Second mortgage? We have everything covered!
Experienced and friendly team
You would be dealing with a team of professional mortgage brokers who will ensure that all your requirements are met.
Affordable interest rates
Based on your credit score, we will try our best to offer you a reasonable interest rate for your monthly premiums.
We will see to it that you get access to your funds as quickly as possible.
You can always expect a customized service from Triple M Mortgages no matter how big or small your requirements are!
A Second Mortgage May Be the Best Choice for You
Before diving into why a second mortgage would be the best choice for you, let’s talk about what it is. If you know about equity on your property, you should know that it builds up over time as you pay off your primary mortgage. Now, suppose that you need some emergency funds for a situation, or it could be for home renovations. Well, if you want quick access to funds then applying for a second mortgage can be an ideal choice. Here, you tap into the equity of your property and use it as collateral to secure funds. You can tap into 80% of the equity for this type of loan and as you pay off your second mortgage, you get back the equity. It’s as simple as that. Now, if you’re still wondering why, well you can use the mortgage funds for anything that you want, be it for the down payment of a new home and invest it in your business. For more details contact Triple M Mortgages, your local mortgage broker in Mississauga.
Why choose a Second Mortgage Broker?
That’s a very good question and let us tell you why? You can stick with your primary mortgage broker for your second mortgage, but if you do opt for another mortgage broker then you will have the option of choosing from various plans. With Triple M Mortgages, you will have the advantage of getting a customized policy made just for you and that also at an affordable interest rate. You can also use the funds to pay off your first mortgage and that may improve your credit score. Our mortgage services are available to clients across the GTA, give us a call and discuss your needs.
What do you need to qualify for a Second Mortgage in Mississauga?
There are some criteria that you need to meet before you can apply for a second mortgage on your existing property. Have a look below, to have an idea of what you need to do to qualify for this type of loan.
You will have to submit all the documents that verify your income
Your credit score shouldn’t be too low
You must have a good amount of equity on your property
The lender will also need to make sure that the property is worth the amount that the applicant claims.
If you meet all the criteria above, you will have no problem qualifying for a second mortgage. All, it’s better to have a good credit score, because the higher it is, the higher the chances of you getting a low-interest rate.
Schedule an appointment with the second mortgages brokers at Triple M Mortgage. Our services are available in and around Mississauga.