Your Next Home Purchase

Home Equity Loans, Second Mortgages – Best & Lowest Mortgage Rates

As mortgage brokers we can help you get the mortgage or loan that you need. We can provide first and second mortgages, home equity loans, refinancing, stop foreclosures and power of sales.

A bank or credit union will only show you their mortgage products. As mortgage brokers, we offer mortgage rates and products from over 40 different mortgage lenders. Our job is to match the right mortgage rate, lender, and product with your needs.

What is a second mortgage and how do I get a second mortgage?A second mortgage is a loan that is secured by a house or other type of property. A second mortgage fall behind a first mortgage in terms of debt repayment priority. Getting a second mortgage is fairly easy if you have enough equity in your house or property, call us or fill out our application to quickly find out if you can get a second mortgage.

Interest Rates Comparable to Bank Rates

Depending on your circumstances If you have good credit, plenty of equity in your home, or a good size down payment, you can get a lower rate of interest through a mortgage broker than you could at your bank.

First Mortgages
You can refinance up to 75% of your home value. Use the equity in your home money to do what you always wanted or start your own business, home improvements etc.

Second Mortgages
A Second (2nd) Mortgages on your house provides opportunity to invest in other properties, pay for weddings or medical bills. Often many borrowers have a first mortgage that does not make prudent sense to break due to the fees or penalties, hence a second mortgage makes sense. A second mortgage can replace high interest credit card bills with a lower interest second mortgage. A second mortgage is a loan that is secured by some type of real estate (house, condo, cottage). A second mortgage has second claim to the property after the first mortgage. Since a second mortgage is not as secured as a first mortgage the interest rate may be higher than a first mortgage. Second mortgages usually come with a 1 year term which can be renewed, you can also have the option to make interest only payments.

Second mortgages usually have a maximum loan to value ratio of 85% for major cities across the country, if the property is in a small town or rural area the maximum loan to value ratio for a second mortgage would be 75%. We provide second mortgages in Toronto, Mississauga and Brampton, Ontario and all other cities across Canada.

Home Equity Loans
A home equity loan is very similar to a second mortgage with some of the same terms and conditions. If you home is paid for or your home has a high level of equity you could qualify for a home equity loan. Most home equity loans have a loan to value ratio below 70% which results in a lower rate of interest, home equity loans are a very good option for people on a fixed income or who are self-employed.

Home equity loans are primarily based on the equity in your home, factors such as a bad credit score or a low income are usually not considered. For example, if you have a house in Toronto, Ontario with no debt worth $500,000 our lenders could provide you with a home equity loan of about $350,000.

You can use a home equity loan for many different purposes, including to pay off high interest credit card bills, house renovations, tuition costs, personal or family debt or tax bills.

Power of Sales and Foreclosures
Stopped Foreclosures and Power of Sales happen on many homes in most cities including Toronto, Brampton and Mississauga, Ontario. If you are trying to stop a power of sale or foreclosure of your home in Canada we may be able to assist you. Each power of sale or foreclosure is unique and our mortgage agents can explain some options that may save your home. In most cases the best way to stop a power of sale or foreclosure is to pay off the existing mortgage if the homeowner has access to the required funds. Another option to stop a power of sale or foreclosure is to sell the house if the owner has time to do this.

In the case of a “foreclosure” the lender is taking the property away from the present owner, the present owner will get no money from the house even if there is a large amount of equity remaining. A “power of sale” is when a house is put up for sale, the present owner still has title to the property but no longer controls the house, the lender now controls the house and can sell the house for any amount of money. The original homeowner may get some money when the house is sold but the lenders priority is to recoup it’s money not yours. In both cases the original homeowner may lose all the equity in the house due to fire sale price way below market value, legal fees and management costs.

If you have received documents such as a “Notice of Default” or “Statement of Claim” you should act as quickly as possible to stop a “foreclosure” or “power of sale”. Once the legal process is started it can be very expensive and difficult to stop, management and legal fees can wipe out any equity in the home. Many provinces have different laws, therefore the laws in a province such as Ontario maybe quite different to Alberta or Quebec. Another reason why it is important to stop a power of sale or foreclosure as soon as possible is that the lender may still have the right to sue the homeowner for any loss on the property.

Bad Credit Second Mortgages and Loans
We can provide loans to people in Ontario and across Canada with bad credit scores we can even provide loans for people with no credit history in Canada. Home equity loans are not based on your credit score and your credit history will not be a factor. In the cases of second mortgages with a high loan to equity ratio your bad credit score could mean that you will pay a higher rate of interest on a second mortgage in Canada.
Has Your Bank Turned Down your Mortgage Application, Did you File for Bankruptcy or do you have a Poor or Bad Credit Rating bad credit, score of 575 and lower?

We have mortgage solutions to fit your credit profile and financing requirements

Private Mortgage Money,  Private Mortgage Lenders and Brokers are an alternative source of financing, the money is provide by an individual who directly invests in your property. Private mortgage lenders can provide the private money you need when other traditional lenders have turned you down. Private mortgage lenders have a much more flexible set of criteria for each loan than most of the traditional lenders.

Our lenders in Toronto, Mississauga, Brampton and across Ontario base the loan on the amount of equity in your home, most private lenders loans will have a maximum loan to value ratio of 85%. Private lenders loans are not based on your credit score, you could have very low credit score and still qualify for a loan if you have enough equity in your home.

Private mortgage loans can be used to finance second mortgages, home renovations, debt consolidations and many other purposes.Private mortgage loans usually have a higher level of risk associated with them and their for private loan lenders will ask for a higher interest rate to offset the risk.

How do I get a second mortgage?We have specialized private mortgage brokers in every province including Ontario that can quickly assist you in getting the money you need. Our private mortgage brokers can tell you within a matter of minutes how large a loan you can qualify for and when the money will be available for you.

We have agents based in Toronto, Mississauga, Brampton and other cities across Ontario

Call us today to get started with a Mortgage Solution that fits your lifestyle,
Telephone (416)855-5952.