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We understand that there are situations when you will need a second mortgage in Peterborough. Our Peterborough Second Mortgage program allows you to take up to 85%* of the equity out of your home (*ONTARIO ONLY!) regardless if you are Self Employed, have poor credit or are previously Bankrupt.
Poor credit, mortgage arrears, self-employed, and no employment situations considered. Each decision to lend is based on more than numbers, ratios, credit score, and income. While important, we also take into consideration your capacity, character, ability, and your desire to get your finances on track.
A Peterborough second mortgage is an additional loan taken out on a property that is already mortgaged. For the lender, this is more risky than the first mortgage, because they are in second position on your property’s title. If the homeowner defaulted on their payments and the property was taken into possession, the lender in first position would always be paid out first, whereas the lender in second position runs a higher risk of not being paid out in full. To compensate for this additional risk, mortgage rates for second mortgages are always higher than for principal mortgages.
For individuals with an existing mortgage, who have good credit and more than 20% equity in their homes, the most affordable second mortgages in Peterborough will be in the form of a home equity line of credit. However, if the homeowner has weaker credit and/or little equity in their property, a second mortgage in Peterborough through a trust company or private lender would be required.
Why Get A Second Mortage?
- NO MIN CREDIT SCORE REQUIRED
- NO JOB VERIFICATION PAPERS REQUIRED
- QUICK FAST APPROVAL
- Refinance your Home
- Pay off high credit loans
- Grow your Small Business
- Home Equity Line of Credit Mortgage
- Tax Arrears
- Second Mortgages
- Private Mortgages
- Consolidate debts
- Pay off High Interest Credit Cards
- Second Mortgage Experts
Online Second Mortgage Application
A Second Mortgage can help you relieve debts or finally get the kitchen upgrade you have been waiting for. Learn more about how a second mortgage can help you fulfill your dreams.
Apply For A Fast Second Mortgage
We’ve made the process of applying for a second mortgage simple! Fill out our online second mortgage application to get approved for a fast second mortgage today!
Contact A Second Mortgage Expert
Our Second Mortgage Experts can assist you from start to finish. Contact our second mortgage experts to apply for a fast second mortgage today and receive fast second mortgage approval.
We understand that getting a Peterborough second mortgage is important. Simply fill out the second mortgage form to the right. We promise to contact you within a 24 hour time period.
A Peterborough second mortgage is a common way of financing when the property owner has available equity in the property. A second mortgage can either be a home equity line of credit or a private mortgage. In both cases the property owner’s home is used as security and in the event of default, the first mortgage will be paid before the second mortgage.
In most cases, if the Peterborough second mortgage is a home equity line of credit (HELOC), it will often have a lower interest rate than other types of financing, such as credit cards and unsecured signature loans. This is usually because the mortgage lender is provided some protection by being given security in the home.
I was frantic about how I was going to be staying a float in the coming months. Business had been declining but our bills were not. We decided that we would take out a Ontario second mortgage and had chosen Ontario Second Mortgage to help us through the process. We were thrilled at how simple and painless the second mortgage process was. We wouldn’t recommend anyone else for a second mortgage!
– Jonathan Baldwin