A Second Mortgage is The Perfect Mortgage Option for Home Owners!
Second Mortgage: Fast Cash when you need it Most at the Low Monthly Payments you can Afford.
A Second Mortgage can provide many Benefits to Home Owners, and can help with Debt Consolidation, Paying off High-Interest Debt, and Increase your Credit Score Rating by Helping you get access to Cash Fast and Easy. Let a 5 Star 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. Clients Trust Rumy Gill to Help find them the Best Mortgage when it comes to their Second Mortgage financing, and you should too!
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Why a Second Mortgage?
By taking advantage of a Second Mortgage you will be able to pay off the full Balances and not just pay minimum payments on Credit Card Bills, Car Loans, and other Unsecured Debt which only pay off the interest. By getting a Second Mortgage to Pay off the full balances you will be able to see your credit score go up as the debt attached to your credit will be paid in full and no longer be fully utilized. 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 or make additional monthly payments to your Existing first Mortgage, helping you pay down and pay off your First Mortgage Faster.
When to choose a second Mortgage?
If you have High-Interest Debt such as Credit Cards or Payday Loans, it can feel like it is almost impossible to pay off. Second Mortgages however are typically much lower interest than Credit Cards or Payday
Loans, which can help you with consolidating your High Interest Debt. A Second Mortgage can help you dramatically lower your interest on your outstanding Debts and Free up Cash Flow – meaning that if you continue to make the same Debt payments each month and a Lower Amount.
Here are 7 Scenarios to Consider for when getting a Second Mortgage can be really Beneficial for Home Owners:
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 curent Mortgage and you are Considering to Break your existing Mortgage which will cost you Thousands in penalities and you'll loose 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 for them in full.
You are overloaded with High Interest Debt, your Credit Card balances are the Limit, you have Personal Loans, Pay Day, etc. You are in really bad financial situation and you can not refinance your Mortgage.
You have lost your job, or been laid off, or you started a new job and you are making less money than you were the prevous year, and now you are in need of cash to support yourself.
You have have missed Monthly Mortgage Payments, or have Property Tax Arrears and now you need cash to save your home from a Foreclsoure or Power of Sale.
You had a sudden Family Emergency, Death in the Family, or Legal Matter and you Need Cash right away.
Looking for a second mortgage?
Speak to mortgage broker about the most affordable option given your credit score income and property
Second Mortgage Payments Can Save you Money and Free Up Cash Flow!
Consolidate Debt! Pay off High-Interest Debt!
Increase your Credit Score Rating! Second Mortgage Rates Starting at 5.99%, You Can Breathe Easy!
|SECOND MORTGAGE AMOUNT||MINIMUM PAYMENT|
*Examples of Approved Second Mortgage Payments for Clients based on minimum Interest only payments at 5.99% Rate, Less than 65% LTV, some conditions may apply.
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.
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
Pay off Property Taxes
Pay off Personal Taxes/ CRA
Pay off Judgements and Leins
Get Money for Any other Reason
Mortgage Prepayments are Available
Pay off Collections
Pay off Consumer Proposals
Frequently Asked Questions
What is a second mortgage?
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.
How does a second mortgage in Brampton works?
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.
Should I take out a second mortgage in Brampton to pay off debt?
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.
How long does it take to get a second mortgage?
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.
How to Get a Second Mortgage in Brampton with Bad Credit?
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.
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