2 Sep, 2014

Mortgage BC Lenders – How Do You Know What A Good Rate is On A 2nd Mortgage

I get this question all the time; What is your best rate Home Equity Loan?

I have decided to post some basic information on some of the last couple of months files I have closed. This  gives potential borrowers a broader understanding of mortgage rates on home equity loans and 2nd mortgages based on property types, property location, different LTV (loan to value) and quality of credit/income or ability to pay.


Private Mortgages Recently Funded


Home Equity LoanStrata Condo  North Vancouver BC


2nd Mortgage North Vancouver $90,000 @ 7.5%

39% Loan to Value

To consolidate Debt for pensioned home owners no income verification.


Home Equity LoanHouse in Dawson Creek BC

1st Mortgage Dawson Creek $55,000 @ 7.75%

26% Loan to Value

Pensioned Client with multiple collections on Bureau (BAD CREDIT) funds used to debt consolidate to lower payment.


Home Equity LoanHouse in Burnaby BC


3rd Mortgage behind bank 1st & LOC $240,300 @ 7.99%

65.41% LTV

Funds to payout $150,000 credit card debt balance to take care of medical bills. Stated income clients with great credit history but high credit card debt.


Home Equity LoanHouse in Vancouver BC


2nd Mortgage of $420,000 @ 10%

75% LTV

Payout 2nd mortgage & liens on title home was listed for sale. Client has rental income but bad credit.


Home Equity LoanManufactured Home in Louis Creek BC


1st Mortgage of $187,000 @ 10.95%

53% LTV

Funds used to payout 1st mortgage & family debt as well as business expansion for BFS stated income client. Client has low credit due to high balances but no missed payments.


Home Equity LoanHouse Vancouver BC valued at $5,850,000


2nd Mortgage $750,000 @ 11%

72% LTV

Funds used to debt consolidate and complete cosmetic construction of home. High income earner with great credit rating.

Home Equity LoanHouse West Vancouver BC 


2nd mortgage $150,000 @ 10.25%

Behind a 1st mortgage of $1,404,323

66.17% Loan to Value

Funds used to consolidate debts and do some home improvements. Good Employment but low credit due to high credit card balances not poor payment history.

Home Equity Loan

House Kelowna BC



41.45% Loan To Value

Client has excellent credit but low income due to the expansion of a new business. Funds for business expansion.








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