Second Mortgages in Toronto bhmseo 2020-01-03T13:12:41-05:00
Second Mortgages in Toronto
Why Choose Us
We are the Direct Lender
We can offer the lowest second mortgage interest rates
It’s a simple and easy application process with 24-hour approval
We have flexible guidelines and offer customized solutions
You’ll get exceptional service with quick responsiveness
Second Mortgages Across Ontario
Are you a home owner looking to secure funds? Would obtaining these funds benefit you and pay for the things you care about? For many people, second mortgages in Toronto are one of the most convenient and cost-effective ways to do so. At Tribecca Finance, we are experts in second mortgage lending. Our experienced team is committed to providing you the right second mortgage solution. We lend to homeowners in the Greater Toronto Area and surrounding cities and our out of the box thinking helps us understand the unique borrowing needs of Canadians.
How Second Mortgages Work
A second mortgage is a loan secured against the equity in your home. The primary criteria for the amount you can borrow is based on the equity in your home. Home equity is the value of your home minus the outstanding balance of your mortgage. Whether you are looking to borrow a few thousand or hundreds of thousands of dollars, we offer second mortgages to meet your needs.
When obtaining a second mortgage, it is repaid in monthly installments. We offer amortized principal and interest payments or you can choose our interest -only payment option, which enables you to lower your monthly payment. We can also design a custom payment plan with zero payments for up to 12 months. With these options, you will have peace of mind knowing that you will have a payment plan that you can comfortably afford.
Second Mortgage vs. HELOC
A home equity line of credit (HELOC) allows you to borrow up to a set amount, just like a credit card. The amount of your monthly payments is dependent upon how much you owe. Since it’s revolving, you don’t need to apply for another loan once you have paid everything off. If you default on your payments, you are putting your home at risk because it’s used as collateral.
Benefits of a Second Mortgage
There are many benefits to a second mortgage. It is one of the easiest and quickest ways for you to obtain the funds you require. A second mortgage, for example, could be used towards your child’s university education. If you want to avoid paying the penalties to refinance your first mortgage, a second mortgage is an option and may be a better choice. Our lending guidelines are more flexible than the banks and we have a simple and easy application process.
A second mortgage is a way to wisely consolidate your debts into one lower monthly payment. Paying off higher interest rate credit cards or loans can save you thousands of dollars in interest each year and reduce your debt payments significantly.
Paying for a home renovation or repairs can become costly. If enhancing your living space, making repairs or simply investing in your home is important to you, a second mortgage is a great way for you to finance the expenses.
If you are self-employed, it can be challenging to obtain financing from some lending institutions. We understand lending to business owners and can offer innovative second mortgage solutions.
With a Second Mortgage you can also use the funds to:
Whether you have a first mortgage or not, you can take out a home equity loan. However, you need a first mortgage before you can take out a second one.
A home equity loan can sometimes be a second mortgage loan. Both types of loans use the home as collateral. The lender won’t be paid until the first mortgage is dealt with, which means these loans carry higher interest rates than first mortgages because the risk is greater for lenders.
Tribecca Finance offers home equity loans that provide many of the same benefits as a second mortgage.
Our common sense approach to lending has made Tribecca Finance a leading alternative lending company. Our decades of experience and understanding various types of borrowing needs enables us to provide creative second mortgage solutions. In addition to providing all of our customers with personalized options, we can offer the best second mortgage rates in Toronto.