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Need a second mortgage for your property in Toronto?

You should get in touch with the team at ABC Mortgages. We will note down all your
mortgage needs and ensure that you get a plan that’s both affordable and meets all your requirements. We understand, that the paperwork for mortgages can be challenging if you’re not that familiar with the rule and regulations. Especially with a second mortgage, you would have to calculate about equity and how much loan you’re eligible for. Well, you can leave all that to us. We will do take care of everything to make sure that the mortgage is processed in no time. Want to know more about this policy? Contact our mortgage brokers at ABC Mortgages, schedule an appointment. We serve clients across Toronto.

So, what is a second mortgage?

In simple terms, a second mortgage is an additional loan that you take out on a property while you’re still paying off the primary mortgage. You would know that as you pay off your primary mortgage, you gain back a certain percentage of equity of your home and if you have enough of it, you can use that equity to apply for a second mortgage. You can borrow up to 80% of the appraisal value of your home minus the primary mortgage balance amount.

With the loan amount, you can use it to pay off high-interest debts, property and tax arrears, invest in your business-the choice is up to you. You should know that you will still be paying your primary mortgage but at the same time use the second mortgage cash to pay of your primary mortgage. Give us a call for more details, we are based in Toronto.

Choosing a second mortgage broker

Generally, if you’re not happy with the terms and conditions of your primary mortgage, you can consider looking out for a second mortgage broker. By drawing out a fresh deal, you can tailor the contract as per your need and we at ABC Mortgages can help you with that.

You can speak with us about what type of plan you’re looking for and also resolve any
queries you may have while we start with the paperwork. This way, you will always know what’s on the contract that you’re signing on. We also have a network of reputable money lenders who can lend you the funds you need at a reasonable interest rate. (Note that our interest rates for second mortgages start at 4.99%)

What do you need to qualify for a second mortgage in Toronto?

When it comes to this type of loan, in addition to full filling the criteria for a first mortgage,
you will also have to meet the following requirements:

You mist regain a high amount of equity on your existing property

You should have a minimum credit score of 620 (The higher the score the better interest rates you get)

You’ll also probably need to have a debt-to-income ratio that’s lower than 43%

You will have to submit proof for a stable income

Proof of regular payments towards utilities, telecommunications, insurance, etc, and/or confirmation letter from the service provider(s).

It is advisable to get in touch with a mortgage broker to clarify any doubts you may have
regarding the criteria above. Call ABC Mortgages in Toronto and let us help you make the right decision.

Second mortgage- an ideal choice

Wondering why? Well, you will be getting access to a lumpsum amount of cash that you use to invest or spend on anything. Here’s a list of thing that you can do with a second mortgage:

Pay Out Consumer Proposals

Consolidate debts (you can save up to $1,450 a month)

Pay Off Property & Income Tax Arrears

Pay Off Judgements, Garnishments, and Liens

No Income Tax Returns Required

Invest in Commercial Properties

Apply today for a second mortgage with ABC Mortgages, you won’t regret it!

FAQs

Q: What’s the credit limit for a second mortgage?

A: The credit limit is 80% of your home’s appraised value, minus the balance of your
existing mortgage.

Q: Can a second mortgage be used to pay off student loans?

A: You can use the second mortgage amount to pay off anything, including student loans.

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