Get a second mortgage for your house or condo in Brampton. We can arrange a second mortgage in a little a 3 days, call today for your mortgage.
A second mortgage is a debt that is placed against your property and is paid after the first mortgage. It is second in priority to be paid after a first mortgages and must be paid before a third or fourth mortgage. Like any mortgage, a second mortgage is a debt that is secured against your real estate. The money from a second mortgage can be used for any of your needs, including: home renos, business investments, or education costs.
How to Apply for a Second Mortgage
For all mortgage applicants it isn’t necessary to explain your personal situation. We approve mortgages based on the equity in your Brampton home, ignoring your credit score. There are many benefits of getting a second mortgage over renewing a first mortgage. One advantage is that the process is very simple, and the mortgage is approved on your home equity rather than credit score, employment and other factors. Getting a second mortgage also allows you to keep your first mortgage contact in order to improve your credit score.
The second mortgages (2nds) that we provide typically have short payment terms and with generally more flexible terms and payment schedules. In the event of a power of sale or foreclosure, the second mortgage holder must be paid after the first mortgage holder. For second mortgages the interest to be paid is based on the entire principal amount. Typically Brampton mortgages feature fixed rates with payment terms of around 1 year. If you live in the mortgaged property, you may be eligible for tax deductions on the mortgage’s interest payments.
How to Qualify for a Second Mortgage
To qualify for a second mortgage the property owner will need to have equity in their home. A good or high credit score should result in a lower interest rate for the second mortgage. Income is always a concern foe second mortgages, but if the property has enough equity private lenders will base the loan on the equity.
Private Mortgage Lenders
Most second mortgages are provided by private lenders or small private lending companies. Private lenders usually will only lend up to a maximum loan to value ratio of 85% on any house. If the house is in poor condition and needs a lot of work private lenders will reduce the loan to value ratio.
Do I need an Appraisal for s Second Mortgage
In most cases the mortgage lender requires an appraisal of the property. The appraisal is done by an independent appraisal company. The appraiser considers many different factors to determine the value of each property. The second mortgage is based upon the value of the appraisal and the mortgage will usually not exceed an 85% loan to value ratio.
Brampton Real Estate Market
Brampton has a very diverse population with many different types of industries. Highway 410 runs north and south through the east side of the city. Main streets in Brampton are Queen St., Kennedy Rd., Steeles Ave. and Highway 407 which runs along the southern boarder of Brampton.
There are a number of distinct areas in Brampton such as the industrial area on the north and south side of Steeles Ave. which runs from Kennedy Rd. east to Highway 427. Heart Lake is on the north side of Brampton, this community is built around Heart Lake and has a mix of new and older homes. The central area of Brampton from Kennedy Rd. going west past Hurontario St. to McLaughlin Rd. contains a mixture of homes, condos and a wide variety of retail stores.
Call for us for a 2nd mortgage today.