Are you seeking a second mortgage or a third mortgage in Mississauga. We specialize in providing mortgages for people who are turned away by the banks. We disregard criteria that banks turn you away for, such as credit history and income. We work extremely quickly and are able to provide you with funding within a few days.
What is a Second Mortgage
A second mortgage (2nd) can be defined as a loan that is secured against the equity in your property. These loans have looser terms than traditional mortgages, as such, you can pay them off at any time. The second mortgages that we provide take advantage of current market characteristics, making our offering the best in the industry. We are able to provide a wide variety of financial services. We have a no-nonsense approach to loans and are dedicated to meeting your mortgage needs.
Second Mortgage Appraisals
In most situations the mortgage lender will require an appraisal of the property to determine the present market value. Appraisals are done by independent appraisal companies. The property value is determined by looking at comparable houses in the area and what they sold for.
Mortgage lenders use your credit rating to determine your ability to make mortgage payments. The lower your credit score the less likely to home owner will make the monthly payment. Second mortgage holders base their loans on the equity in the property. Your credit rating will help determine what the interest rate will be.
Second Mortgage Interest Rates
Second mortgages have a higher level of risk and therefore a higher interest rate. The loan to value ratio and your credit rating also have an impact on the interest rate. Most second mortgages have an interest rate that is as low as 6.99% and as high as 15%. The best way to find out what interest rate you might pay is to call one of our mortgage brokers.
Lorne Park on the south side of Mississauga contains many exclusive estate homes on very large lots. This is on of the best areas to live in the entire GTA region. Most homes in the area are priced from $1 million right up to $20 million.
Port Credit is on the north side of Lake Ontario and extends northward up to the QEW. This area has a mix of older homes, condos and semis. Port Credit was a small town and still has that small town feel to it. Many of the business have been serving the local community for decades. The lake front area is full of people enjoying the wide streets and parks by the lake.
Streetsville was also a separate town until it merged with Mississauga. Streetsville has it own little main street with a mix of new and old businesses. The homes in the area include semi-detached, detached and condos.
Square One is the largest shopping mall in Mississauga with easy to to the mall from Highway 403. There are multiple GO stations across Mississauga, along with easy access to downtown Toronto.
Call for us for a 2nd mortgage today.