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Second mortgages or home equity loans enable borrowers to tap into the equity that has built up in the property. This is accomplished by keeping your existing first mortgage in place, but registering a second mortgage after it. Mortgage Assist can help you obtain a second mortgage whereby ALL your monthly payments are prepaid from the advance- meaning that you will not have to make any monthly payments.
Second mortgages are sought after for a variety of reasons such as paying off costly high interest credit card debt, for renovations, to pay property tax arrears or to avoid power of sale.
The amount that a borrower is eligible to receive for a second mortgage depends on the value of the property. Typically, our lenders will provide a loan of 80% of the value of the property.
if your property
is worth. $770,000
mortgage balance is $340,000