Second Time’s A Charm
A second mortgage is a second loan that you take out against a property that already has a home loan on it. If the bank or credit union can’t give you enough money, we can help give you up to 75% of the value of your home and sometimes even more.
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Second Mortgage FAQs
What can I use a second mortgage for?
You can get a second mortgage and use it in a multitude of ways such as:
investing in your business
paying for your child’s education
Can I get a second mortgage if I have poor credit or low income?
Yes you can, but the rate and fee may vary depending. On the other hand higher credit scores will not necessarily mean lower interest rates, as most private lenders are looking at the yield that they will earn on their investment. Reach out to see how we can help you.
What is the interest rate?
Interest rates can start as low as 7.99%, but will be higher than the rates on the first mortgage, and you will need to demonstrate that you can handle another loan payment.
Why is the interest rate higher than on the first mortgage?
Because for the lender on the second mortgage, they are in second position on the title of the homeowner’s property. If the homeowner defaults on their payments and the property was taken into possession, the lender in first position will be paid out first, and the second lender risks not being paid out fully. To compensate for this risk, the lender usually charges a higher interest rate.