Many people require a second mortgage or to refinance their existing mortgage. A second mortgage is in a second position to the first mortgage in order of payment when the property is sold. If the proceeds from the sale of the property are not enough to cover the second mortgage the lender may lose some or all of their investment.

A second mortgage is usually based on the amount of equity in the property. They are not based on your credit rating or work history. Many lenders consider the loan to value ratio to be the most important factor in determining whether you qualify for a mortgage. The maximum loan to value ratio for a second mortgage is 85%. Most lenders prefer to stay below the 80% level.

Second mortgage lenders are usually private individuals that invest in mortgages and loans. They tend to invest in local geographic areas where they live. Most lenders will invest between $20,000.00 and $200,000.00 in a property. They will invest in first, second and third mortgages. Private second mortgage lenders are an excellent alternative if you have been turned down by any of the banks.

Lenders will do a home inspection before final approval of the loan. They are looking for any significant defects that could affect the value of the property such as a leaking roof or broken windows. Every homeowner should take some time to clean up their property inside and outside. A fresh coat of paint on the walls will show that the house is properly maintained. If the money is being used to repair or renovate the home show the private lender what work is to be done.

Canadian Second Mortgages

Call our second mortgage agents for a free consultation we can tell you if you will qualify for a loan. Our agents will arrange a private lender that matches your requirements.  We strive to make the second mortgage lending experience as easy as possible

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