Need a second mortgage on your home?
Well, you have made the right choice by visiting our website. At One Mortgage Group, we offer both first and second mortgages at very affordable interest rates. Now, you may think that taking up a second mortgage doesn’t sound like a good idea, especially if your pending mortgage balance is too much. However, if you are paying too many bills and loans (which might make a visible dent in your paycheque) then taking up a second mortgage may seem like a viable option. Wondering why? Well, with a second mortgage, you can consolidate all your bills and loans in a single account and pay only once for everything. As it comes at a reasonable monthly premium rate, you would be saving a good amount on your monthly expenses. If you want to know more, contact our team today. Schedule an appointment, we will be more than happy to help you.
Borrow against your home equity
If you know anything about home equity, you should know that grows over time. You can use this equity for your second mortgage. What happens is, you can take up a second mortgage using your home as collateral. In return, you will get a lump sum amount which you can use to pay off your debts and your first mortgage as well. You can borrow up to 80% of the appraised value of your property, minus the balance on your first mortgage. Our team at One Mortgage Group can always advise on the ideal option based on your requirements. Also, we will take care of all the paperwork. All you have to do is book an appointment, that’s it.
What you need to know
Like all mortgages, the second mortgage also has some requirements that you would need to fulfil. Lenders generally look at four areas:
- Income: You must have a stable source of incomes which would ensure that you would be able to make the payments on time
- Credit Score: If you have a high credit score, the higher the chances of a low-interest rate
- Equity: Being the most important factor, the more equity you have on your house, the better the chances of you qualifying for a second mortgage
- Property: Because other factors are risky, mortgage lenders need to secure their investment in case you can’t keep up with the mortgage payments.
The advantages of a Second Mortgage
- If you have enough equity, you can have access to a significant amount of money over a longer period of time without having the need to sell your home.
- Since you would be consolidating all your expenses, you would be saving more on your monthly expenses (the total interest amount would be less)
- It can improve your credit score
Not only that, but you can invest the money you receive on anything. It can be used for home repairs or improvements, finance for a new vehicle, cover the cost of secondary education for your child/children; you can also use the funds to start a new business. Reap the benefits, apply for a second mortgage with One Mortgage Group, you won’t regret it.
If you’ve paid off your primary mortgage then the chances of approval will be higher. On the opposite, if you have not and did not make a large down payment as well, you may not be qualified for a second mortgage.
It’s not highly necessary, but a good credit score can help you secure a low-interest rate.
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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