Second mortgages, how do they work in Toronto?

Second mortgages are taken after the first one, if need be, it is taken out on a property that is already taken out. While the first is still in effect, the second is taken out sometimes to obtain a huge amount of money for paying off the credit debt or any extra amount needed.

What is the maximum amount I can borrow?

Based on the first mortgage that you have; the second mortgage is based on the value of equity and the mortgage debt that you have. This amount is factored by multiple facets and the amount that you can borrow changes.

Second mortgages: what are the pros and cons?

The pros of second mortgage is the access you get on low-interest loans and may have up to 30 years to repay it. The cons for the same could be you landing under waters if the value of your home goes down. Your home is collateral to your debt so it is important to make your payments on time.

Do second mortgages take long to get approved?

Since the documents for the first mortgage are already filed up, your evidences are set to submit, if all goes well then your time approval for second mortgage should be short. It approximately takes 30 days to get done. This process can be reduced if a mortgage broker is made a part of the process.

How much credit score do you need to buy a second home?

The minimum credit score will be 620 at the least to expect the process to be approved. But a credit score itself is not the only decisive factor. There are other factors involved to see if your mortgage can be approved or not.

Second Mortgage Toronto | 2nd Mortgage Broker

Second mortgages, how do they work in Toronto?
Second mortgages are taken after the first one, if need be, it is taken out on a property that is already taken out. While the first is still in effect, the second is taken out sometimes to obtain a huge amount of money for paying off the credit debt or any extra amount needed.
What is the maximum amount I can borrow?
Based on the first mortgage that you have; the second mortgage is based on the value of equity and the mortgage debt that you have. This amount is factored by multiple facets and the amount that you can borrow changes.
Second mortgages: what are the pros and cons?
The pros of second mortgage is the access you get on low-interest loans and may have up to 30 years to repay it. The cons for the same could be you landing under waters if the value of your home goes down. Your home is collateral to your debt so it is important to make your payments on time.
Do second mortgages take long to get approved?
Since the documents for the first mortgage are already filed up, your evidences are set to submit, if all goes well then your time approval for second mortgage should be short. It approximately takes 30 days to get done. This process can be reduced if a mortgage broker is made a part of the process.
How much credit score do you need to buy a second home?
The minimum credit score will be 620 at the least to expect the process to be approved. But a credit score itself is not the only decisive factor. There are other factors involved to see if your mortgage can be approved or not.