A Second Mortgage is a fast and easy way to free up cash for debt consolidation, home renovations, business capital or whatever reason you may have. Do you have equity in your home in Canada? Sometimes getting a 2nd Mortgage is more cost effective than Refinancing your current 1st Mortgage. Apply Online to find out more about Mortgage Lenders and their options for your refinance. Call your Vancouver Mortgage Broker Today 778-839-3963
2nd Mortgage Calculation
Want to know how to estimate how much of a 2nd Mortgage you might qualify for?
Get a calculator, here is how you calculate up to 75% Loan To Value:
75% x (Your Home’s Value) – (1st Mortgage) = Amount of your 2nd Mortgage
75% x ($300,000) = $225,000 – ($200,000) = $25,000
Some lenders will go as high as 85% LTV you should call your Vancouver BC Mortgage Broker to help you prepare your Mortgage Application.
What Is a Second Mortgage Loan used for?
A Second Mortgage Loan can be used to enhance your current life style such as a loan for your wedding or a honey moon, new car or even take a vacation. Some use 2nd Mortgages to consolidate debt or pay medical bills, education or School Loans and most commonly a Home Improvement loan. Still others use a 2nd Mortgages for a Small Business loans, to inject new money into their current small business. A 2nd Mortgage is one of the fastest and easiest was to extract your Homes Equity out of your home. The uses can be numerous and they are your own. Call or Apply Online with your BC Mortgage Broker today.
A Canadian Second Mortgage typically refers to a secured loan that is subordinate to the 1st loan against the property. In real estate, a property can have multiple loans against it. The loan which is registered at the BC land titles office is called the first mortgage or first position. The mortgage registered second is called the Second Mortgage or Homes Equity Loan . Properties in Canada can have a Third or even Fourth Mortgage, but those are rarer.
Canadian Second Mortgages are also called Equity Mortgages because, if the loan goes into default, the First Mortgage gets paid off first before the Second Mortgage. Thus, Second Mortgages are riskier for lenders and generally come with a higher interest rate than first mortgages.
Often a Second Mortgage can be more cost effective than paying out your 1st mortgage and refinancing because of the payout penalties. In some cases taking out a second mortgage and negotiating an open rate on it can be your best bet even if you have to pay a higher interest rate. Most lenders will require a lender fee when initiating a open mortgage rate. All fees and costs have to be disclosed to you prior to you signing your mortgage. online application
A Second mortgage can also be a great tool to help you repair your credit or help with cash flow. If your credit is low and your 1st mortgage is coming up for renewal in the next year or in a few months, consolidation of your debt with a second mortgage may allow your credit score to improve. By managing your debt and keeping your debt repayment in good standings you stand a good chance upon renewing your mortgage to consolidation both mortgages into on with a combined lower payment and interest rate.
Second Mortgage & Heloc
Home equity mortgage & Helocs are both 2nd second mortgages taken against your home equity. A Home Equity mortgage is a fixed rate loan most of the time while the Helocs is an adjustable rate loan. Besides, the former allows you to take the loan funds at a single payment; the Helocs offers the credit line option wherein you can get advances till you don't exceed the available credit limit.
The purpose of these loans are different, for example, you consolidate debts with 2nd mortgage or go for home improvement but when it comes to periodic needs, it's the credit line that you opt for Helocs. So, all you need is a basic understanding of both loans to make them work for you.
Second Mortgage Rental Property BC
Second Mortgages on rental properties are not as common as second mortgages on owner occupied homes but we still have lenders for these types of situations. You should be aware of additional costs and criteria such as (Assignment of rents) and lower LTV Loan to Value. Assignment of rents means if failure to pay your mortgage the lender can apply to the court to have the tenant pay the rent directly to them. The lending value is usually lower on Rental Properties because the added risks to the lender, but with good covenants I can still structure your application for best results. Feel free to call or apply online with any questions. 778-839-3963 online application
Second Mortgage Products BC
Second Mortgage Canada Rates starting as low as 8.25% Based on LTV & OAC
Second Mortgage Canada Open
Second Mortgage Canada Readvancable
Second Mortgage Canada Half Interest
Second Mortgage Canada Pre Paid or No payments
Second Mortgage Canada Interest Only
Second Mortgage Canada Inter Alia
Your Canadian mortgage broker will be able to discuss with you your best options so call today. 778-839-3963
Second Mortgage for Home Renovations
Second Mortgages allow Canadians to obtain their home renovation dreams. In the past several years Canadian homeowners have accumulated significant equity in their homes as housing prices have increased, the hottest housing market this country has witnessed since the end of the Second World War. Now that the housing market has cooled, however, Canadians are using some of the equity they have built up to finance significant upgrades to their homes through renovations.
The Canadian Mortgage and Housing Corporation tracks home renovation trends across Canada. Recent statistics from the CMHC have shown that Canadians spent close to $19.7 billion last year in the 10 major urban centers that were surveyed. Overall, 37% of the households surveyed reported that they had completed some form of home renovation in 2007. Canadians reported that the main reasons they undertook renovations were "to update, add value, or to prepare to sell their home."
Most Canadians- about three quarters - paid for home renovations from their savings; however, 20 per cent of home renovators paid for their renovation project with a credit card or line of credit. Not surprisingly, the average amount spent on renovations paid for with credit was higher than the amount spent from savings - $13,500 versus $11,200.
Indications are that these trends will continue in 2008, as two out of five respondents in Canada's five largest regional centers - Vancouver British Columbia, Calgary Alberta, Toronto Ontario, Montreal Quebec and Halifax Nova Scotia- indicated that they were planning on undertaking home renovations in 2008. With a cooling housing market, and house prices forecast to grow only marginally in 2008 and 2009, home renovations represent one way in which homeowners can act to build in value to their homes.
Home renovations make sense either to enhance the enjoyment of one's home or to increase its curb appeal in an emerging buyers' market, but homeowners using savings or, worse yet, credit cards to finance major home renovations risk depleting their assets. Far better, to arrange a second mortgage or line of credit secured against your home's existing equity when undertaking a major home renovation project.
While savings or credit card debt can readily finance a minor renovation project such as remodeling a bathroom or painting and wall papering - two of the most popular projects according to the CMHC -when undertaking a major renovation, like building an addition or finishing a basement, it makes sense to use a second mortgage secured against existing home equity as second mortgages carry a much lower interest rate than most credit cards.
Second Mortgage for Mobile or Manufactured homes BC
Some lenders offer second mortgage or consolidation loans on manufactured homes or mobile homes, they are very hard to find this type of loan for these types of structures but we do have some lendes so call. The difficulty is that lending institutions or unconventional lenders consider modular or manufactured homes greater risks than traditional single family housing. Bank on paying higher interest rates on second mortgage loans for pre-fabricated or mobile housing. online application
In order to secure additional loan products on manufactured housing there may be certain requirements that need to be met or restrictions, such as:
The home must be located on land you own rather than in a mobile home park or rented lot.
The home is your primary or secondary residence, not a rental or investment property.
The home may need to be immobilized and on a permanent foundation base.
The home may need to have been built after a certain year to obtain the financing.
Please take this opportunity to go to Equifax and order a copy of your credit.
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All types of residential mortgages through out Vancouver BC Canada and Western Canada including mortgages for self-employed, debt consolidation, refinancing, renewals, switch, new immigrants, non-residents, foreclosure, bad credit, bankruptcy, Second Mortgages, Third Mortgages, private mortgage, low income, reverse mortgages ext. Our lenders can lend from Vancouver Island to Okanagan and throughout BC & Western Canada. Let me work hard to get you the lowest rate the market offers.
In the BC Lower mainland your BC Mortgage Broker can provide Second Mortgages in the municipalities and towns of Abbotsford BC Burnaby BC Pitt Meadows BC New Westminster BC Chilliwack BC Maple Ridge BC Coquitlam BC Port Coquitlam BC Langley BC Richmond BC Surrey BC Vancouver BC North Vancouver BC West Vancouver BC Whistler BC Squamish BC Hope BC Lions Bay Gibsons BC Roberts Creek BC Secret Cove Texada Island Irvings Landing Salt spring Island Powell River BC Lund Agazzis BC Harrison Hot Springs Boston Bar Lytton and many others areas in BC.
In the BC Okanagan & Kootenays your BC Mortgage Broker can arrange 2nd Mortgages in the municipalities and towns of Kelowna BC Vernon BC Penticton BC OK Falls BC Summerland BC Peachland BC Princeton BC Oliver BC Osoyoos BC Kamloops BC Salmon Arm BC Revelstoke BC 100 Mile House BC Ashcroft BC Castlegar BC Invermere BC Cranbrook BC Kimberley BC Prince George BC Quesnel BC Vanderhoof BC Fraser Lake BC Burns Lake BC Fraser Lake BC Prince Rupert BC Terrace BC and many others areas in BC.
On Vancouver Island BC your Mortgage Broker can provide Second Mortgages in the municipalities and towns of Victoria BC Sidney BC Sooke BC Port Renfrew BC Duncan BC Salt Spring BC Chemainus BC Cumberland BC Parksville BC Nanaimo BC Parksville BC Port Alberni BC Saanich BC Qualicum BC Courtenay BC Comox BC and Campbell River BC plus many more areas in BC.
As your licensed Alberta Mortgage Broker I am able to arrange your residential mortgage application in these cities and towns in Alberta :
Airdrie AB, Athabasca AB, Banff AB, Bragg Creek AB, Brooks AB, Calgary AB, Canmore AB, Clairmont AB, Claresholm AB, Cochrane AB, Cold Lake AB, Drayton Valley AB, Drumheller AB, Edmonton AB, Edson AB, Fort Assiniboine AB, Fort McMurray AB, Fort Saskatchewan AB, Grande Cache AB, Grande Prairie AB, Hanna AB, High Level AB, High River AB, Hinton AB, Irricana AB, Jasper AB, Kananaskis Village AB, Lacombe AB, Lake Louise AB, Leduc AB, Lethbridge AB, Lloydminster AB, Medicine Hat AB, Nisku AB, Okotoks AB, Olds AB, Peace River AB, Pincher Creek AB, Red Deer AB, Rocky Mountain House AB, Sherwood Park AB, Slave Lake AB, St Albert AB, St. Paul AB, Stettler AB, Stony Plain AB, Strathmore AB, Taber AB, Three Hills AB, Tignish AB, Vermilion AB, Waterton Lakes AB, Wetaskiwin AB, Whitecourt AB
