- Cash out equity
- Decision in five minutes
- Easy to qualify
- An alternative to banks
Over the years, you have worked hard to pay down the principal on your mortgage and build up the equity in your home. And if you are looking for a way that you can use that equity, then a second mortgage (also sometimes called a home equity loan) can be a good way to get the cash you need.
Put simply, a second mortgage is a loan that allows you to access up to 85% of the equity in your home. You receive the cash in the form of a lump sum of money that may then be used for any purpose you choose. Common reasons for applying for a second mortgage include debt consolidation, large expenses such as home renovations or capital to invest in a business.
Second mortgages can be a good option for those who have been turned down for other types of loans due to poor credit. Even if you have declared bankruptcy in the past, you can still qualify because the only criteria that you have home equity.
A second mortgage can be the best option in many circumstances but it is only one of a number of mortgage solutions. The right choice for you will depend on a number of factors including current interest rates, your mortgage renewal date etc. To know for certain which is the mortgage solution for your circumstance, it is always best to consult with a professional mortgage broker.
While second mortgages tend to have higher interest rates than first mortgages, they are still considerably less expensive than other forms of debt such as credit cards. This makes then an ideal choice if you are looking to consolidate higher interest debts. By lowering your overall interest rate, it enables you to pay off your debt and repair your credit faster.
Second mortgages are also a good option if you need cash for home repairs – again since the interest rate tends to be lower than other forms of borrowing. Contact us today to get Second Mortgage in Oshawa!
1ONEFUND Financial Group Ltd is one of Ontario’s leading mortgage brokerages specializing in properties and areas that are overlooked by traditional institutions and lenders. With offices and agents right across Ontario, we work hard to ensure you get the mortgage you deserve with the best possible rates and terms for your situation. Over the course of our 16 years experience in the mortgage industry, we have developed strong relationships with dozens of lenders, and we have the expertise to match you with the right lender to meet your mortgage needs.
We specialize in a number of niche areas including lending on rural, agricultural and vacant land. Our knowledgeable agents will walk you through every step of the process from advising you on the type of mortgage you should be seeking right up until the signing of the final paperwork. Contact us today and experience that 1ONEFUND Financial difference!