second mortgages

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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.

EXAMPLE

  • Second mortgage Toronto

    if your property
    is worth.
    $770,000

  • Second mortgage Brampton

    your current
    outstanding first
    mortgage balance is
    $340,000

  • Second mortgage Aurora

    you would be
    entitled to borrower
    $276,000

apply now

Why Do Borrowers Want Second Mortgages?

Borrowers obtain second mortgages for a variety reasons, some of the most popular are as follows:

  • Private Mortgage Toronto

    Consolidate high interest
    credit card debt

  • Private Mortgage Vaughan

    Home Renovations

  • Private Mortgage Markham

    Pay off income tax arrears

  • Bad credit Loans Toronto

    Pay off property tax arrears

  • Bad credit Loans Etobicoke

    Raise capital for a business venture

  • Bad credit Loans Scarborough

    Vacations and retirement

  • Home equity loan Toronto

    Purchase another property

  • Home equity loan Brampton

    Unexpected expenses

  • Home equity loan Mississauga

    Avoid Power of Sale

  • Mortgage Assist’s team of agents will simplify the mortgage process for you and answer any questions you have. Contact us today!

    Recently Funded Transactions

    $750,000

    Second Mortgage

    $349,000

    Bridge Loan

    $1,250,000

    First Mortgage

    Second mortgage Toronto

    Second mortgage Brampton

    Second mortgage Aurora

    Contact

     1206 Centre street Suite 207 Vaughan, Ontario L4J3M9