Second Mortgage Services Mississauga ON
Basically a second mortgage is another mortgage, smaller in size that is given to the homeowner, through second mortgage companies, when the home or property in question already has a first mortgage. This money may be used for the purchase of a new house, pay off mounting credit card debts, to accommodate your aging parents, to purchase a property for your child to live in while they attend university or because you wish to acquire a vacation or country house for weekend getaways. All you need to qualify for this kind of a loan is to own your home (or other real estate). Second Mortgage are given by private lenders or Mortgage Investment Corporations and their primary concern is not your age, credit or income history in approving you for a loan. Instead they focus on the value you have in home equity or other real estate and, unlike the banks with their stringent lending criteria, they make it as easy as possible.