Second Mortgages in Vaughan

Second mortgages are additional loans that are secured by your already mortgage home and are similar to first mortgages offered by traditional banks. Since you build up equity over time in your home, second mortgages can help you use the equity for other ventures.

There are various types of second mortgages available for homeowners. For more information on the type of second mortgage available to you, speak to financial advisors at Matrix Mortgage Global today.

When can I apply for a second mortgage?

Second mortgages are great solutions when you need to consolidate a debt. These mortgages can also help you meet your other financial commitments and goals as and when required.

When am I eligible for a second mortgage?

In order to be eligible for a second mortgage, lenders look at the following criteria:

  1. Equity – The chances of you being able to obtain a second mortgage depends on the equity you have available. The amount of down payment, regular payment of utility bills and confirmation letters from service providers can help increase your chances of obtaining a loan as they reduce the risk a lender takes.
  2. Income – You can get a second mortgage if you have a dependable source of income that can ensure you can make payments.
  3. Credit score – Your chances of getting a second mortgage greatly increases if you have a good credit score. This can also decrease the interest you will have to pay.
  4. Property – Lenders prefer to secure their investment with your property as other factors are risky.
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What are the benefits of obtaining a Second Mortgage?

Here are a few reasons why you should consider applying for a second mortgage:

  1. These loans can help homeowners consolidate debt.
  2. These loans can also help you get the financial aid you need to renovate or improve your home. This in turn can help you gain more equity.
  3. These loans are also a great way of getting the funding you need for other financial ventures.
  4. These loans have a lower rate of interest than other types of loans.
  5. 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.

What are the risks of getting second mortgages?

Second mortgages are loans obtained on properties that are already mortgaged. This in turn causes debt to be piled. If you find yourself in a situation where you can’t make the monthly payments and your property is taken into possession, the first lender will be paid our first. This causes a risk for the second lender. Hence, the interest for these loans can be higher than for first mortgages.

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, be it a poor credit history or a non-confirmable income. We are here to help all Canadians meet their financial goals through effective mortgage solutions. Hence, we believe that past financial issues should not get in the way of your future financial goals.

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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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