Getting a Second Mortgage in Canada

Second Mortgages In Canada with Canadalend

 
Canadalend is a trusted name when it comes to assisting residents of Toronto, Brampton and Mississauga, as well as many other Canadian cities, in securing second mortgages. Getting a second mortgage with Canadalend is common when a property owner has available equity in their property.
 

What Is a Second Mortgage?

 
Put simply, second mortgages are loans against the equity in your home. There are two types of second mortgages, both secured by your home:
 
The first type of second mortgage is a home equity line of credit, which is much like a credit card with a revolving balance in which you can borrow as much as you need at the time. You pay interest on the loan as you borrow funds.
 
The second type of second mortgage is a home equity fixed-rate loan based on the equity you have built up in your home. This mortgage comes with a lump sum of money with fixed interest rates and a repayment schedule set up like a traditional mortgage.
 
Mortgage specialists at Canadalend will evaluate your financial situation and help you decide which product is best for your financial needs.
 

How Much Can You Borrow by Getting a Second Mortgage with Canadalend?

 
The amount of money available to homeowners for second mortgages depends on the equity they have in the home. Home equity is the value of ownership built up in a home that represents the current market value of the property subtracted by the remaining mortgage. The value of home equity is built over time as the property owner pays off the mortgage and the market value of the property increases.
 
If you want to calculate the equity in your home, here is an example to follow:
 
If your home is valued at $500,000, Canadalend can help provide financing of up to 90% of this value, which, in this example, is $450,000. If you have borrowed $300,000 against this already, you will be left with the option of possibly securing a second mortgage of up to $150,000.
 

What Are Some Benefits of Second Mortgages?

  • Although interest rates on second mortgages tend to be higher than interest rates on first mortgages, the rates are still generally lower on second mortgages than on personal loans or credit cards since the mortgage is secured by your property
  • Second mortgages give you access to a large pool of money as long as you have equity in your home and a good credit score
  • The money you get from second mortgages can be used for home improvements, children’s education costs, debt consolidation, having disposable cash on hand or for any other reason you want
Getting a second mortgage with Canadalend may be your best option for getting out of certain financial situations. If you are interested in getting a second mortgage, or even if you just want to learn more, contact Canadalend and a mortgage specialist will help you discover your options. 

Reviews

4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!
featured_on