Two mortgages

Two mortgagesTwo mortgagesTwo mortgages

Two mortgages

No Income/Credit Required - Borrow up to 90% of Your Home Equity. You are APPROVED on EQUITY NOT Credit.

Get a Second Mortgage – The Fastest Way to Borrow Money From Your Home Equity

If you have been struggling with your monthly payments due to high interest rates on your credit cards or unsecure loans, you can now use your home equity to take out a second mortgage to consolidate your high interest debt into a more manageable loan and become debt free sooner. Our second mortgage program opens the door to many private lender mortgages that offer you the ability to take out a 2nd mortgage or a private mortgage even if you have are going through:: Two mortgages ✓ Bankruptcy ✓ Power of Sale ✓ Tax Arrears ✓ Mortgage Arrears ✓ Low/No Income ✓ No Employment ✓ Bad Credit/No Credit The second mortgage is the fastest and easiest way to borrow money from the equity you have built in your home. Whether you live in a major urban area or a rural area, as long as your home is in Ontario and you have sufficient equity in your home, then you are qualified to apply for a second mortgage. I have access to many private lenders in each area with flexible lending policy that do not require income or credit qualifications.

What is a Second Mortgage And How Does it Work?

Two mortgages

No Credit and Income Qualification Required

Second mortgage lenders and private lenders are often referred to as equity lenders since they are less concerned with your credit and income and more focused on the equity in the property. In fact, I have private lenders that do not even consider income or credit that is why I can approve clients that have lost their job or going through consumer proposal and power of sale. Your equity determines how much you can borrow.

One advantage of second mortgages is that the amount you are approved to borrow is directly related to the amount of equity you have in your home not your credit or income. Thus with sufficient equity, you can borrow a large sum of money regardless of how much you earn, your current credit, consumer proposal or past bankruptcies.

How to Apply For a Second Mortgage

Two mortgages

Two mortgages

Two mortgages

Two mortgages

Who are you calling? Ask yourself what happens if you just called RE/MAX or walked to their office to sell your home? Who would pick up the call? Would it be the best salesperson in the office? In fact the opposite is more likely. The chances are your call will be routed to the first person picking up the phone or you would meet those sitting around in the office because they don’t yet have enough experience/clients; and thus, you may not receive the level of service you had hoped for. Mortgages are no different. Therefore, it is absolutely critical to KNOW WHO WOULD BE WORKING ON YOUR FILE .

With access to OVER 500 PRIVATE LENDERS , I can approve mortgages that many other agents and brokers including those that specialize in bad credit and second mortgages cannot. I have built an extensive network of private lenders so that I can approve tough situations all around including in small towns and rural areas of Ontario.

Private mortgages are different from traditional mortgages in that it is up to each agent/broker to find his or her own source of private funds . Most agents have only a few lenders they use for every situation which results in high fees, rates and turn-downs due to the fact that not every lender is able to finance every area or type of property.

Since each applicant's situation is unique, I submit your request to the lender which can best serve your financial needs based on your location, type of property and LTV. This ensures that not only you receive the second mortgage funds you need on time but that you receive an outstanding service as well as low rates and fees. Contact me today to discuss your financing needs

two mortgages

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Financing with two mortgages: a thing of the past?

Back in 2006, our mortgage broker easily got us two mortgages for use when purchasing a home with 10% down:

  • A non-conforming ("jumbo") loan with 80% LTV requirements covering 80% of the purchase, and
  • A HELOC for the remaining 10%

Would a scheme like that work after 2008, in particular in 2013? If not, are there other financing schemes that can be used to purchase a house with a low (five to ten percent) down payment when the amount of financing exceeding the "conforming" limits (708K in our area)?

I doubt it. I researched it a bit when I was shopping for a HELOC, and found no bank giving HELOC for more than 80% LTV. In fact, most required less than 80%. Banks are more cautious now.

If the bank is not willing to compromise on the LTV for the first mortgage - either look for another bank, or another place to buy. I personally would not consider buying something I cannot put at least 20% downpayment on. It means that such a purchase is beyond means.

There are a few of ways to do this:

Ask the seller if they will hold a Vendor Take-Back Mortgage or VTB. They essentially hold a second mortgage on the property for a shorter amortization (1 - 5 years) with a higher interest rate than the bank-held mortgage. The upside for the seller is he makes a little money on the second mortgage. The downsides for the seller are that he doesn't get the entire purchase price of the property up-front, and that if the buyer goes bankrupt, the vendor will be second in line behind the bank to get any money from the property when it's sold for amounts owing.

Look for a seller that is willing to put together a lease-to-own deal. The buyer and seller agree to a purchase price set 5 years in the future. A monthly rent is calculated such that paying it for 5 years equals a 20% down payment. At the 5 year mark you decide if you want to buy or not. If you do not, the deal is nulled. If you do, the rent you paid is counted as the down payment for the property and the sale moves forward.

Find a private lender for the down payment. This is known as a "hard money" lender for a reason: they know you can't get it anywhere else. Expect to pay higher rates than a VTB.

Ask your mortgage broker and your real estate agent about these options.

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