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Second Mortgage Questions and Answers:
Q. How soon do you respond to online mortgage applications?
A. A mortgage representative will contact you within minutes of receiving your online mortgage application or you can call us for immediate service.
Q. Can I use the money to pay off high interest credit card and other payments?
A. Paying high interest credit cards, auto loans, lines of credits? You can save huge by refinancing your mortgage and paying off all high interest debt, in some cases hundreds of thousands of dollars over the life of the loans.
Q. How does my credit score effect my mortgage rate?
A. Your credit score effects your mortgage interest rate, getting a second mortgage to clean up your credit can significantly lower your rate when your mortgage comes up for renewal saving you tens to hundreds of thousands.
Q. What is the least amount of equity I need for a refinance or second mortgage?
A. It varies from region to region, however if you have lived in your house for some time, you most likely have enough equity. In financial terms we can go up to 85% LTV or more in some cases.
Q. What are my mortgage repayment options?
A. Choose how to pay your second mortgage you can set the payment and the length, or choose a 1 year pre-paid mortgage option with no mortgage payments for the first year.
Q. How do I choose between a second mortgage or a refinance?
A. Please read the section below for a more detailed answer, generally tho a second mortgage is good for fixing your credit, then when your loan comes up for renewal you can refinance for a lower rate and pay the second mortgage off.
Q. How are second mortgages secured and what are the possible mortgage repayment term lengths?
A. Second mortgages are secured by your home, choose payment options from 1 - 35 years, its best to have the loan come up for renewal at the same time as your first mortgage that way you can easily refinance into one loan.
Q. What can I use my second mortgage or refinance money for?
A. You can use the proceeds from your second mortgage on or for anything, we recomend paying off high interest debt first however what you do with your money is completely up to you.
Q. What is home equity?
A. Your equity is the amount remaining after you subtract whats owed on your mortgage from your house value.
Q. What other ways can you receive your second mortgage money?
A. You may also choose to receive an Equity Line Visa card. We can set up a similar equity line of credit, however most customers want the money direct deposited or a cheque.
Q. What is the most popular mortgage you offer?
A. Our most popular mortgage is or 12 month payment free mortgage, locked in at a low interest rate for 5 years.
MORTGAGE EQUITY LOAN: Equity loans are based on the mortgage equity in your house, for example you purchased the home for $200,000 therefore your mortgage rate and payments are based on you owing $200,000. Between the time you purchased the house and got your initial mortgage for $200000 the value of the home has increased to $250 000. Also you have paid down the original mortgage so you now owe $150000. This means you have $100000 in home equity. A mortgage equity loan is based on this amount, in most cases upto 80% of the mortgage equity in your home can be borrowed upon. This method is the fastest way to get the money you need to pay the money owing to the bank to pay your credit card bills and any other bills that need to be returned to good standing or paid off completely.You can also use this money to renovate your home, by doing so you are creating more equity a $15000 renovation can often result in a $50000 increase in mortgage equity. These mortgage equity loans are meant to be short term you are going to use the money to get yourself back on your feet, repair your credit and get rid of all the high interest payments you where previously making (credit cards, car loans, lines of credit ...). Now that your financial situation has improved as well your credit has improved and you no longer have to make payments to those credit cards, car loans ... You are ready to mortgage refinance. We will walk you through every step of the way, please don't hesitate to contact us even if you are just needing financial advice we will gladly help you free of charge because we know when you do need a mortgage, mortgage refinance or mortgage equity loan you will come to us to guide you through the process.
MORTGAGE REFINANCE: A Mortgage refinance is like a mortgage equity loan however you are paying off your original mortgage and getting a new mortgage. (Mortgage rates are at record lows now is the best time to explore your mortgage refinance options, if you are in good standing with your bank make an appointment and see what they are willing to offer. You can always check all your bases and take the best offer for you. Get their mortgage offer in writing and contact us, we will do our best to find you a better offer if we can't then all you have to do is take that paper back to your bank and your ready to refinance your mortgage) The best part about mortgage refinancing now is that you will be able to take advantage of the record low mortgage interest rates that can be locked in upto 10 years and in some cases longer. Chances are when you got your mortgage the interest rates were higher, therefore just by mortgage refinancing your payment will be reduced. For example you purchased your home for $200000 mortgage at a 5% interest rate your payment is based not only on the 5% interest rate but also on the $200000 initial mortgage amount. Now you have paid down your mortgage you only owe $150000 and the value of your property has increased to $250000. You now have $100000 in mortgage equity $80000 of it you can access and pay off all your high interest payments and loans (car loans, credit cards, lines of credit...) Because the mortgage interest rate today is much lower than when you originally financed your house and got your first mortgage you can pay off all your other high interest payments and still your mortgage payment will be less then it was before you mortgage refinanced. Lets say you refinanced for $200000 this means you received $50000 to pay off all your other bills or renovate. Because mortgage interest rates today are so much lower your initial mortgage of $200000 at 5% interest is replaced with a mortgage of $200000 with a 2.5% interest rate. Just to make it simple this means if your mortgage payment was $3000/month its now only $1500/month. Now not only have you paid off all your other bills no more car payment, credit cards etc
Your mortgage payment is reduced by $1500 aswell and you still have $50000 in equity (more if you spent some of the $50000 you received to renovate) you can tap later if you really needed to. Just to make it simple before the mortgage refinance you where paying $3000 for your mortgage, $600 for your car payments, $500 for your credit cards and another $500 for lines of credits. Your total monthly payments before your mortgage refinance $4600, Your total payments now $1500. Image what you could do for your family if you suddenly had $3100 extra every month and being free of debt.
I used to work for the banks I know how they think, they are modern day legal con artists. They don't want you to pay off your debts they want to give you more high interest credit cards and loans so you can forever be in their debt. While I'm not saying all credit is wrong and that we should throw away all our credit cards, I'm saying let's be smart about our money cause you know they are. If you ask your financial adviser how do I become prosperous, he will advise you to save money in his bank with some mutual fund or another. While again these are great tools to gather wealth, they are not going to save you $3100 a month. Instead you will now be giving the bank what little money it isn't already taking from you with your mortgage and losing money every month when you count inflation. Please if you are in a situation where you need some help and advice contact me I will give you my unbiased view of what your mortgage options are for your particular situation. If the banks won't give you a mortgage contact me. If the banks are refusing to let you mortgage refinance to lower rates contact me. If the bank is refusing to renew your mortgage because you fell into some financial difficulty contact me. You are not alone you do not need to lose your home other mortgage lenders are out there, we can get you mortgage financing based on the equity in your home to get you back on track. I am sick and tired of hearing stories or people losing their homes because the banks won't renew their mortgage because now that you have fallen into financial difficulty you suddenly don't qualify, they are trying to steal your equity. You paid your mortgage when you were not in this situation you built up that equity, in most of Canada not only have you built equity by paying your mortgage down you have also gained mortgage equity because housing prices have been going up consistently for years. Remember there are other mortgage lenders out their we can get you the money you need to get back on your feet, to renovate your house and build more home equity or to renovate your house so you have legal income suites that pay your mortgage for you. Mortgage rates are at record lows by not refinancing and locking in a lower rate even if you are in a good financial position is going to cost you thousands of dollars in the long run. Like my mother tells me everytime I'm down you just got to take it one day at a time. Give me a call if you have mortgage equity in your house I will get it out for you. Remember you are not alone, everyone falls into hardship at one point or another in your life. The one thing you cant do is nothing, I give you my word if their is a way to get you the money you need I will find it. If I can't get you financing no one will.
WE HAVE ACCESS TO PRIVATE MORTGAGE FUNDS WE CAN FUND A FIRST MORTGAGE, SECOND MORTGAGE, OR REFINANCE TO ANYONE PERIOD.
24 HOUR MORTGAGE BROKER LINE CALL NOW TOLL FREE 1-866-573-3122
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