A second mortgage is a type of loan that lets homeowners borrow money based on the value they've already paid into their home, while keeping their first mortgage the same. This is really helpful for people who need extra cash but don't want to change their current mortgage or deal with big fees for ending their first mortgage early. With a second mortgage, you can use the value you've built in your home for different needs, like paying off other debts, fixing up your house, or putting money into new projects. It's a flexible option that gives homeowners a chance to use their home's value in a smart way.
Thinking about a second mortgage? Here are six good things about getting one:
Easy to Qualify
Second mortgages are pretty flexible with things like how much money you make, your credit score, and how your income compares to your debts.
Debt Consolidation
Debt Consolidation
Consolidate high-interest debts (like credit cards or personal loans) into one mortgage payment. This simplifies your budget and improves cash flow.
Access Equity
Access Equity
Borrow money based on the part of your home you already own (equity) without changing your original mortgage. This is really helpful if your first mortgage has a low interest rate.
Access More
Access More
Lenders usually allow you to borrow up to 100% of your home’s appraised value, minus the balance of your first mortgage.
How you want it
How you want it
Use the money from a second mortgage for many purposes, like home improvements, debt consolidation, or as a down payment for another property.
Tax Benefits
Tax Benefits
If you use your second mortgage to invest, like buying another property, you might get to deduct the interest you pay on your taxes. Please confirm with your accountant
We believe everyone deserves a chance to improve their financial situation. That's why we work with a range of lenders, from well-known banks to near-prime lenders who offer solutions regardless of your credit score. Your financial past shouldn't dictate your future, and we're here to ensure it doesn't.
COMPLETE APP
With our questionnaire complete we will send you a list of documents required.
CHOOSE LENDER
With all paperwork in hand we can provide you lender options for you to choose from.
SIGN PAPERWORK
You will sign the approval paperwork with us and the lawyer representing you.
GET MONEY
At closing the lawyer will disburse the funds where necessary.
Don't just take our word for it. Our Google Reviews showcase stories from countless satisfied clients who've transformed their financial lives through refinancing. Plus, our accolades, including being in the top 50 for mortgages funded monthly nationwide and in the top 3% of Dominion Lending Centres, are a testament to our commitment to excellence.
Your journey to a more secure financial future is just a click away. Whether you're consolidating debt, planning renovations, or pursuing new investments, we're here to make refinancing straightforward and stress-free.
HOURS OF OPERATION
Monday to Friday - 9 am to 5 pm
Saturday and Sunday - CLOSED
ADDRESS
157 Bridge Street
Carleton Place, ON K7C 2V6
CONTACT INFORMATION
Office: 613.714.9499 | Toll Free: 1.877.230.8872
Fax: 613.714.9488
team@bradplummer.ca
