Ontario's
Second Mortgage
Specialists.
We offer Second Mortgages in Toronto, the GTA and all of Ontario. Homeowners are approved!
At Mortgage Central Nationwide our second mortgage experts can help clients with damaged credit or low income and you can be approved in as little as 24 hours.
Whether it is for home renovations, investments or education costs. You’re already approved if you own a home!
Serving Toronto, Mississauga, Brampton, Vaughan, the entire GTA and all of Ontario.
HOMEOWNERS APPROVED IN
24 HOURS OR LESS!
Ontario's most competitive rates
We offer the lowest rates possible in our industry.
Homeowners approved within 24 hrs
If you own your home, you're approved. We lend based on your homes equity.
Bad credit. No credit. No problem.
All you need is your home. Credit scores don't matter here!
Large Canadian public funding network
Whether you need $5,000 or $500,000, we have you covered.
We can help when traditional banks won't
Unlike traditional banks, our approvals are solely based on your homes equity.
Helping Ontario homeowners get the funds they need for over 20 years.
Quick Approvals in 24 or less
Get started with our quick, no-obligation application form, and see how much you qualify for.
Bad Credit. No Problem.
Do you have low or no income? Bad credit or no credit? Our approvals are based solely on the equity in your home. Simple as that.
Get Your Money Fast!
We know you want your funds as fast as possible. Once approved, our agents will work with you to get your funds within a week or less.
HOMEOWNERS APPROVED IN
24 HOURS OR LESS!
What is a Second Mortgage?
If you need money and own a home, you can get a second mortgage! Do you need to remodel your home, have bills that you need to pay or many a big ticket item that you want to buy? If so, a Canadian second mortgage could help you get the money you need today for a better tomorrow. Here we’re going to talk about how these work and why you should work with a Toronto mortgage broker like us to get the best deal. Let’s get started.
Second Mortgages Explained
A second mortgage is a lot like your first mortgage, but a little different. Depending on how much you’ve paid off from your first mortgage, you may be able to delay payment on your second mortgage for up to 25 years. This is where it pays to understand all of the terms of your mortgage, and why you want to work with a Toronto mortgage broker to make things work out in your favour.
When you apply for a second mortgage, you’ll need to fill out paperwork like you did for your first mortgage; you will need to bring some identification documents with you, but we can help you know which one of these you’ll need. After that, we’ll help you go over your application and figure out what areas need improving and if this is the right time to apply for a mortgage.
Our Services for Ontario Homeowners
Our home equity loan specialists can help you maximize the equity that you have worked so hard to create. We are here to help you make the most our of your hard earned investment.
Second Mortgage - Frequently Asked Questions
Second mortgage is another name for Home Equity Loan. The first mortgage you took out was the loan that allowed you to buy your home. Second mortgages include any subsequent mortgage, whether it is a second or third.
A second mortgage is an important financial decision. Our experienced mortgage professionals can guide you if you are unsure of the best option to suit your needs. Do not hesitate to contact us. We're here to assist you in making the best choice.
1. Buying Another Property: Investing into a rental property is a wise financial decision. Rent income can be used to pay off the mortgage, and you will enjoy long-term gains once you have paid it off. A 20% down payment will usually be required. This is where a 2nd mortgage can help.
2. Investing: It is often said that money is needed to make money. A second mortgage will give you the money you need to launch a business or grow your investment portfolio. Be sure to choose opportunities that are aligned with your goals, and have a high potential return.
3. Unchecked, high-interest debt can quickly grow into a burden. Second mortgages offer lower rates of interest, so using them to consolidate debt and pay off high-rate credit cards can be an intelligent strategy. This simplifies payments and saves you money over time.
4. Renovations to Your Home: Home improvements can be expensive, and they are not always easy to finance through conventional loans. You can use your equity to pay for renovations. This will help you increase the value of your home and improve your living space.
5. Paying for Higher Education: Education is an investment that pays off, but the price can be high. You or your child can afford to pay for tuition and other costs with a second mortgage. Your home equity can be used to improve your job prospects and increase your income.
Home Equity Line of Credits (HELOCs) are different from second mortgages. The main difference is in the way funds are accessed, and then repaid. Second mortgages are similar to traditional mortgages in that they provide a lump-sum upfront, and then repay it over time. A HELOC, on the other hand, is more like a credit line. You can use it as you need, up to an agreed limit, and for a specified time period. HELOC payments can be made only at interest during the first draw period.
The interest rate on a second mortgage can either be fixed or variable. Due to increased risk, they are usually higher than primary mortgages. What's the upside? A second mortgage offers lower rates than unsecured loans, such as credit cards and car leases.
Even with bad credit, it is possible to obtain a second mortgage. However, the success of this process depends on choosing the right lender. Due to the increased risk of second mortgages, many traditional lenders have stringent requirements. This can make the application process long and unproductive.
A second mortgage secured by your house could be at risk if you fail to pay or accept unfavorable conditions. Before you proceed, you should ensure that you can afford the loan and understand all the terms.
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Serving Toronto, Mississauga, Brampton, Vaughan, the GTA & the Entire Province of Ontario.
Unlock Your Home's Equity Today!
Homeowner’s Approved in 24 Hours or Less!