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second mortgage in toronto

It used to be that when you were in the market for a mortgage, you would automatically call up your bank. Not so. Mortgage brokers are now top on the list and an internet search will unveil a list of brokers willing to work with you on first and even second mortgages.

In an ideal world, you would look for a mortgage only once, to buy a house and hopefully pay down that mortgage over the lifetime of the mortgage. But it’s not an ideal world and many individuals find themselves having to either re-negotiate a mortgage or take on a second mortgage to finance their home or business.

This is where you turn to us. Are you a business owner looking to expand or a first-time entrepreneur hoping to start up your business? You may be a homeowner looking to renovate and upgrade your Toronto-area home, and you need the help of a second mortgage to make these dreams a reality. Look to us for opportunities to realize your dreams. Our professional partners are educated in finding the best mortgage to fit your needs. And, they know the industry inside and out. They may recommend a traditional bank mortgage or they may look at cutting-edge ways to make your money and assets work better for you.

Our specialists align themselves with a variety of Toronto lenders that are able to secure a first or second mortgage, or refinance an existing one. And, all keep their eye on the ultimate criteria – your own needs and the needs of your home, business or construction project.

Explore your second mortgage needs

There is nothing wrong with exploring what a second mortgage can do for you. Are you a homeowner looking to put an extension on your home or update a kitchen? Or, is your family looking to purchase or upgrade a cottage? Are you a commercial developer looking for the next big project in the Greater Toronto Area? Our specialists can uncover the best mode of commercial financing needed to get the development off the ground.

Our partners can help you with land acquisitions, construction loans, permanent and second mortgages and gap financing. Shorter term, they look at equity development, including residential subdivisions, condominium developments and the pre-sale property purchases.

With skyrocketing interest rates, particularly on the array of credit cards available, a second mortgage may be the way to go to consolidate your debt and get your monthly debt payments down to a manageable level.

Residential mortgage possibilities

Your mortgage specialist will have a slew of options to explore – a 0% down payment residential mortgage, an interest-only mortgage for rental/income or second property or a mortgage for students looking to own a property and have roommates cover the mortgage payment. For a 0% down payment mortgage, particularly good for condos, you must have a clean bankruptcy record for the last two years in Ontario, and use 50% of the limit on a no-fee credit card to cover closing costs (the card will have a 1% cash back). Are you thinking about buying a property only to rent it out? There is a mortgage for you! Look to the rental/income/second property/cottage mortgage if you’re interested in buying an apartment building or house as a rental property. Our partners can educate you and put the power in your hands.

If you’re looking at a second or third mortgage, you can actually refinance up to 95% of your home’s value and use this money to improve the home, start your own business or buy a car.

There are so many possibilities and options that it can be confusing to the average borrower. How can you expect to know everything about every mortgage or finance possibility? Our professionals can take you through the maze of mortgages and find what will best work for you.

 
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