Second Mortgage

• Your credit score
• your net income.

A mortgage broker can help save your time, energy and money. It is better to work with a broker as they help borrowers understand the mortgage market. With a broker by your side, you can find the 2nd mortgage you need.

Absolutely!  Unlike banks who only look at income, we can leverage the equity you have in other real estate assets. 

With a Freedom Capital 2nd mortgage you can cover a variety of costs, including but not limited to:

• Renovation, construction or improvement of a property
• Debt consolidation
• Invest in properties or other financial ventures
• Invest in your business
• Cover daily expenses
• Obtain funds in high-stress life situations such as illness or sudden death in your family
• Life situations

Freedom Capital provides Second Mortgage in several cities and provinces in Canada. The list include:

1. Second Mortgage in Alberta
2. Second Mortgage in British Columbia
3. Second Mortgage in Ontario
4. Second Mortgage in Surrey
5. Second Mortgage in Vancouver

If you default on your loans, loans secured against your home will have a priority in which they will be repaid. In the event of foreclosure, the loan that holds the first priority will be repaid in full before any other loans secured against your home. The remaining amounts after the first loan has been paid off will go towards the second mortgage, and so on.

Homeowners may opt for a second mortgage for a variety of reasons. Second mortgages can be used to consolidate debt, pay off other loans, fund a down payment on another property, or cover any other expenses that require a significant sum of money. However, second mortgage rates are typically higher than primary mortgage rates, as lenders assume more risk with second mortgages. It is a viable option for those with a low credit score or a spotty credit history, but it is important to note that you will need to approach a private lender, also known as a “C lender,” where you will pay higher interest rates.

To purchase a second property in Canada, such as an investment property, a second mortgage may be a helpful option. Keep in mind that a down payment of at least 20% is required for a secondary home. If you or any family members plan to reside in the secondary home rent-free, you may pay less than 20% down payment. Note that the Canadian Home Buyers Plan, which allows you to tap into your RRSPs, does not apply to a second property. Costs for buying a second property are similar to your first purchase, including valuation fees, legal fees, and registration fees and property transfer tax.