Second Mortgage Services in GTA
GTA Mortgage Agent
Having a second mortgage helps to reduce compound interest so you only must focus on paying your monthly mortgage payments. The average credit card interest rate is 21% to 29%, with second mortgage you can receive rates as low as 6.99% based on your individual scenario and often allow you to tap into 85% of your home’s equity.
Many 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.
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