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Second Mortgages

Second Mortgage Benefits

  • Borrow Money at a Low Interest Rate
  • Improve Low Credit Scores
  • Reduce Non-Mortgage Debt Like Credit Cards & Loans
  • Obtain Cash for Other Purposes

Second Mortgages are an Affordable Way to Obtain Cash

Did you know that as a homeowner, you can use a second mortgage to get cash for various purposes at an attractive Second Mortgages Torontointerest rate and an affordable payment? We can help you obtain a second mortgage even if you have poor credit or have had a previous bankruptcy. We have relationships with numerous lenders, which enable us to offer a wide selection of second mortgage options to suit your unique needs.

What is a Second Mortgage?

As you might guess from the name, a second mortgage is a loan that is taken out on a home when there is already an existing first mortgage on the home. Since this is a second separate mortgage on the home, it is referred to as a second mortgage.

Second mortgages come in many varieties. The interest rate on a second mortgage can be fixed or variable. And, you can obtain money from a second mortgage as a fixed lump sum, or in the form of a home equity line of credit (HELOC). A HELOC is kind of like a credit card in that you are approved for a set limit, and you may draw against those funds as often as you like, provided that you make the minimum monthly payments in full each month by the required due date. Our mortgage specialists will help you select the type of second mortgage that is right for you.

Homeownership offers many advantages. One of them is the ability to obtain cash using your home’s equity whenever you need it, and a second mortgage is one way to do that. Mortgage Squad makes getting a second mortgage easy and fast.

You Can Obtain a Second Mortgage with Good or Bad Credit

When you have bad credit, the process of applying for a home loan can be discouraging since many lenders will not work with borrowers that have poor credit, have few options to offer, and often decline the loan request.

At Mortgage Squad, we are experts at obtaining second mortgages for borrowers with poor credit so past credit challenges do not mean an automatic decline. In fact, we can often close home loans that the big banks can’t. That’s why homeowners call us when they need cash.

The loan amount and interest rate that you receive will in part be determined by your credit score, but when there are blemishes on your credit report, the first thing is to ensure that we can obtain an approval for you.

Here are some indications that your credit scores are likely on the low side.

  • You’ve maxed out the limits on your credit cards.
  • You’ve missed debt payments (e.g. on credit cards, the mortgage, etc.)
  • You can only afford to make the minimum monthly payment on credit cards

Improve Your Finances

A second mortgage is not only a convenient way to get cash, you can also use a second mortgage as a way to restructure your finances by paying off credit cards and bringing other delinquent accounts up to date. This is a quick way to improved your credit score and put your finances on the right track.

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