Private Second Mortgages For GTA Toronto Area Homeowners
Fairchoice Mortgage is a licensed mortgage brokerage that helps Ontario homeowners with good or bad credit, get approved for second mortgages. With over $5 million dollars in private funds available to lend, we are your "one-stop" source for second mortgage financing.
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“Fairchoice Mortgage Helped Me Get Approved For $45,000 When My Bank Turned Me Down!"
Robert Kelly | Brampton, ON
"I was a 3 months behind on my credit cards and struggling to pay my bills on time. My credit was terrible, but I decided to apply for a second mortgage with Fairchoice Mortgage. In just under 2 weeks they had an approval from a private lender for $45,000 to pay off all my debts.”
Fairchoice Second Mortgages For Toronto Homeowners
Fairchoice Mortgage has been helping Toronto-area homeowners obtain approval for second mortgage financing for over 25 years. We find low rate second mortgages for homeowners and provide the assistance they require to get approved. Our experienced mortgage brokers specialize in private lending and work with a wide array of lenders, including those that approve hard-to-place second mortgages and bad credit second mortgages.
At Fairchoice Mortgage, your home equity counts, not your age, income, or prior credit history. We have been able to help other people find the right second mortgage to suit their needs whether they have good or bad credit. Just let us know exactly how much money you require and we will let you know how we can help.
Our mortgage brokers take the guesswork out of choosing the best second mortgage in Toronto. We have already built relationships with numerous lenders and know exactly which ones will be the most interested in potentially offering to provide the financing and funds for your second mortgage. In addition, in most cases, we get fast response from interested lenders with 24 hours after your completed application has been submitted. Typically, once you are approved and all the necessary paperwork has been completed, it takes between ten to twelve business days to close on the loan and receive the funding.
How Much Can I Borrow in a Second Mortgage?
The amount you can borrow is based upon the amount of equity in your home, along with the existing amount you have financed with your first mortgage company. In most cases, Fairchoice Mortgage can advance up to 85% of the equity in your Toronto home. For instance, if your home is valued at $250,000 and your current balance on your existing mortgage is $150,000, you have approximately $100,000 in equity in the home. Out of this equity, you may qualify to borrow up to $85,000. Keep in mind this example is for illustrative purposes only and the actual amount you are approved for will vary.
Is a Second Mortgage The Best Solution for You?
Second mortgages are not for everyone. It is important to weigh all of your options carefully and make the best financing decisions. You will want to make sure you have the income resources available to not only pay your first mortgage, but also your second mortgage payments. A second mortgage does not replace the first mortgage, so you will have two monthly housing payments.
If you need quick access to cash without refinancing your first mortgage or draining your bank accounts, a second mortgage is a viable solution. Since second mortgage loans are typically based upon the amount of equity in your home, and most of the time, you will qualify and could be approved, regardless of your age, income, or credit.
What Are the Advantages of a Second Mortgage?
A second mortgage, sometimes called a home equity loan, provides homeowners with the option to use the funds for a variety of reasons. There are no restrictions on what you can do with the fund obtained from the loan. You can use the money to:
- Consolidate Your Debts
- Pay Off High Interest Credit Cards and Loans
- Buy a New Car
- Remodel/Renovate Your Home
- Pay for a Vacation/Holiday
- Pay Medical Bills
- Set the Funds Aside for Unexpected Emergencies
What If I Change My Mind After Being Approved for a Second Mortgage?
Fairchoice Mortgage always works with our customers to ensure they are making wise financing decisions. We strongly believe you have the final decision to decide how you want to proceed. After all, it is your home and your money.
If, for any reason, after obtaining a quote or being approved, BUT before closing on the second mortgage, you can choose not proceed with the transaction. Should you change your mind later on, and decide you still want a second mortgage, Fairchoice Mortgage will be here for you.
Other Information about Second Mortgages You Should Know
Unlike your first mortgage, many second mortgages come with the option to only pay the interest each month, which is called an interest-only loan. Additionally, interest rates on second mortgages tend to be slightly higher than first mortgages, and normally range from 6.95% to 13%, based upon your credit worthiness and current market rates.
Even though your credit is sometimes used to determine your interest rate, it does not necessarily prevent you from being approved at Fairchoice Mortgage for a second chance mortgage in Toronto. Lastly, most of the lenders we work with will require an appraisal of your home to determine its current market value.
For more information about second mortgages for your home in the GTA, regardless of your age, credit, or income, please contact one of our friendly, knowledgeable, and professional mortgage brokers today by calling 1-866-662-2609 to inquire about your free quote, with no credit check required.
FSCO License #11387 – 1500123 Ontario, Inc. Operating as Fairchoice Mortgage Corporation