Why a Second Mortgage Can Help With Accumulated Debt

Are You In Need Of A Second Mortgage?

Many homeowners may suddenly find themselves in a financial crisis. Many life-altering situations can have a significant effect on the financial situation of Canadians, forcing them to re-evaluate their loans and mortgages, and make any necessary changes to help them to make their loan payments on time and in full to avoid any consequences.

Factors such as college tuition, home renovation projects, extensive medical bills and debt consolidation can prompt a homeowner to choose to apply for a second mortgage to help pay for these added expenses in addition to their primary home loan. A second mortgage involves refinancing by using the same property to secure another loan. This second mortgage is inferior to the first, which means the first mortgage must be paid off first prior to the second mortgage being paid off.

Professional independent mortgage brokers can help you secure a second mortgage to help you be able to make all your payments comfortably each and every month. Although second mortgages are often offered at significantly higher interest rates than first mortgages, brokers can help you to get the lowest interest rate possible by shopping around with various lenders who are experienced in dealing with second mortgages.

Considering the sky-high interest rates that are generally charged by credit card companies and other loan agencies, a second mortgage loan rate can often be lower, helping you save money on every payment you make. You’ll have options on how you choose to make these payments: whether monthly, bi-weekly or weekly, to suit your needs.

The decision to get a second mortgage generally occurs as a result of an urgent need for a large amount of money. If you find yourself in this situation, perhaps adding another mortgage to your property can help you manage your overloading loans temporarily until you are able to improve your overall finances.

If you are looking for a second mortgage, line of credit or other way to consolidate debts using the equity in your home, then call Kincaid Mortgages today at (403) 593-4010.  We serve homeowners in Alberta and Saskatchewan – helping them to find the best and least expensive financing for their needs.  Learn more at www.bestmortgageloan.ca.

How to Get a Mortgage in the GTA With Bad Credit

Bad Credit? Worried You Won’t Get Approved For a Mortgage?

If you have a poor credit rating due to financial conundrums in your past, and you’re worried about not being able to get approved for a mortgage that you need to become a home owner, don’t despair. There are still avenues you can take to make your dreams of home ownership come true. Although it’s true that most big banks and credit unions might frown upon those who apply for a mortgage with a bad credit history, and inevitably turn them down, independent mortgage brokers offer you more options.

Work With an Independent Mortgage Broker

With a mortgage broker, you’ll afford the benefit of having an independent party search for a lender that is willing to provide you with the information you need to buy your Toronto area home. Seasoned mortgage brokers deal with a wide range of lenders, including big banks, finance companies, credit unions and even private lenders. Since the broker works for you, not the bank, they will shop around for your bad credit mortgage Oakville or other cities. You only fill in one application and they will do the rest – having access to many lending products not available to the general public. Many lenders are in the business of lending to those with sub-par credit scores, so you can benefit from these lenders yourself!

Marcelle Tiqui, Mortgage Professional

If you’re ready to buy a home, and are looking to get approved for a bad credit mortgage in Ontario, Marcelle Tiqui should be your first point of contact. With Marcelle, you’ll have the advantage of dealing with a professional who has helped numerous Canadians realize their dreams of owning their very own home, despite having bad credit. After shopping around with a number of lenders, Marcelle will do the very best possible to land you with an approval, at the terms and rate that work for you and your budget.

After you’ve settled your mortgage and bought your home, Marcelle will guide you and show you how home ownership and on-time payments made in full can help you not only build equity, but also gradually improve your credit score so that you can eventually get to a point where getting a loan at a low rate will be much more feasible in the future. She can also help you if you are looking for a second mortgage, secured line of credit or a renewal.

Give Marcelle at House of Mortgage Experts a call regarding bad credit mortgage Ontario at (905) 208-7070 today and get the ball rolling for your mortgage approval immediately!