Why consider taking out a 2nd mortgage?

A 2nd mortgage is generally a less expensive method in which to finance debt. With the loan being secured by real estate, the interest rate is generally lower than those charged through personal unsecured loans or credit cards. As well, with payments being interest only or amortized over a longer period of time the monthly payments may be lower. This would increase monthly cash flow.

What is a 2nd mortgage?

A 2nd mortgage is an additional loan taken out by the borrower secured by real estate. From the borrower's point of view it is very similar to the first mortgage on the same piece of real estate. As the name indicates, the 2nd mortgage sits in second position behind the first and is second in priority.

What kind of rates and costs can I expect?

Consultation with one of our Mortgage Specialists is absolutely free.

Depending on the borrower's credit history and total loan-to-value ratio, rates can be as low as Bank Prime. As with the majority of mortgage loans, there are the usual costs associated with a transaction of this type. This may include such items as appraisals, surveys, legal fees, etc.

For many applications, our services are at no cost to you. The lender will be paying us a finder's fee for bringing them a new valued client. In situations where the lender does not pay us we would charge a compensatory fee for our services but only with prior written consent of the client.