Second Mortgage Montreal, Quebec
Montreal Private Mortgage Lender
What is a 2nd mortgage loan?
If you have a 1st mortgage whether it’s with a traditional bank or another financial institution, we can offer you a second mortgage that will be registered behind your first mortgage if there is enough equity on your property
Why a second mortgage can be a good option ?
The rates on the 2nd mortgage are higher than on first mortgages, but it can be a good option in some situation :
- You have a good rate on your first mortgage and you want to keep it,
- The penalty on your first mortgage is too expensive if you break your mortgage
- You can’t qualify for a first mortgage with a financial institution so you need to keep the one that you already have and get extra money for your project.
- You need extra cash to fix your situation, its for debt consolidation to improve your credit score and be able to refinance with a bank after that, or your property need major renovations