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Second Mortgage Loan: With Good or Bad Credit

Naturally, homeowners are constantly looking at ways to cut costs, especially as their household grows and they are looking forward to the future expenses of college educations for the children or impending retirement costs. Taking out a second mortgage loan can possibly be a good way of lowering monthly payments and interest rates, allowing you to have the free time and extra money to set aside into savings. With bad or good credit both, this is a possibility, but the rules may change a little and additional paperwork may be required in the case of those with bad credit. While those with bad credit may have hard luck finding one of the five major banks in Canada to finance their mortgage loan, they can always turn to private lenders.

This is because private lenders operate on the basis of property and equity, rather than credit by itself.  There is no need to fret if desiring a second mortgage loan with bad credit. It’s important to sit down and meet with a Mortgage Brokerage firm that is experienced in handling this kind of case, and in many cases can help those with bad credit repair their credit through the possibility of steady monthly payments. If your monthly payments have been high and it’s been difficult to make ends meet, taking out a second mortgage loan is actually a great way of lowering monthly payments and interest rates, in the long run making it easier to repay the mortgage.

There are a few steps to keep in mind when taking out a second mortgage loan, with bad credit or good credit both. You will need to get your financial documents in order, to show the lenders what your current standing is. Proof of savings is always preferable (In an event of a purchase), and you may need to save a bit and move it into your savings account, especially if you do have questionable credit history. This is not the end of the world, with a little bit of preparation and know how. Getting your statements in order and doing some research into what different lenders are offering is a big help and a great first step.

When deciding to take the plunge into actually taking out the second mortgage loan, those both with bad or good credit will probably want to meet with a Professional Mortgage Broker who is ready to manage their best financial interests. With access to all of the lender’s track records and the best interest rates for each individual situation, they have the foreknowledge that an individual would take months to research. This is extremely helpful if you are ready to get started on that loan application straight away, and consolidate the two mortgage loans into one easy package of monthly payments. To find a mortgage professional that is ready and willing to assist with your financial situation, at any credit rating, contact us today.

Current Mortgage Rates

Mortgage Term Rate  
1 year2.89%
2 year2.19%
3 year2.19%
4 year2.79%
5 year2.44%
7 year3.79%
10 year4.39%
ARM2.10%

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