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How to use a Second Mortgage by Ryan Stone
Is your credit bad? Do you own your home? Do you want to consolidate debt?
If you answered YES, then a Second Mortgage may be right for you!
You will be surprised to find out how easy it is to apply for a 2nd mortgage or a private second mortgage loan.
What is really AWESOME about applying for a 2nd mortgage or private second mortgage loan is that the lender will provide funds based on your home equity.
What does this mean to you?
You do not need to a job, or credit to qualify. All you need is equity.
But, what loan-to-value (LTV) is typically accepted?
Maximum loan-to-value is should not be more than 75%, but sometimes lenders will go over depending on the property and location.
If you meet the above criteria. You are approved*, and it won’t be a hassle either. Most Mortgage Brokers are fast in efficient.
Why is a Second Mortgage so Great!
Second mortgage loan financing can be useful for many reasons! With a second mortgage or private second mortgage you will be able to do a debt consolidation, repair credit or save your self from foreclosure by paying off your 1st mortgage arrears or first mortgage arrears.
If you are in debt, you need to balance the debt and with a second mortgage you can. If you are in the debt boat you should want a second mortgage for the following reasons…
-Rather than redoing your first mortgage and going through that whole hard approval process again with all the documentation. You can use a second mortgage to get a fast simple approval with minimum requirement s because your approval is based on your home equity and not your earnings or your job stability or whether or not support payments are being received/paid on time. Just equity.
-The second reason is that with a 2nd mortgage or second mortgage loan finaning you will be able to keep your first mortgage if it is a low interest rate or if you payout penalty will be very high.
Most Canadian mortgage brokers, will be able to determine if a second mortgage is right for you as they will take into account the costs of doing a second mortgage vs redoing your first mortgage and most likely suffering a pre-payment penalty.
How do you get started?
Easy!
Contact a Canadian mortgage broker by clicking one of the links in the author’s bio. They will be able to give you a no-obligation and quote on the costs. You can think of them as your friend in the mortgage industry as they are on your side and want you to be successful.
The initial consultation the broker will calculate if a second mortgage makes sense and it is right for you. They can do this easy and fast because they have the right tools and education.
You might be wondering what the typical costs are so here they are…
Some of the associated costs will be appraiser, legal, lender, broker fees. This may sound like a lot but if you are currently struggling to make your minimum payments on a credit card you are causing yourself unnecessary stress and interest costs.
STOP wasting your money and start rebuilding new credit.
When it comes debt time is of the essence and you need to get a solution for your problem FAST. A mortgage broker can give you a cash flow analysis to show you how much money you actually will save by doing a second mortgage.
If you are not just worried about the credit cards but you have bigger problem on your hands like your in foreclosure every day that goes by allows the lender to take up more and more of you equity until you are left with nothing. A second mortgage can save you from foreclosure by giving you the funds that you need to catch up on your arrears.
You can even use the 2nd mortgage to pay the CRA, child support payments, or tax bill.
The benefits of a second mortgage keep going too. Do you want to purchase a boat, car, do renovations a second mortgage can do that too. Even if you have average credit a second mortgage can sometimes be cheaper than doing financing through a department store or dealership. This is another reason why you should talk to your mortgage broker, they will be able to provide you with the right advice.
Lastly, if you are paying a high interest rate some of your credit cards or lines of credit contact a broker sooner than later because having a high balance and just paying the minimum payment on credit cards will hurt your credit rating.
Protect your credit, home, and future today, by contact a mortgage broker.
To your success,
Ryan Stone
*Property must be acceptable to lender.
About the Author
Provides expert mortgage advice on topics like 2nd Mortgage and Reverse Mortgage
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