At Sunlite Mortgage, we believe that you should have access to your money whenever you need it, regardless of your past or current credit history. We help by finding you the lowest rates available, as well as providing the support you need in order to achieve your financial or real estate goals.
Second mortgages are home equity loans that are secured against the equity you have built on your home. Why pay minimum payments towards car loans, credit cards, and other unsecured loans when you are only paying off interest?
…Plus Much More!
If you have built up some equity in your home, a second mortgage is a great way to access money fast. The experts at Sunlitemortgage.ca work with many lenders that can not only get you approved quickly but get you the best rates in Ontario!
After recent changes, the requirements for getting a second mortgage are no longer as stringent as a first mortgage. As a homeowner, the qualifications are based more on home equity than credit scores and income.
However, the rates and conditions attached to that second mortgage will vary depending on the lender. For example, a credit score and income may not be as important when qualifying for a second mortgage, but a better credit score and income could mean lower interest rates.
When it comes to finding the best second mortgage rates and terms in Ontario, more people every day are turning to Sunlitemortgage.ca . Simply put, the mortgage experts at Sunlite Mortgage have access to a much larger pool of private lenders. This allows us to find the best possible product at the best possible rate for your unique situation – unlike banks and traditional lenders who can only sell you their specific products.
After a free consultation with one of our qualified second mortgage specialists, we will be able to explain – in simple and clear terms - all the factors that determine the amount of money that you can borrow against your home.
For example, you could borrow up to 80% of your appraised home value , minus the balance of your current mortgage, home equity line of credit, or any other loan secured against your home.
That means if your home is appraised at $250,000, with $150,000 still owed on the first mortgage, a lender may agree to give you a second mortgage (a lump-sum payment) of up to $50,000!
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