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 our customers’ monthly payments on second mortgages in half. Don’t pay minimum payments on credit card bills, car loans, and other unsecured debt when you’re only paying off the interest.
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 neighbouring 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.
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 90% of this value in this case, that’s up to $405,000. 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 $105,000!