The Second Mortgage is the loan on a property that is already under Mortgage. You must have already taken the loan on your property to buy a new property or to invest somewhere or for your kids’ education. But there’s always a scope for an unexpected financial crisis. Don’t worry; you’re still eligible for a second mortgage against your property, though you have a running loan on the same property.
Though it’s possible to get a second mortgage on the property is easy, the below factors play a vital role to get you the maximum amount:
One of the deciding factors for the second Mortgage is Employment history. If you have a stable and regular income, it improves the chances of getting a higher amount as you’re not dependent on that property.
The better the credit score you have, the higher the amount you get. Poor credit score can reduce the possibility of getting the right loan. However, a suitable second mortgage broker can get you a reasonable rate even if you have a bad credit score. But where to look for one? Read through the article to find the answer.
A property is usually eligible for 80 - 95% of the Mortgage. This is the second most influential factor in your first Mortgage, which can decide how much loan you’re available for.
We understand this is a lot to know for an individual. You’re in the right place.
We at Mortgage Lowest Rate serve on second mortgage Mississauga, Brampton, Toronto, and Make sure our clients get the maximum possible second mortgage rates though they have a poor work history and credit score.