With all of the options availble in the second mortgage market, most people need an experienced mortgage professional to guide them through the mortgage qualifying process. Our dedicated agent will speak to you in detail to determine what your options are with respect to your unique circumstances along with providing you the best terms and interest rate in the market. We have over 400+ lenders in Ontario, that include Banks, Credit Unions and MICs (Mortgage Investment Corporations) to serve your second mortgage needs. In addition to finding you the lowest rate in writing, we carefully vet each lender to ensure they meet our rigorous standards that put our client’s interests first and foremost in the second mortgage & mortgage refinancing process. A second mortgage loan is in fact riskier than the first mortgage, since lenders in this case are in second position on the title of your property.
Due to this reason, second mortgages are also often termed as subordinate in nature. To make up for this risky situation, providers of second mortgages usually charge a higher rate than that of a principal mortgage.
Individuals that have an existing mortgage, with good credit and above 20% equity in their homes, can consider a home equity line of credit as the most affordable second mortgage option (although the rate may be higher than a second mortgage). However, in the case of bad credit or little equity in the property, the homeowner would require borrowing money through a private lender or a trusted company. In any event, Expert Mortgage has the experience and network of lenders that may be able to assist you in any such case.
Expert Mortgage extends a helping hand to homeowners who may be seeking a second mortgage to address any of the above concerns and other not so common expenditures. We stand out as one of the very few brokerages that commits to finding you the best rate and terms – and we put it in writing, when no one else will..