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A mortgage placed on real property which is already encumbered with one mortgage. Determination of first, second, third mortgage, etc. is determined by priority of registration (time and date).
A second mortgage is sometimes indispensable specially if a client finds the first mortgage hard to carry or insured mortgage hard to qualify for.
You can use up to 95% of the value of your house to consolidate and pay off other financial obligations.
A second mortgage may provide for the difference between the down payment the client can afford and 25% to 35% of purchase price (Purchase Assist Loan).
Currently available Residential Second Mortgage products :
- Purchase Assist Loan,
("borrowed down payment")
1st or 2nd position up to 95% LTV - residential properties only
- Debt Consolidation Loan
2nd up to 95% LTV residential properties only
A second mortgage loan can be used for a number of other purposes, too.
Such as:
- debt consolidation loan
- home renovation loan
- education loan
- loan for immidiate cash needs
For information about registering Second mortgage on Commercial properties please contact one of our consultants.
Are you require second mortgage, transferring or refinancing, renovating or constructing a new house with us you will get the best rates and financing to meet your needs. Consolidate your debts.
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