We arrange second mortgages in Ontario up to 85% (GTA), 80% in most major cities and up to 75% in rural areas and select cities.
The second mortgage money can be used for any purpose:
- Mortgage arrears
- A new car
- Tax arrears
- Debt consolidation
- Down payment for an investment property
A second mortgage can also be used when primary lenders refuse to fund up to 85% of the value of the home. An equity based first mortgage can be obtained up to 65% and a second mortgage can be obtained up to 85% to facilitate the purchase of the home.
Second mortgage rates usually vary from 4.99% to 14.99% depending on several factors including credit, location and marketability. For more information on a second mortgage in Ontario or for 2nd mortgage rates, call today or apply online.