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416.621.1300 | info@AKALmortgages.com

When we say YES! We stand behind our promise.®

second mortgage

How are second Mortgages beneficial

Second mortgages are a bit risky they may demand high-interest rate or high fees. Mortgage brokers make the process simpler and easy for the client to understand and not be perturbed by the risk.These brokers have the required experience in the financial fields to act according to the situation and in the interest of their clients.

It is important that one should know the current rates of interest before going in for a second mortgage the risks involved and the intentions of the particular lenders should also be looked into and taken into account.

Mortgages agents help to make it easier for individuals with shaky credit caused by first mortgages o go for a second mortgage.

Bad Credit Second Mortgages

If you have had a bad credit first mortgage then it becomes a bit difficult for you to get a second mortgage. But if you are aware of the kind of trend going on in the market and the intentions of the lenders then you can decide on your next step.

Your Income-to-Debt Ratio

You home equity loan or HELOC can be of help in getting you a mortgage loan you can use about 80% and in some cases even 95% of your home equity loan for your mortgage.

Work History

Another thing that plays an important part as the deciding factor in case of your second mortgage is your work history which means your source of income. If you work history is steady and brings you a stable and regular income then you have a very bright chance of getting a second mortgage.

When we say YES! We stand behind our promise.

FAQs about second mortgage loans

Are there any limitations to applying for a second mortgage?

Anyone can apply for a second mortgage even a person with a bad credit history there are absolutely no limitations. The lender will see your debt income history and your work history to decide about the amount that can be lent to you .If you take the help of a broker then he will try and reduce your high interest charged by the lender. A broker will also introduce you to many lenders thus making a wider choice of lenders available to you.

How is second mortgage good for me?

Second mortgage is good if you want to make some necessary improvements in your lifestyle and if they cost more than your ready savings. Second mortgage helps in getting you money on your house which is already in mortgage. So it is an additional loan taken on your already mortgaged property but through a different lender of course.

Why are interest rates higher in on second mortgages?

Interest ratesare higher on second mortgage loans because the lender hasto safeguard hisinterests since the property he is investing in is already mortgaged he will have secondary rights on it while recovering his loan.

How can a second mortgage with AKAL MORTGAGES benefit you?

Second mortgages are a bit risky they may demand high-interest rates or high fees. Mortgage brokers make the process simpler for the client to understand and not be perturbed by the risk. These brokers have the required experience in the financial fields to act according to the situation and in the interest of their clients.

A second mortgage is a big investment which can be a source of emergency funds to facilitate any financial obligation such as investments, purchases or even your child’s education. Mortgage brokers help the clients to peruse the offers in front of them and understand which is more suited to their needs. Having an expert to guide you through the entire process increases your chances of having the upper hand with a lender. We can also get you deals with up to 95% LTV. There are a few things to keep in mind relating to second mortgages: 

Your Income-to-Debt Ratio

If and when you approach a lender for a second mortgage, the first thing that he will scrutinize is your payment history and also your income to debt ratio. Income-debt –ratio means the ratio between your total debt incurred and your income and if your income is more than your debt payment then it is a point in your favor.

We believe that finances should never hold you back, especially not when AKAL MORTGAGES can get you rates with almost 95% loan to value ratio for second mortgages!

Work History

Another thing that plays an important part as the deciding factor in case of your second mortgage is your work history which means your source of income. If you work history is steady and brings you a stable and regular income, then you have a very bright chance of getting a second mortgage.

Bad Credit Second Mortgages

If you have had a bad credit first mortgage, then it becomes a bit difficult for you to get a second mortgage. But if you are aware of the kind of trend going on in the market and the intentions of the lenders then you can decide on your next step. The awareness comes from talking to an expert and who better than a mortgage broker! They can even help you get good deals!

Client Testimonials

Second Mortgage