Second Mortgages Vancouver & BC

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  We have Second Mortgage Loans At The Best Mortgage Rates in Vancouver & BC

  A 2nd/Second Mortgage refers to a secured loan that is in 2nd position to the 1st Mortgage against the property. In real estate, a property can have multiple loans against the title e.g. First Mortgage, Second Mortgage, Third Mortgage and even rarer Fourth Mortgage. The loan which is registered at the BC land titles office is called the first mortgage or first position. The mortgage registered second is called the Second Mortgage or equity Mortgage and same again subsequently.

• 2nd Mortgage Money Availabe through your Vancouver BC Mortgage Broker Mortgage Application . The Mortgage Group Canada Inc.
  
  

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My 2nd Mortgage Difference

• A lot of clients come to Mortgage Brokers for a 2nd Mortgage to help with debt or credit issues.

  If all you leave with is the money from obtaining a 2nd Mortgage and no plan for your future you might not be on a course for success.
  
  

  My 2nd Mortgage Difference provides you with the following information to help you make educated decisions on your future financing:

  • Credit &  Income analysis
  • Discussion of deficiencies in Credit or Income
  • Advise you of techniques for credit & Income success
  • Discuss with you a one or two year plan and the probability of consolidating debt into a Conventional 1st Mortgage
  • Follow up correspondence throughout the term to enable you to seek advice. I’m only a phone call away
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    2nd Mortgage Calculation

  •  How to Calculate up to 75% Loan To Value:

  • 75% x (Your Home’s Value) – (1st Mortgage) = Amount of your 2nd Mortgage
    
    75% x ($300,000) = $225,000 – ($200,000) = $25,000
    
    

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  • Top 8 reasons people come to me for a 2nd/Second Mortgage
    

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    1. If your Mortgage interest rate is lower than it would be if you refinanced and added additional debt.
    (Consolidate outstanding debt into a new 1st mortgage may be more costly than getting a 2nd Mortgage to consolidate that debt. Taking $50,000 of debt and refinancing it into a 2nd Mortgage at Private Mortgage rates may cost less than taking $300,000 1st mortgage and adding $50,000 to refinancing $350,000 at your banks best rate.) Taking into account the term left in your Mortgage.

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    2. Credit issues that will restrict you from qualifying for the lowest discounted rates.
    (Sticking with your current 1st mortgage rate and consolidating debt into a second mortgage can help to improve your cash flow and allow you to consolidate outstanding debts. Using this technique you can improve your credit and be in a better financial possession to negotiate the best rate from the bank at the end of your term.

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    3. You are Self Employed and the banks debt service ratio is too restrictive in fully qualifying you.
    Many banks will only allow certain debt to service ratios. By qualifying a Self Employed applicant for the maximum a bank will lend and toping up with a 2nd Mortgage to the private mortgage lenders qualification you sometimes can achieve a higher loan to home value.

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    4. You have a unique property or location and the bank is unable or unwilling to finance adequately.
    Non conforming homes and homes on unique properties pose challenges for conventional lenders to service to its true potential.

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    5. You have issues showing income or providing proof of income that disqualify you from financing your home to a higher level conventional.
    Mortgages are based on your homes equity and certain lenders can qualify you sole on those bases.

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    6. You are behind on your 1st Mortgage payments and facing a possible Foreclosure or Pre-Foreclosure .
    A Second Mortgage can help bring you up to date with your 1st Mortgage and allow you to restructure your other debts to help with cash flow and allow you to better service payment in the future.

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    7. A 2nd Mortgage can free up money to start a new business or working capital.
    Banks can have large guidelines for lending to new business start ups or working capital. Using your equity is a fast way to get money for small and medium sized business owners.

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     8. 2nd Mortgages on Construction draws.
    Had trouble completing a residential construction and the bank will not advance money to complete. Some lenders will advance a 2nd Mortgage on draw to help complete your project.
    
    BC 2nd/Second Mortgage Products
    
    Second Mortgage - Rates starting as low as Prime + 3% Based on LTV & OAC
    Second Mortgage - Open
    Second Mortgage - Readvancable
    Second Mortgage - Half Interest
    Second Mortgage - Pre Paid or No payments
    Second Mortgage - Interest Only
    Second Mortgage – Principle & Interest payments
    Second Mortgage – Inter Alia
    

    Second Mortgage & Repair your Credit
    
    Using a Second Mortgage to consolidate your outstanding debt can also be a great tool to help you repair you credit and help with cash flow. If your credit is low and your 1st mortgage isn’t coming up for renewal yet by paying off high credit card balances with a 2nd Mortgage this will allow your credit score to improve. By managing your debt and keeping your debt repayment in good standings there is a good chance upon renewing your 1st mortgage to consolidation both mortgages into a new one with a combined lower payment and interest rate.
    
    Second Mortgage & Heloc 
    
    Home equity mortgage & Helocs are both 2nd second mortgages taken against your home equity. A Home Equity mortgage is a fixed rate loan most of the time while the Helocs is an adjustable rate loan. Besides, the former allows you to take the loan funds at a single payment; the Helocs offers the credit line option wherein you can get advances till you don't exceed the available credit limit.
    
    The purpose of these loans are different, for example, you consolidate debts with 2nd mortgage or go for home improvement but when it comes to periodic needs, it's the credit line that you opt for Helocs. So, all you need is a basic understanding of both loans to make them work for you.
    
    Second Mortgage Rental Property BC
    
    Second Mortgages on rental properties are not as common as second mortgages on owner occupied homes but we still have lenders for these types of situations. You should be aware of additional costs and criteria such as (Assignment of rents) and lower LTV Loan to Value. Assignment of rents means if failure to pay your mortgage the lender can apply to the court to have the tenant pay the rent directly to them. The lending value is usually lower on Rental Properties because the added risks to the lender, but with good covenants I can still structure your application for best results. Feel free to call or apply online with any questions. 778-839-3963 
    
    Your Canadian mortgage broker will be able to discuss with you your best options so call today. 778-839-3963
    
    Second Mortgage for Mobile or Manufactured homes BC
    
    Some lenders offer second mortgage or consolidation loans on manufactured homes or mobile homes, they are very hard to find this type of loan for these types of structures but we do have some lenders so call. The difficulty is that lending institutions or unconventional lenders consider modular or manufactured homes greater risks than traditional single family housing. Bank on paying higher interest rates on second mortgage loans for pre-fabricated or mobile housing.
    
    In order to secure additional loan products on manufactured housing there may be certain requirements that need to be met or restrictions, such as:
    
    
    The home must be located on land you own rather than in a mobile home park or rented lot.
    The home is your primary or secondary residence, not a rental or investment property.
    
    The home may need to be immobilized and on a permanent foundation base.
    
    The home may need to have been built after a certain year to obtain the financing.
    
    Back to Private Financing
    

  Mortgage Solutions

  No matter where you live,We can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Penticton BC we have the tools to get the job done for you no matter where you live.
  We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC,Your BC Mortgage Broker has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
  We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.