A second mortgage is a loan that is secured by a house or property. Qualifying for a second mortgage depends on the amount of equity your Peterborough house has and is placed behind a first mortgage in terms of debt precedence. Consolidating debt, home renovations, business investments, and college tuition payments for your kids or other unforeseen costs are activities which can use a second mortgage.
We have an experienced team of mortgage brokers with years of experience in Peterborough second mortgages who can assist you in getting low-interest rate second mortgage or loan.
In order to refinance their existing mortgage, most people take up a second mortgage. A second mortgage falls after the first mortgage in priority of payments when a property is sold. The lender may lose a small or a huge portion of their investment if the money received from the sale of the property is not enough to cover the second mortgage,
A second mortgage is a loan taken up against the amount of equity in the property and is not based on your credit rating. The loan to property value ratio is considered to be the most important factor when determining your eligibility for a mortgage and is followed by many lenders. The maximum limit of the loan to property value ratio for a second mortgage is 85%. However, there are exceptions to this as many lenders offer loans below 80%.
The second mortgage lenders in Peterborough are private individuals that invest in mortgages within the local geographic areas where they reside. The lenders usually invest around $20,000.00 to $200,000.00 in a property and are mostly interested in investing in first, second and third mortgages. Private second mortgage lenders are an excellent choice if you are in need for a loan or mortgage and have been turned down by any banks.
The process begins with private lenders inspecting the house before the final approval of the loan. They usually do this in order to look for any kind of substantial abnormalities with the house that could affect the value of the property such as a roof that’s leaking or broken windows. It is the responsibility of every homeowner to clean up and maintain their property inside and outside. It is advocated to have the walls of the house painted and any electrical work to be taken care of as a proof to show that the house is well maintained. In case if the loan is required is to be used to repair or renovate the home, it is advised to demonstrate to the private lender what work is to be done on the house.
To find out if you qualify for a loan, call out Peterborough mortgage brokers. Our agents will efficiently find you a private lender that matches your current mortgage needs. We will do our best to make your second mortgage experience as hassle free as possible
Call us or Email us to find out if we can help you get a second mortgage.