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Second Mortgage
Mississauga
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Understand the Risks, Costs and Benefits
People get a second mortgage or even third, typically to consolidate debt without disrupting their first mortgage. There are many of other reasons however as well.
Many homeowners who bought their properties several years ago now have substantial equity in their homes as rapidly rising property prices have increased the market value. If you are one of these property owners and now require funds to make home improvements, consolidate expensive unsecured debt, or to pay for your daughter’s college education, you could use that equity to secure a second mortgage.
There are risks and costs associated with second mortgages so you should understand the fundamentals before committing yourself to a second mortgage. It could be the best and cheapest financial solution under the right set of circumstances.
If you live in the Mississauga area and you are thinking of taking a second bond feel free to contact our certified mortgage brokers in Mississauga for advice before you take the plunge.
Mortgage Offers
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Featured Rates
starting from
6.45%| Term | Rate |
|---|---|
| HELOC | 6.95% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
4.49% | 5 year |
 First National Financial |
4.69% | 4 year |
 RMG Mortgages |
4.59% | 3 year |
 Street Capital Bank |
5.24% | 2 year |
 TD Bank |
6.09% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 5.85% (Prime - 1.05%) |
| 3 year variable | 6% (Prime - 0.95%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 7.49% |
You have questions. We are here to help!
How do Second Mortgages Work?
A second mortgage like the primary mortgage uses your home as collateral. The second mortgage is taken in addition to the first and you will be responsible for making payments for both every month.
Because there is more risk to the lender the interest on the second mortgage will, without doubt, cost more than the interest on the primary mortgage. The higher interest rates, reflect the higher risk.
The first mortgage holder has the first claim on the property should the homeowner fail to pay. The second lender, therefore, has a much higher chance of not receiving full payment.
What do you Need to Qualify for a Second Mortgage in Mississauga?
- Property – the lender secures the loan against your property
- Equity – the more you have the more likely you are to qualify. The equity in your home is the market value less the mortgage.
- Income – a regular, verifiable flow of income will convince the lender that you can afford to pay the loan back
- Credit score – if you have a good credit score you should be able to negotiate a better interest rate
The Advantages of a Second Mortgage
- A second mortgage is fairly easy to arrange and you don’t have to pay up your first mortgage before you take the second
- The amount involved – if you have substantial equity in your home, you can make a large loan using the house as collateral
- Depending on the lender up to 80% of the value of the property can be used to calculate the sum of the two mortgages
- Any mortgage holder with a good credit rating can apply for a second mortgage
The Disadvantages of a Second Mortgage
- The interest rate will be higher than that paid for the first mortgage but are a lot cheaper than other unsecured debt.
- The homeowner runs a higher risk of foreclosure if he is unable to service his debt. If this happens the family could be left without a home.
- Second mortgages attract fixed costs such as legal fees and appraisal fees.
A Second Mortgage may be the Best Choice for You
A second mortgage can offer you the chance to improve your home or to take advantage of opportunities as they arise. As long as you understand the risks and benefits, a second bond may be the right financial choice for you. If you are a resident of Mississauga and needing financial assistance we will answer any questions you may have.
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Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
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