SECOND MORTGAGES

WHATEVER YOUR REASON, GETTING A SECOND MORTGAGE IN EDMONTON IS EASIER WITH THE MORTGAGE FORCE TEAM

Commercial Financing available at Dominion Lending Centre's Mortgage Force

Dominion Lending Centres’ Mortgage Force is a trusted name when it comes to securing second mortgages in Edmonton. Our team of experts helps to cut down our customers’ monthly mortgage payments on second mortgages. Don’t pay minimum payments on credit card bills, car loans, and other unsecured debt when you’re only paying off the interest at a high rate.

What Is a Second Mortgage?

A second mortgage is a type of mortgage that allows you to use your home’s equity as the collateral. You can often borrow a much larger amount than you usually would be able to if the loan was unsecured. This is very similar to the original loan you got in order to purchase the home, but there is a  slight difference.

What Is the Difference Between the First and Second Mortgage?

When you buy your home, there is typically a mortgage charge placed against the title. This means that if a borrower defaults on the mortgage loan, the home can be repossessed by the mortgage lender. Technically, although you treat your home like your own (unlike renting), the mortgage lender has the legal right to repossess it if the borrower stops making payments.

A second mortgage goes in behind the first mortgage on title. You will have two mortgages registered against one property. This is usually done when refinancing the existing mortgage is not an option, you won’t qualify,  or if it doesn’t make sense to do so. This can be a great way to take equity out of your home without disturbing the first mortgage. This equity can be used for investment purposes, pay tax arrears, do renovations or to consolidate high-interest debt.

Why Get a Second Mortgage?

Most homeowners in Edmonton who get second mortgages do so because they need funds in a timely manner. Their home is the most valuable asset they have to use as collateral. This may mean that you need to make a very large home repair or upgrade. It may mean that you want to send a child to college. It may mean that you want to buy another property to rent out. Whatever the case may be, a second mortgage can be used as a way to get a large amount on a loan.

How Are Second Mortgages Awarded?

Second mortgages are typically awarded as either a single lump sum (useful for making one large purchase, like upgrading your home to solar power) or a line of credit (useful for paying something in installments, such as yearly tuition fees). With the second option, we can set up a line of credit which will allow you to borrow funds as required.

In either case, the lender determines how much they will loan you based on the value of your home. From there, you’ll choose the type of interest rate, such as a fixed rate or a variable rate, that works for you.

SECOND MORTGAGES CAN BE USED FOR:

  • Consolidating debt
  • Covering home renovation costs
  • Paying for children’s education
  • Repaying mortgage and tax arrears
  • Having disposable cash on hand

Second Mortgages Explained

Second mortgages are loans against the equity in your home that sit behind the existing mortgage on the title of your home. Dominion Lending Centre’s Mortgage Force offers clients advice for solutions on second mortgages in Edmonton and the neighboring areas for; debt consolidation, investing in a small business, and post-secondary education for your children, as well as the unexpected costs that come up from time to time.

How Much You Can Borrow

Refinance Mortgages available at Dominion Lending Centres Mortgage Force

The amount available to homeowners for second mortgages depends on the equity they have in their house. Home equity is the value of your home minus all the debts you have against your home. If you want to calculate the equity in your home, look at the following example:

Let’s assume your home is valued at $450,000. Our mortgage team can help provide you financing of up to 80% of this value in this case, that’s up to $360,000. Let’s assume you’ve borrowed $300,000 against this already. This leaves you with the option of securing a second mortgage of up to $60,000!

Second Mortgages Summary

Second mortgages are loans against the equity in your home that sit behind the existing mortgage on the title of your home. The Mortgage Force Team Edmonton Dominion Lending offers clients advice for solutions on second mortgages in Edmonton and the neighboring areas for debt consolidation, investing in a small business, and post-secondary education for your children, as well as the unexpected costs that come up from time to time. Learn more by calling us at 780-466-9898.

  • The Pros and Cons of Getting a Second Mortgage

MORTGAGE BROKER
TESTIMONIALS

“Jody worked around the clock to get me the best rate around. She helped me through the whole process. Would highly recommend to anyone.”

Travis

Jody and her team were a great help in finding the best mortgage for us. really appreciate the work they do for the client.

Kurtis Briscoe

“I love dealing with the mortgage force team! They are informative, answer any questions I have and guide myself and my clients through the process. They make things so easy!”

A H

“I had a great experience dealing with this company. I was especially thankful that they were able to provide me with a mortgage education. They were also able to get me a better rate with my own bank than I was.”

Judy L.

“When I was asked to do a testimonial, and I was so excited to share my experience. I learned a ton, and felt so involved in the process! I can’t say enough good things about the Mortgage Force Team”

Janice K.

“Great group of people. I can really tell they’re looking out for their clients”

Barry R .

“Being a single mom with rent, groceries, and all the living expenses to cover, I was not able to save up any down payment. Jody was actually able to put me in a program which allowed me to borrow my down payment from the line of credit I had. Thanks to her, I took possession my new condo on Nov 11, 2015”

Kelsey N.

“I wanted to thank them for getting us in the home of our dreams. Its rare these days to experience such quality of genuine care and service. Thank you”

Preet S.

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