Equity Based Second Mortgage Options
The ability to get a second mortgage should be based on equity and shouldn’t impact your first (primary) mortgage. We have a home equity calculation tool
on our website that can help you determine if you have enough equity to apply for a loan. If you’re looking for an equity-based loan it’s a good idea to work with a mortgage broker. Mortgage brokers will have access to lenders who can base their decision on how much equity you have. Remember, big banks have strict rules to follow. If your application is less than perfect – you’ll likely be turned down.
Common reasons to apply for a second mortgage
While there are many reasons to apply for a second mortgage, the most common ones are likely very obvious. Above all, a second mortgage can be an option if you face other financial challenges that make qualifying for unsecured credit difficult. Here is a list of some of the most common reasons people seek out alternative financing solutions:
- You have a Bad/Poor Credit Score (You should know that mortgages (secured loans) are easier to obtain than unsecured loans like new credit cards).
- You’ve got Credit Card Debt (You could consolidate your outstanding debt in collections, benefit of lower interest rate).
- Tax Debt has become a problem for you. (Work with Canada Revenue Agency to reduce your arrears, stop CRA Liens, and catch up on Property Tax Arrears)
- Your home needs Renovations (Home Repairs are an investment and an expense)
- You know that a second mortgage can avoid a Bankruptcy or a Consumer Proposal
- You need to avoid Power of Sale or Foreclosure
- A second mortgage can help you catch Up on Mortgage Arrears
- Income (Self-employed, low income unable to qualify for new credit based on income)
- Business Cash Flow (Obtain funds to inject into personal business)
- Short-term financing (to cover short-term irregular or unexpected expenses)
In the event that you’ve recently been declined for financing – you should know that applying for a second mortgage is a much faster and easier process.
Qualifying for a Second Mortgage
Qualifying for a second mortgage is not the same as qualifying for a first mortgage or a secured line of credit at the bank. Also, with a second mortgage, there are fewer restrictions as to how your money can be used. Loan terms are usually short, ranging from 1 to 2 years. The mortgage is designed to inject cash into your budget and help you rebuild if your credit is damaged. At LendToday we can help change your life.
If your home has built up enough equity, you should be approved for a second mortgage. The trick to avoiding a rejected application – is knowing who to apply to. Fortunately, we know who to approach and where to apply on your behalf. If you work with us, we’ll approach multiple lenders with the same credit check and avoid any impact to your credit score. We’ll target lenders we know will want to work with you.
Equity is the key…
We’ve helped countless people just like you. We can help you achieve your financing goals. Even if you don’t think it’s possible and have been turned down by your bank, we can help. If you’ve got home equity we’ll search for the right second mortgage for your needs. We don’t make any judgement about your circumstances. We want to know your story but we base our decisions on your equity.
Apply today to find out how we can help you better live your dreams. You owe it to yourself to apply for a mortgage where you’ll be approved. We know how to get a second mortgage for you, work with a mortgage broker – work with us.
Working with LendToday
Our team of experts have more than 30 years of experience helping people qualify for loans. We work with many alternative lenders. We’ll help you find the right solution for your lending needs. Even if you don’t qualify with your bank today – we can help you turn things around. We also offer in-house credit repair services. Our graduation process will eventually have you qualifying for a mortgage anywhere you like.
Even if you’ve filed a bankruptcy or consumer proposal, lost your job or maxed out your credit, we can help. Give our team a call and let us show you how to rehabilitate your credit and improve your credit score.
If you apply online today we’ll get you an answer in as few as 24 hours. Living your dreams – we can help with that!