Second Mortgage
Brokers In Toronto
Private Mortgage Lenders - Approvals in 24 Hours
Google Reviews
Achieve Your Financial Goals: Personalized Lending Solutions for Every Need
Leading Mortgage Lenders
We are Private Mortgage Lenders & Brokers In Toronto who have taken the time to understand the borrowing habits and needs of our clients and the residents of Toronto.
We Are More Favorable Than A Bank
From whatever angle or perspective you may want to look at it, we are able to get you approved for a second mortgage with good or bad credit and in many cases without the need of debt servicing income.
Top Choice In The Industry
We have been in this industry for a couple of decades, and we will give you the best rates and terms in the marketplace. Numerous clients have interviewed us to learn of our working process, and are pleased with the solutions we can provide.
Second Mortgage Broker
We are leading second mortgage brokers and lenders in Toronto, Ontario, when it comes to funding difficult situations. If we can’t fund you, its highly unlikely that anyone else would be able to either.
Private Second Mortgage Lenders in Toronto
What is the definition of a second mortgage?
A second mortgage is often a short-term interest-only loan backed by the available equity in your primary residence or commercial property. This sort of mortgage loan is secured by a first mortgage and is therefore referred to as a second mortgage.
Second Mortgage Ontario
How does qualifying for a second mortgage Toronto work?
Qualifying for a second mortgage or any private mortgage loan is typically much simpler and faster than qualifying for a mortgage through a bank or other more traditional lending institution. Due to the fact that private mortgage lenders lend primarily on the available equity, location, quality, and marketability of the home or commercial property, a borrower’s credit score, credit history, and income are typically given much less weight.
Second mortgage lenders Ontario
How do you become eligible for a second mortgage?
Qualifying for a second mortgage is significantly easier than qualifying for a bank loan, provided you have sufficient equity in your commercial property or primary residence. Due to the fact that lending guidelines and regulations vary by province, we will concentrate on the qualification requirements for a second mortgage in Ontario.
2nd Mortgage Broker Toronto Benefits
There are so many benefits of securing a second mortgage over a conventional loan. This has proved to be the most effective and quickest way of obtaining funds that you may need to fund renovations or payoff high interest debt. The beauty of this option is that you will just need to use your property that has the required equity to get the funds you need. You can choose to use the money any reason you see fit with minimal restrictions. We have clear and flexible lending guidelines and we will see to it that your loan is inline with what we negotiate on your behalf.
Home Renovations
You can use the second mortgage to renovate your home and give it a new look and appeal. This will go a long way in increasing the value of your home.
Consolidate Debts
If you have multiple debts and you would love to consolidate them into a single monthly payment, a second mortgage will come in handy. This will lower the rates of monthly payments.
Investment
Whether it is a business investment or you would want to invest in your child’s education, this is the easiest and quickest way to secure funds.
Second Mortgage Rates
One of the biggest worries for most people, when they are looking to borrow, is the rate that is applicable to their loan. We have different options and we can assure you that we will provide you with the best second mortgage rates that serve your needs. We maintain our Ontario wide pledge that we will find you the best rates and terms for your second mortgage and will beat any competitor’s written quote.
Our second mortgage interest rates are offered against the equity in your property. As such, the interest rates are lower than other unsecured loans and credit card options. The fact that the 2nd mortgage has some form of collateral behind it, makes it less risky and this is why it is affordable for most. We are glad to serve you with the best options. Call or chat with us today to get started with the best mortgage terms in Ontario.
Second Mortgage Calculator
A second mortgage calculator is a tool that allows you to calculate how much you can get as a second mortgage. We are the best lenders for 2nd mortgages and with our calculator, you will establish the equity in your home.
Mortgage Loan Calculator
Ready to Schedule a Consultation?
Meet with our mortgage experts to discuss your financing needs. We’ll review
your options and create a customized lending solution.
Our Customers
Second Mortgage FAQ’s
How does a second mortgage work?
A second mortgage Toronto loan is one that lets you borrow against the value of your home in a subordinate position with respect to your first mortgage. Your home is an asset, and over time, that asset can gain value. second collateral mortgages, also known as home equity lines of credit (HELOCs) are a way to use that asset for other projects and goals—without selling it.
Is a second mortgage a good idea?
However, a second charge mortgage—also known as a second trust junior lien—makes good sense in the right circumstances and can actually save you money. A second mortgage is simply a loan secured against your property as collateral. … As a result, second mortgages come with higher interest rates than first mortgages.
How much can you borrow on a second mortgage?
Some lenders allow you to take up to 90% of your home’s equity in a second collateral mortgage. This means that you can borrow more money with a 2nd mortgage than with other types of loans, especially if you’ve been making payments on your loan for a long time. Lower interest rates than credit cards
Does a second mortgage hurt your credit?
Closing costs for mortgages can be as much as 3% to 6% of your loan balance. And if you need a second charge mortgage to pay off existing debt, that extra loan could hurt your credit score and you could be stuck making payments to your lenders for years.
How difficult is it to get a second mortgage?
As long as you have equity in the home of up to 15%, we may be able to help you acquire the funding you require. We will take care of all the lender negotiations and paperwork, along with referring you to a competent lawyer to assist you and ensuring that your rights are protected.
How much deposit do you need for a 2nd mortgage?
Many second home mortgages require at least a 20% deposit, and you may need even more than that if your current income won’t cover both mortgages at the same time. In addition to this, your income will be even more important in the application for a second home mortgage. Speak to us about better options in the market to suit your needs.
How long can you finance a second mortgage?
Second charge mortgage loans usually have terms of up to 20 years or as little as one year. The shorter the term of the loan, the higher the monthly payment will be.
Is it better to refinance or get a second mortgage?
When you refinance, you replace your current mortgage loan with a new loan. This means that you only need to worry about making a single payment each month. You might be able to lower your interest rate.This means that interest rates are usually lower on cash-out refinances than 2nd collateral mortgages. It will always be prudent to speak with a second mortgage broker to get all of your options.
What are the pros and cons of a second mortgage?
Though interest rates on second loan mortgages are typically lower than credit cards, those lower rates come with a higher risk. When you take out a mortgage you are risking your home, which means that if you can’t pay the loan back, then your lender can foreclose. Always speak to a qualified mortgage broker to determine your risks and for mortgage calculations that relate to your circumstance.
Can I buy another house if I already have a mortgage?
Bear in mind that you may need a large down payment in order to qualify for a second home mortgage. Some lenders ask for a down payment of 15 percent but others can go as high as 32 percent, depending on the property. The pre-approval should state the maximum purchase price and loan amount for the new home. Contact bestrefinance.ca for the best options when it comes to mortgages in Ontario.
Get Started
If you are looking for a second mortgage Toronto Broker to assist, you have come to the right place. Contact us today and we will be happy to assist you. We are experienced and our services are aimed at serving your overall lending needs. Talk to us today to learn more about our 2nd mortgages.
Driving Directions from Toronto Pearson International Airport to Toronto Second Mortgage Broker:Head northwest toward Britannia Rd E then Turn left onto Britannia Rd E and Turn left onto Convair Dr after that Turn right onto Renforth Dr then Turn left onto Eringate Dr, Keep left, follow signs for Burnhamthorpe Road. Keep left, follow signs for Eva Road/Dundas Street/Sherway Gardens Road/The Queensway. Keep left, follow signs for Hamilton and merge onto ON-427 S then Take the Gardiner Expressway exit on the left toward Toronto then Merge onto Gardiner Expy E and Take exit 154 toward York St/Bay St/Yonge St then Merge onto Harbour St and Turn left onto York St and then Slight right to stay on York StDestination will be on the left.
Driving Directions from Royal Ontario Museum to Toronto Second Mortgage Broker: Head south toward Queens Park and Turn left toward Queens Park then Turn right onto Queens Park, Continue onto Queen’s Park Cres W, Slight right onto Queens Park and Continue onto University Ave, then Slight right toward Front St W after that Turn left onto Front St W and then Slight left onto York St.
Driving Directions from Toronto Zoo to Toronto Second Mortgage Broker: Head south on Zoo Rd, Turn right onto Meadowvale Rd then Take the ramp onto ON-401 W after that Take the exit on the left onto Ontario 401 Express then Take exit 375 to merge onto Don Valley Pkwy S and Take the Gardiner Expressway West exit then Continue onto Gardiner Expy W after that Take exit 154 for Yonge St and Turn right onto Yonge St and then Turn left onto Wellington St W and then Turn right onto York StDestination will be on the left.
Get Your Free
Mortgage Consultation
Fill Out The Form Below For a Complimentary Consultation With One Of Our Mortgage Agents.