Second mortgage, available in Milton, is growing in popularity in Ontario due to the increased need of having additional cash flow available, more investors wanting to invest and other things like home renovation projects. Are you looking for a second mortgage in Halton Hills or Milton to achieve certain financial goals? Then Halton Team Mortgage is just what you need. But, first educating yourself is key!
Second Mortgage in Milton & Halton Hills
When you already own a home, and you’ve paid on it for a few years or a decade, your home gains equity during this time. It’s the difference between the amount you owe on your first mortgage and the appraisal price. The home equity that builds up over time enables you to borrow against your home, without having to refinance.
4 Reasons to Consider a Second Mortgage
A second mortgage, available in Halton Hills near Milton, comes with many great benefits that all scream financial freedom:
- Consolidate your debt into low-interest monthly payments and eliminate high-interest debt
- Improve or renovate your home
- Invest in a rental property or a second home
- Start your own small business
- Send your child to school
With a second mortgage you can do almost anything.
How-to Qualify for a Second Mortgage in Milton
To qualify for a second mortgage, at Halton Team Mortgage in Milton, your mortgage lender will consider a variety of information:
- Your Total Debt Service Ratio (TDS): That will determine if you will be able to meet your monthly payment requirement without exceeding your TDS.
- The amount of home equity you have: You should have at least 20% to qualify.
- Your credit score: This will be the determining factor for your interest rate.
- Length of Employment (at the same job): The longer you’ve been at your job the better. This provides lenders with a certain sense of security to lend to you.
When applying for a second mortgage in Halton Hills, you should ask your mortgage lender what documentation they need. However, there are a few documentation items that are almost guaranteed, these are your banking statements, documents related to your first mortgage, employment proof and your Social Insurance Number/Card (SIN).
There is one similarity between first and second mortgages, you’ll still be responsible for paying additional closing costs such as, a home appraisal fee, legal fees, title insurance and title search. These costs could range from 2 to 5 percent, just so you’re prepared for these costs.
Are you a second mortgage aspirant in Milton or Halton Hills? So what are you waiting for? We can help with any mortgage need, so contact Halton Team Mortgages today, with no obligation.
When your finances matter, we’ll be there for you!