qualifying them for a mortgage.
A homeowner who has built up equity over time can qualify for a second mortgage. This is a type of loan that uses your home as collateral. Like first mortgages, it has to be repaid and the terms are usually
If you are looking for a large amount of financing you might be the right candidate for a home equity loan. A home equity loan is pretty much exactly what it sounds like – a loan approved based on the
Getting a second mortgage with bad credit is more possible than most people think. In fact, many Canadian homeowners today face credit challenges due to rising living costs, inflation, or past financial mistakes. If you’re dealing with a low credit
Use your home equity to consolidate high-interest bills, debt, and more to have one monthly payment that can improve your financial health. By using your home equity to consolidate debt you can save on interest. If you often carry large
Borrowers can qualify for a second mortgage using their home’s equity and nothing else. Traditional mortgage lenders including your bank ask you to provide income to qualify for a second mortgage. Alternative 2nd mortgage lenders are not as worried about
Home equity loans with bad credit are easier to get without high income or credit requirements. The equity in your home and how much you owe on your mortgage determine how much money you can borrow. A home equity loan