Our mortgage agents have many years of experience in arranging mortgages in Ottawa and the surrounding areas. We specialize in second mortgages and bad credit mortgages. Our team of experts can help cut your monthly payments on your current second mortgage in half. We can also save you thousands of dollars on your credit card bills, car loans, and other unsecured debt when you’re only paying off the interest.
Second mortgages can be used to:
- Consolidate outstanding debt
- Pay for home renovations
- Pay for children’s education
- Paying tax and mortgage arrears
- Finance your business
Second mortgages are loans against the equity in your home and they are second in priority of debts. A property can have more than one mortgage on it, although having more than two is uncommon. The priority of the mortgage is determined by the order of the date on which each mortgage was registered.
If you’re looking to buy a home in Ottawa, think of a mortgage as a document you give to a lender in order to get money to buy the house. Most homeowners have at least one mortgage registered against their property. The borrower promises to pay back the amount to the lender in installments over a set period of time.
The priority of each mortgage determines the order in which the mortgages are paid off. Second mortgages, third mortgages and the ones that follow have a higher level of risk and a greater chance of not being paid out. For this reason, second mortgages, third mortgages have a higher interest rate.
How Much You Can Borrow with a Second Mortgage
Let’s assume your house has a value of $500,000. We can provide you financing of up to 90% of the value of the house, that’s up to $450,000. Let’s assume you have borrowed $200,000 against this house already. This means you can get a second mortgage of up to $250,000!