Looking to get a second mortgage for your property in Kitchener?

Are you in need of a second mortgage for your property? You should get in touch with the team at ABC Mortgages. With our experience, we will note down all your mortgage needs and make sure you get a plan that’s both affordable and meets all your financial requirements. We completely understand that the paperwork for mortgages can be a hassle if you are unfamiliar with the rule and regulations. Especially in the case of a second mortgage, you would have to calculate equity and how much loan you’re eligible for. Don’t worry, you can leave all that to us. We will take care of everything to make sure that your second mortgage is processed in no time.

Contact our mortgage brokers today to schedule an appointment.

What is a Second Mortgage?

A second mortgage is an additional loan that you take out on a property while you’re still paying off the primary mortgage. As you pay off your primary mortgage, you get back a certain percentage of equity of your home and if you have enough of it, you can use that equity received from your home to apply for a second mortgage in kitchener. You can borrow up to 80% of the appraisal value of your home minus the primary mortgage balance amount. You can use it to pay off high-interest debts, property, and tax arrears, invest in your business – with the loan amount. You should know that you will still be paying your primary mortgage but at the same time use the second mortgage cash to pay your primary mortgage.

For more details, get in touch.

Choose us your Second Mortgage broker:

If you are unhappy with the terms and conditions of your first mortgage, you can consider looking out for a second mortgage broker. ABC Mortgages can help you with that. With our expertise in this line of business, you can consult us about what type of mortgage plan you’re looking for, and also resolve any queries you may have. We also have a network of trusted private money lenders who can lend you the funds you need at a reasonable interest rate. (Please note that our interest rates for second mortgages start at 4.99%)

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

You must have a high amount of equity on your existing property.

You should have a minimum credit score of 620

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

You will have to submit proof of income

You will need to submit proof of regular payments towards utilities, telecommunications, insurance, etc, and/or a confirmation letter from the service provider(s).

If you need to clarify any doubts you may have regarding the criteria above. Speak to the team at ABC Mortgages today and let us help you make the right decision.

Second mortgage- an ideal choice

Wondering why a second mortgage? Well, you will be getting access to a lump sum amount of cash that you can use to invest or spend on anything. Here’s a list of things 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 and income tax arrears

Pay Off Judgements, Garnishments, and Liens

No Income Tax Returns Required

Invest in Commercial Properties

Apply for a second mortgage with ABC Mortgages today! We promise you won’t regret it!Call our team today to schedule an appointment.

Frequently Asked Questions:

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, even student loans.

Q: What are the terms and payback period for a second mortgage?

A: Terms and payback period for second mortgages go up to 30 years.

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