Obtain Your Second Mortgage Loan with us and be truly satisfied with the experience!
A second mortgage is a second loan that is taken out on your property that already has a mortgage. This is a higher risk than a first mortgage for the lender, because a lender is in a second position on the existing property title. If an existing homeowner defaults on the payments and the property in discussion is taken into possession, the first lender gets paid out first, thus the higher risk for the second lender as they may not get paid out in full. Therefore mortgage rates for a second mortgage are always higher than the first mortgage.
For someone that has an existing mortgage with good credit and having more than 20% of equity on their home, a good option for a second mortgage can be a home equity line of credit. However, if there is a weaker credit involved, a second mortgage from a private lender may be required. That is why with Get Approved, get the best mortgage rate for your 2nd mortgage in Toronto. Contact us today for more information and we will be happy to help.