A large number of banks are refusing Second Mortgages because of poor repayment history or financial blemishes. This has caused many people to be vulnerable to the power of sale and foreclosures. Let us at Interfinance Mortgage Corporation help you avoid these situations.
A second mortgage is a specific type of loan that is taken out on top of an already existing mortgage. If you have a mortgage on your property and are looking for additional funding but don’t want to take on another credit card or bank loan, a second mortgage might prove to be your best option. You may have heard that second mortgages are risky; however, if structured properly by a professional mortgage company like Interfinance Mortgage Corporation we can help reduce risk by offering sound and unbiased borrowing advice.
For Interfinance Mortgage Corporation clients, a second mortgage can mean the difference between being in debt forever and becoming debt-free. Because it is an additional loan taken out on a property that is already mortgaged, we don’t see it as risky – we see it as a valuable asset, and with that we are well secured.
Advantages of a Second Mortgage:
- You don’t have to discharge your current low rate first mortgage and suffer penalties and fees
- Since there are many providers, both institutional (banks and credit unions) and private (mortgage lenders/providers) it can be arranged with greater ease
- Most second mortgages are interest only payments and 1-year terms
- Up to 85% of your appraised home value can be used to arrange a second mortgage, minus the amount left to pay on the primary mortgage
- Any homeowner with a primary mortgage and decent credit history can apply for a second mortgage
As mortgage brokers, we have access to traditional and non-traditional funding sources, and that lets us provide second mortgages to people who might not qualify through the big banks.