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SECOND MORTGAGES
Second Mortgages up to 100% of Your Home Value!
A second mortgage is a junior lien that stands second in line to a first mortgage or in other words a second mortgage loan is subordinate to first mortgage loan registered against your property.
Your home can have multiple loans registered against it... first mortgage, second mortgage and even a third mortgage.
Some lenders refer to second mortgage as home equity loan or home equity line of credit, but if these loans are registered behind your current first mortgage then they are second mortgages.
2nd Mortgage Example:
Say your home value is $200,000 and you owe $120,000 to XYZ Mortgage Company who has a 1st lien registered on the title of your home at your county registry office. Your remaining home equity would be $80,000 (the difference between $200,000 home value and first mortgage balance of $120,000).
Now let's say you need $50,000 loan to consolidate your credit card bills. You can tap into your available home equity and apply for a second mortgage (home equity loan or home equity line of credit) for $50,000 which will be registered in a 2nd position at registry office behind XYZ Mortgage Company.
Second mortgage loan is riskier loan for the lender therefore mortgage lenders charge higher interest rates on second mortgages than on a regular first mortgages.
To provide you with a better interest rate your loan must be insured through CMHC and this CMHC mortgage default insurance premium is then added on top of your basic loan amount.
Let's continue with our example above where you borrow $50,000 to consolidate your bills using your available home equity.
The CMHC would charge you 4.25% insurance premium for 90% LTV or $2,125.00 dollars would be added to your basic loan amount of $50,000 making your total loan $52,125.00 but you'll get a better rate and lower monthly payments.
Example:
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UNINSURED LOAN
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INSURED LOAN
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| Loan amount |
$50,000.00 |
$52,125.00 |
| Interest Rate |
13.5% |
7.5% |
| Term |
3 year |
3 year |
| Amortization |
25 years |
25 years |
| Monthly Payment: |
$569.02 |
$365.78 |
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As you can see from the above example your monthly payments would be significantly lower if your loan was insured. To qualify for CMHC insured second mortgage up to 90% of home value you’ll need to have a minimum credit score of 600 and you must qualify using CMHC income guidelines.
If you do not meet their income guidelines then I'll try to approve you through my alternative or private lenders.
Privately you can borrow up to 85% of your appraised home value and through alternative lender up to 100% of your appraised home value.
For 90.01% to 95.00% you’ll need a credit score of 650 and for 95.01% to 100% you’ll need a credit score of 660.
Good news is that I can use up to 75% TDS (total debt service ratio) for 100% LTV and this makes it much easier for me to get you approved.
I have very high approval rate and can solve your problems quickly.
To get started simply complete my secure server online application form and I will email you your approval tomorrow.
SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
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VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
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