7 Tips For Getting a Second Mortgage in Vaughan
For those looking to get a second mortgage in Vaughan, there are certain tips that will help you qualify
for a second mortgage quicker and easier. This list of tips are not the only solid advice you can get when
seeking a second mortgage, but they are a great start.
TIP #1 – Be as prepared as possible in verifying your income by having several paystubs and copies of the
last 2 months of your banks statements. The more proof you can supply, the better. The more
prepared you are, the better the eventual outcome will be.TIP #2 – Check your credit score with companies like TransUnion and Equifax. Ask for your free copy of
your credit report and look it over carefully. Take steps to have errors corrected or removed. Often
times a credit report might show items that are not accurate and it is only when applying for a mortgage
or credit do these items appear. Being proactive really does make a difference.
TIP #3 – Consider paying down balances on your credit cards. By reducing the balances you have
outstanding it will show you in a much better light and the likelihood of obtaining a higher loan with
better terms is substantially increased.
TIP #4 – Consider the option of using a co-borrower to increase a positive outcome. By using a co-
borrower, their income is added into the calculation to determine the amount of loan you can qualify
for. Having higher income as part of the calculation makes approval more likely.
TIP #5 – Always include all income sources when applying for a second mortgage. Matrix Mortgage
Global will be able to determine if incomes such as foreign income, cash tips, car allowances, etc. can be
included as suitable income. The higher your declared income, the better it is when applying for a
mortgage of any kind.
TIP #6 – Because a second mortgage is mainly based upon the value of your home, you should clean up
and spruce up your home and make it look nicer to show it in it's perfect light. Some paint and repairs,
if needed, will make a significant difference during a home inspection, if a home inspection is called for.
TIP #7 – Have as much information available as possible. Things like having photo ID, a letter from your
employer stating length of employment and current salary, proof of assets such as vehicles, boats,
investments, collections, jewelry, etc is absolutely necessary. Also having proof of liabilities such as
existing mortgages, credit card balances, car loans, student loans, lines of credit, co-signed or
guaranteed loans, liens and child support orders will also need to be declared and will come into play.
Being prepared will help the application process move along.
If you are interested in learning more about getting a second mortgage in Vaughan, have any questions
about how to be better prepared, or would like to apply for one, contact Matrix Mortgage Global today.