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Second Mortgage Brampton
- Fast Approval
- Great Mortgage Rates
- Maximum Savings
- Low Affordable Monthly Payments
Rumy Gill - Mortgage Broker
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Second Mortgage Brampton: Fast Cash when you need it the Most, at Low Monthly Payments you can Afford!
A Second Mortgage Brampton can provide many Benefits to Home Owners just like yourself. Such benefits you can enjoy as homeowner are being able to finally pay off your high interest debts like credit cards, car loans, payday loans, personal loans, etc. These debts can be rolled into a quick and easy debt consolidation and allow you to make one monthly payment, resulting in low and affordable monthly payments and massive monthly savings!
With the experience and knowledge of Brampton Mortgage Broker Rumy Gill, clients have been able to get approved for a Second Mortgage in Brampton, Mississauga, GTA and across Ontario to help with combating high interest debt and uncover savings they did not know they had. Clients have benefited from generating savings of as much as hundreds and even thousands of dollars a month on the same debt they were making payments on before at much higher monthly payments.
For clients who have been struggling with keeping up with their debts have found that working with a Brampton Mortgage Broker, has made a world of difference in their finances and credit score. As clients have been able to turn their bad credit situation around and improve their credit score rating all while benefiting from low affordable monthly payments.
Brampton Mortgage Broker Rumy Gill has made the process of getting a Second Mortgage an easy one for clients who are looking for a quick and easy approval with access to quick cash from their homes or properties for any reason. Even clients who have bad credit or issues with their income are able to get approved.
Let a 5 Star Bampton Mortgage Broker, Rumy Gill, help get the Cash you Need with a Second Mortgage so you can get back on track with your Finances and Credit, so you can breathe easy again.
Why a Second Mortgage?
By taking advantage of a Second Mortgage you will be able to pay off the full Balances of your High Interest Debts. You will no longer need to worry about making the minimum payments on your Credit Cards, Car Loans, and other Unsecured Debts which only pay off the interest.
Your new Second Mortgage will pay off the balances of these unsecured debts and will allow you to see your credit score increase and provide you a much lower monthly payment than you had before on your outstanding debts. Once all your debts that were attached to your credit have been paid off and no longer utilized you will start to see your credit score recover and raise.
A Second Mortgage will allow you to enjoy low affordable Monthly Payments so you can save or use more money for other things you want.
One strategy we help our clients with is to take the savings they receive from getting a Second Mortgage and make additional monthly payments to their Existing First Mortgage. This helps our clients pay down and pay off their First Mortgage Faster.
7 Scenarios When Getting a Second Mortgage Makes Sense
- Your Bank won't extend you More Money because you already qualified for the maximum Mortgage amount.
- You still have 2 or 3 years left on your current Mortgage and if you were considering breaking your existing Mortgage but it will cost you Thousands of Dollars in Penalties and you'll lose the Low Mortgage Rate you have.
- You are behind on your Bill Payments, have Collections, or you are going through a Consumer Proposal and need Cash to help pay off all these Debts in full.
- You are overloaded with High Interest Debt. Your Credit Card balances are to the Limit, you have Personal Loans, Pay Day, etc. You are in a really Bad Financial situation and you can not Refinance your current Mortgage.
- You have lost your Job, or been Laid off Work, or you have just started a New Job and you are making less money than you were the previous year, and now you are in need of cash to support yourself.
- You have missed Monthly Mortgage Payments, or have Property Tax Arrears and now you need cash to save your Home from a Foreclosure or Power of Sale.
- You had a sudden Family Emergency, Death in the Family, or Legal Matter and you Need Cash right away.
When to choose a Second Mortgage?
Knowing when to choose a Second Mortgage can be tricky. But not to worry, we have years of experience and can help you understand if your situation requires a Second Mortgage or if it can wait.
For example if you have High-Interest Debt such as Credit Cards or Payday Loans, it can feel like it is almost impossible to pay off. Then a Second Mortgage can help as, the overall interest rate is lower than that compared to Credit Cards or Payday Loans, and other High Interest Debts. Resulting in much lower monthly payments for you.
So choosing to get a Second Mortgage for the purpose of consolidating your High Interest Debts makes perfect sense. This is because the payments from a debt consolidation will help you dramatically lower your interest on your outstanding Debts and help you up Free up monthly Cash Flow you will have available for other things.
For situations where you require cash immediately, and your Bank will not be able to provide you a loan or a mortgage refinance, then choosing to get a Second Mortgage can make sense. But we would caution you on only taking the amount that you need so you can manage your new monthly payments along with your existing mortgage and other debts.
Just a word of advice, it would make sense in your situation to contact us if you are unsure if your situation will require you to get a Second Mortgage, our team can help make sense of your situation and advise you properly. After all helping clients is what we do best.
Looking for a Brampton Second Mortgage?
Speak to a Brampton Mortgage Broker about the most affordable Second Mortgage option given your credit score and income situation for your property today.
How Can a Second Mortgage Improve Your Credit Score?
When you think about ways to improve your credit score, getting a second mortgage might not be the first thought that comes to your mind, but did you know there are ways that a second mortgage can actually help you with your credit?
It’s true. Whenever you get new credit and are consistent with making your payments, it helps to improve your score. But if you credit card debt becomes too much then it might become difficult to keep up with the payments, which can harm your credit score. This is where a second mortgage can help you can get out debt faster and help improve your credit score.
Brampton Mortgage Broker Rumy Gill can Help you Get a Second Mortgage of up to $50k, $100k, $200k or More in Cash, Fast!
So, if you Need Cash Fast, Don’t Wait Contact Us Today and Apply Online Now!
Brampton Second Mortgage Payments Can Save you Money and Free Up Cash Flow!
Consolidate Debt! And Pay Off High-Interest Debt!
Increase your Credit Score Rating!
Second Mortgage Rates in Brampton Starting at 5.99%, So You Can Breathe Easy!
| SECOND MORTGAGE AMOUNT | MINIMUM PAYMENT | |
| $50,000 | Borrowed | $249.59 Month |
| $100,000 | Borrowed | $499.17 Month |
| $200,000 | Borrowed | $998.34 Month |
*Examples of Approved Brampton Second Mortgage Payments for Clients based on minimum Interest only payments at 5.99% Rate, Less than 65% LTV, some conditions may apply.
Second Mortgage Brampton Videos
Here is video of Brampton Mortgage Broker Helping a client with a $300k Second Mortgage in Brampton for an Equity Take Out for the purpose of being able to purchase a off market property that was renovated and rented out.
Here is video of Brampton Mortgage Broker Helping a client with a Second Mortgage Brampton Refinance for $200k. Brampton Mortgage Broker Rumy Gill was able to help a client Refinance their Second Mortgage with another Lender to get more money for the client and a better interest rate.
Here is a video of a Brampton Second Mortgage for $100k, where Brampton Mortgage Broker Rumy Gill helped a client with Bad Credit, Consolidate $100k of their Debt and Save thousands of dollars in the process.
Getting A Second Mortgage is Easy, All you Have to do is Apply!
We Work with All Income and Credit Situations! Approvals on Home Equity are Available.
Here are the Benefits of Working with Rumy Gill a Brampton Mortgage Broker for your Second Mortgage;
- All Credit Scores Accepted
- Debt Consolidations
- Pay off Property Taxes
- All Income Accepted
- Home Renovation
- Pay off Personal Taxes/ CRA
- Pay off Judgements and Leins
- Approvals on Home Equity Available
- Pay off Credit Card Debt
- Get Emergency Money Fast
- Mortgage Prepayments are Available
- Pay off Collections
- Pay off Consumer Proposals
- Get Money for Any other Reason
Frequently Asked Questions
A Second Mortgage is a loan secured by your home where you leverage your home equity to get cash for your needs. Home Equity is the difference between the value of a home and what is still owed on the mortgage. For example, if the market value of your home is $300,000 and you owe $200,000 on the mortgage, you have $100,000 in home equity. Second Mortgages typically have a fixed interest rate, fixed monthly payment and fixed term.
A Second charge Mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home. Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.
For people struggling with Consumer Debt, taking out a Second Mortgage to pay off Credit Cards can mean lower payments at a lesser interest rate. Resulting in huge savings each month. These savings can be applied to pay down your first mortgage in lump sum payments or in extra monthly payments (which can be applied directly to the principal amount, as long as your current mortgage allows for it) and other debts so you can become debt free faster.
From Start to Finish, getting a Second Mortgage can take as little as a few days to few weeks. Typically it can take anywhere from a few hours to a few days to get Approved for a Second Mortgage. To recieve Cash (funds) an take anywhere from a few days if everything is in order and ready to close, or it can take up to a few weeks, if you just starting to get everything in places like ordering an appriasal and gathering documents.
In order to qualify for a Second Mortgage, most lenders will require your loan-to-value ratio be 85 percent or lower. So long as you reach that goal, it doesn't matter whether you've owned your home for five years or five minutes.
You can get a Second Mortgage even with bad credit as long as you have a loan-to-value ratio be 85 percent or lower. This is because you're using your home to guarantee the loan. Lenders like having property as collateral as it security if you were to default on the Second Mortgage but do not like to be in situations where the borrow is in default with payments. To eliminate any doubt in the lenders mind and get Approved, you will need to show some type of proof that you can support the payments and be able to repay back the Second Mortgage amount you are looking to borrow at the end of the term.