Newmarket Mortgage Services, can provide you with a second mortgage even if the banks have turned you away. Our lenders lend based on your home equity instead of credit, this allows us to quickly approve mortgages. Whatever your financial needs are, a second mortgage can provide funding to help achieve your goals.
Legally speaking, a mortgage in Canada is a loan that is secured against real estate. The mortgage itself is represented by a legal document that is kept by the lender. Traditional lenders such as banks have extremely strict lending criteria, alternative lenders like our own, are there to fill the gap.
In Canada, a mortgage is a claim against a property, and that property is used as collateral for the loan. Technically speaking, a mortgage is a document that you give to your mortgage lender in order to gather funding. The traditional method of purchasing a house is to borrow money from a bank as a way to finance the home purchase. The individual borrowing the money makes a promise to pay the lender back the money in small amounts over a predetermined time period.
A property can have many mortgages, but more than three is extremely rare. The mortgages are numbered in the chronological order in which they were placed on the property. So the first mortgage placed is the first mortgage, the second mortgage placed is the second mortgage, and so on. If the property owner is unable to pay the agree upon payments, then the mortgages fall into default.
If a property owner is unable to pay the mortgage fees, the lender has the ability to take ownership of the property to recoup their investment. The number of each mortgage determines the order in which the mortgages are to be paid out. This means, that a first mortgage would be paid out first, then the second mortgage would be paid out, and so on. Since each additional mortgage is a more risky investment, the interest rates are typically higher.
Our professionals have decades of experience with second mortgages. If you need a second or third mortgage please don’t hesitate to contact our team of professionals. We will walk you through the process and help you find the solution that is in your best interest.
Bad Credit Mortgage
If you have a low credit score lender may classify you as a bad credit risk. Most lenders will not provide loans to people with bad credit. However, we have access to a number of lenders that can provide bad credit mortgages and loans.
Second Mortgage Appraisals
All mortgages are based on the value of the property, therefore an appraisal is required fro each new mortgage. An appraiser determines the value of the property by comparing other recently sold house to the subject property. A home owner can increase the value of the appraisal by ensuring that there are no visible defects. Defects could include unpainted drywall, leaking faucets, broken doors or any other item that an inspector would notice. Making minor repairs could increase your home’s value by thousands of dollars.
Newmarket Real Estate Market
Newmarket is a large community located about 25 minutes north of Toronto. Highway 404 allows direct access from downtown Toronto to Newmarket. Newmarket is one of the main towns in York Region, Yonge Street is where all major retailers are located and is also the central business area.
Newmarket has a very diverse mix of housing for people of all income levels. At the high end there is the Stonehaven area that has many executive style homes. The majority of homes are bungalows or semi-detached homes designed for people who commute to and from Toronto.