Second mortgage in Hamilton

What are second mortgages?

A second mortgages is an additional loan that can be secured by your already mortgaged home. It is similar to a first mortgage offered by a bank or a credit union. A second mortgage can help you access the equity accumulated by your home to help improve your financial situation.There are various types of second mortgages available for homeowners. For more information on second mortgages, get in touch with us at Matrix Mortgage Global today.

Why a second mortgage?

From consolidating debts to funding new ventures, second mortgages are effective solutions that can help you make use of the equity accumulated by your home. These mortgages can also help you meet your any other financial commitments and goals you may have.

Eligibility criteria for second mortgages

Lenders look at the following criteria before deciding if you are eligible for a second mortgage:

  • Equity – The equity of your home is the most important criteria for your eligibility. The amount of down payment, regular payment of utility bills and confirmation letters from service providers can help increase your chances of obtaining a second mortgage by reducing the risk a lender takes.
  • Income – You can get a second mortgage if you have a dependable and confirmable source of income that can ensure you can make repayments on time.
  • Credit score – A good credit score can help increase your chances of getting a second mortgage. This can also decrease the rate of interest for your mortgage.
  • – Lenders prefer to secure their investment with your property as collateral.

Benefits of obtaining a second mortgage?

  • These loans can help homeowners consolidate debt.
  • These loans can also help you get financial aid when you need to renovate or improve your home. This in turn can help you increase your home’s equity.
  • These loans are also a great way of getting the funding you need for other financial ventures, such as buying a car.
  • These loans have a lower rate of interest than most other types of loans.
  • These loans also offer flexibility on the use of money. You are at liberty to use the money you get in any way you please.

Risks of getting second mortgages?

Second mortgages are loans obtained on properties that are already mortgaged. This in turn causes piling of debt. Inability to make monthly payments can lead to your property being taken into possession. However, the first lender will be paid our first. This is a great risk taken by the second lender, due to which the rate of interest for these loans can be higher than for first mortgages.

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Get in touch with a reliable mortgage company

At Matrix Mortgage Global, our second mortgage program can help you obtain up to 85% of the equity built up in your home no matter your financial situation. We believe that past financial issues should not get in the way of your future financial goals. Whether you have a poor credit history or a non-confirmable income, our financial advisors are here to help you meet their financial goals through effective mortgage solutions.

For further details on second mortgages, contact Matrix Mortgage today.

If you wish to renovate your home or expand your business, we can help. We offer reliable second mortgage solutions. Our professional and qualified team is here to help you with all aspects of your mortgage.

Speak to our mortgage brokers now.

We will be happy to help you with all your requirements.

Celebrating 10 years Of solution based lending

Matrix Mortgage Global is proud to be celebrating 10 years of successfully providing solution based lending options to Canadian homeowners. Since 2008, we have grown our business, expanded our mortgage solution offers, and provided thousands of homeowners in Oakville and across Ontario, with the financial assistance, they need to help them overcome financial issues and get back on their feet.

Today we have grown into Canada’s Mortgage Company. We have more than 100 brokers on staff and we continue to expand our offerings to better serve our current and future customers. We are extremely proud of these accomplishments and we look forward to building on them and provide our valued customers with even better mortgage solutions and customer service in the future. Thank you for choosing Matrix Mortgage Global!

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Current Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month

You Save $1,450/month!!!

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