Private Second Mortgage

Due to new mortgage regulations and various situations in life, conventional sources of mortgage money may not be available to homeowners. Home Mortgage Advice provides property owners with the most competitive private second mortgage financing on Canadian mortgage market.

It is also the easiest way, because we are dealing with private money, and lending is generally based on home value.

An alternative to a second private mortgage can be refinancing or a line of credit, but with new mortgage rules, many homeowners lost this ability and cannot access home equity like before. Another reason why refinancing might not be the best option – is penalties to brake. Some fixed terms mortgages require substantial prepayment penalties in time of refinance and this makes mortgage refinancing an expensive option.

• Private Second Mortgage is a perfect short-term solution. Mortgage terms usually range from 6 month and up to 2 years. Short-term second mortgages great for:
• Consolidating high interest debt with second mortgage. This often creates better cash flow due to lower payments and helps re-establish damaged credit score.
• Construction financing – residential construction projects can run more efficiently with easy access to construction money.
• Renovation projects – the easiest way to increase home value is to renovate and improve your existing home
• Business expansions – receiving a loan from a bank for business expansion, is long and difficult process. Accessing home equity will help your business to expand quickly.
• Real estate investments – nowadays lenders require larger down payment for investment properties. A private second mortgage can play a very important role; this will allow you to leverage your money and acquire properties.

In many different ways private second mortgage helping homeowner to save money in high interest card debts and gives opportunity to make your equity work for you.

Our pricing for private second mortgages starts at 9.99% and ranges from 15 000 to 500 000 dollars and more depending on the project size.

Besides providing you with a second mortgage, we can help re-establish your financial and credit situation and help acquire the best financing through the bank once you qualify. With us, you will always get the best rate based on your personal situation. Regardless of your mortgage situation, you NEED to contact us for more information and submit online application to start the process.

Please, do not appraise your property yourself. We will have to request independent appraisal as per lenders’ requirements. Contact us for more details.