3 Stages of Getting a Second Mortgage
How do you get a second mortgage? We’ve talked about how to spend one, how you can save when you work with us as your Toronto mortgage broker, but how do you actually get one?
How do you get a second mortgage? We’ve talked about how to spend one, how you can save when you work with us as your Toronto mortgage broker, but how do you actually get one? Here we’re going to go over everything you need to know to get the one that fits you best. Everyone is different, but when you work with a broker the process is almost always going to be the same. Call today for your consultation and see how you can save.
Filling out the Paperwork
Filling out the paperwork is the first step in the process; just like with your first mortgage you’re going to need proof of income, proof of who you are and of course paperwork from your first mortgage. That kind of stuff is standard, and even if you work with one of our Toronto mortgage brokers you’re going to need to make sure that you fill out the paperwork! We’ll look over it for you and make sure that there are no problems – if a lender sees any issues they may just throw your application away. No one wants that, and we’ll work hard to make sure you get the best outcome.
Searching for Lenders
Searching for lenders is what we do best. We’ll talk to lenders all over Toronto and beyond – every single one of them knows what a Toronto mortgage broker is. This way you’ll be able to get the lowest interest rate and the best terms (they know they have to compete!) Since a second mortgage is a home equity loan, you’re going to want as high an equity stake as you can get. Waiting until you’ve almost paid off your home or paid it off in full will give you a better LtV (loan to value ratio), better terms and an easier time paying back your debts.
Choosing the Right Offer
We’ll comb through only the best and then we’ll help you figure out which one will really work with you. You don’t want to end up with a second mortgage that leaves you broke, and when you work with us you’ll understand your rights and obligations as a borrower. We’ll spell out in clear terms how much certain interest rates will rack up over time and what the real cost of your mortgage is going to be. Don’t get stuck with a bad mortgage just because you don’t know what you’re doing, let us help you as your Toronto mortgage broker and get the right one for your today!
Tired of trying to get your first lender to give you a better offer on your second mortgage? Of course you are! Now is the time to save, and with interest rates as low as they’ve ever been now is the time to get your second mortgage. Don’t get left behind, contact us today and see the difference that the best Toronto mortgage brokers can do for you!
Homebase Mortgages is a leading Toronto mortgage broker, which specializes in all types of mortgages ranging from home equity loans, second mortgages, private mortgages, mortgage refinancing, mortgage renewals, home mortgages and hard money lending.
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- Mike Smith
- Marketing Coordinator
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