Second Mortgage - Everything you need to know
A second mortgage is a simple loan taken after the first mortgage. There can be several reasons to take out a second mortgage such as consolidating debt, home improvements, and many other reasons. The second mortgage is obtained using the same assets as the first mortgage, however at just a little higher rate. The amount of the loan is taken from the equity from the house. The term for a second mortgage in Brampton can last from as little as one year to 20 years.
What Are the Two Types of Second Mortgages?
There are two kinds of second mortgages: fixed rates & home equity of credit. The fixed-rate will be provided to those who want the lowest rate and keep that until the end of the mortgage term. On the other hand, home equity of credit is an adjustable mortgage rate. There will be a fixed rate for a specific amount of time, and for the rest of the period, the rates will adjust depending on the current trend in the market.
How Does Majestic Mortgage Help You?
Working with Majestic Mortgage makes the mortgage process easier. Approving a second mortgage is a very simple process. Consulting with our second mortgage brokers can help you in multiple ways such as:
- We get a mortgage approved for up to 95% compared to the traditional lender value of 80%.
- There are flexible payment options allowing you to pay the amount beforehand or in equalized payments.
- We get secondary mortgages approved through equity not credit
- There is no income or credit check required
Experienced Brokers Offering Second Mortgage in Brampton
As one of the leading second mortgage brokers, we understand that every client has unique financial standing and requirement. Our mortgage specialists help you receive lump sum loans at the best interest rates. We customize loan programs for our clients and connect them with trusted lenders operating in the real estate market. Our team of professionals guides you on the key aspects of second mortgages thereby enabling you to make an informed financial decision.
What Makes Us a Reliable Mortage Broker?
With experience and expertise, our professional advisory services arrange the second mortgage in Brampton for you. From income history to credit score eligibility, we discuss with you the implications of every factor involved in the loan approval process. To enhance your convenience and minimize your hassle,
- Our experts simplify the mortgage procedure for you
- We deliver the best mortgage solutions within a quick turnaround time
- We offer flexible payment options, excellent interest rates, and dedicated customer service at every step
Before making any financial commitment, feel free to engage our consultation.