Stratford Mortgage Broker

Second Mortgages

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If you are currently locked into a mortgage where the penalties are too high to break your mortgage, you may want to consider applying for a second mortgage.

When you apply for a 2nd mortgage, you can expect to pay higher interest rates and fees since the 2nd mortgage lender is taking a higher risk with less equity to secure the loan.

If you have good credit, you can expect to pay between 6-8% interest and get a 2nd mortgage up to 80% of the appraised value of your home.

If you have Poor credit, you will be looking at rates of 10% or more and depending on the location, you would be able to get a 2nd mortgage from 65%-95% of the appraised value of your home.

Typically you can take up to 80% of your equity out of the home. In certain circumstances, in higher populated cities, there are lenders that will consider up to 90% and even 95%. But interest rates and fees will be higher.

Applying for a Home Mortgage Refinancing Loan may be a better solution, even if you have to pay a penalty. I will determine the best savings for you, based on the new interest rate, penatly and the old interest to see if it makes sense for you.

If you are in property tax, CRA or Mortgage Arrears, we do have many option for private funds available from a long list of private investors and investment companies.

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Toll Free: (866) 592-0516 Fax: (866) 407-5702 Mailing Address: 321-356 Ontario Street, Stratford, ON N5A 7X6