At times in life it may be necessary to come up with a sum of cash for unexpected expenses or even expenses that you might not be able to afford without a influx of cash. In these cases a second mortgage can come in quite handy. Before taking out a second mortgage; however, you should [...]
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Second Mortgages: What you Need to Know
Posted by admin on December 7th, 2009
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Tags: Closing Costs, Collateral, Consolidate Debts, Credit Cards, Existing Mortgage, First Mortgage, Home Improvements, Influx, Interest Rate, Interest Rates, Many People, Mortgage Lenders, Precedence, Proceeds, Protect Assets, Risk, Second Mortgage, Second Mortgages, Unexpected Expenses, Vacation Home 
No Comments »Second Mortgage Loans in Canada – How I Qualified and Saved My Credit
Posted by admin on December 5th, 2009
The use of second mortgages by clients is more common then one would think. The common issue amongst my clients is what would the lender think and how would I qualify.Income qualification is secondary to the LTV (Loan to Value) calculation on the property. The impact of the LTV is discussed in a future article [...]
Posted in Article Tags: Bad Luck, Borrowers, Income Qualification, Income Sources, Level Of Detail, Loans In Canada, Ltv, Minimal Requirements, Mortgage Canada, Mortgage Lenders, Mortgage Loan, Mortgage Payment, Personal Budgets, Private Lender, Private Lenders, Second Mortgage Loans, Second Mortgages, Social Services, Tax Man, What The Heck No Comments »What Is A Second Mortgage?
Posted by admin on December 4th, 2009
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage.A second mortgage is [...]
Posted in Article Tags: 1st Mortgage, 2nd Mortgage Loans, College Education, Fixed Rate Loan, Home Equity Loan, Home Improvements, Interest Rates, Kids College, Loan Lenders, Loan Proceeds, Loan Program, Loans To Consolidate Debt, Mortgage Interest, Mortgage Lender, Mortgage Lenders, Mortgage Loan, Personal Situation, Second Mortgage Loans, What Is A Second Mortgage, Worthwhile Purpose No Comments »