Is My Bank The Only Option For A Second Mortgage? There are many reasons why you would want to take out a second mortgage, and whatever that reason may be, you still need to get the money you need in a safe and fast manner. The most popular way to do that is to usually go through your bank and apply for another mortgage. This may not work for everyone.
What if we told you there were other options? Even though a bank may seem like the easiest and most straightforward choice, there are other options. These options tend to be just as easy (if not, easier) to obtain a mortgage from. The process for applying tends to be easy to follow.
So, what are these mortgage options, and what’s the process for getting them? This article will be able to answer the questions you have about getting a second mortgage. Keep reading to find out more!
What Are the Qualifications for Getting a Second Mortgage?
As you may already be aware, applying for a second mortgage tends to come with less restriction. This is because adding another mortgage is usually based on the built-up equity in the home.
Of course, there are other things that the lender will consider, such as your credit score. The number of debts you’re already paying, and the amount of credit check performed. They’ll also be utilizing your spending habits over the last few months prior to your application so it’s important that you’re not a big spender.
What Are Some of the Mortgage Options I Have?
Keeping in mind what was mentioned earlier, it’s no surprise that banks would be stricter than any other venue since they’re so used to having more applicants than anyone else. That being said, if you don’t think you’ll be able to apply for a mortgage through a bank or are just looking for other options, there are quite a few choices still available, and all are great options for your needs. Here are just a few that might interest you.
Mortgage Investment Corporation
One great option would be trying through private lending companies like. These lenders generally specialize in offering home mortgages, and they would be the perfect option to get a second mortgage from. They offer a second mortgage based on the equity in your home. Their application process is quick, easy and approval is fast.
Private Equity Lending
Private equity lending is the best way to securing a second motgage.
No matter what choice you go with, alternative lenders are safe to use and are more than willing to work with. Make sure to talk with them to find out more about how they can help you!
For the Second Mortgage, You Need
Now that you know your bank is not the only option for a second mortgage. You’ll be able to access the equity in your home with a second mortgage. Wouldn’t it be easier if all of these options were in one place for you to easily apply? If you’re thinking like this, you’ve come to the right place.
At Mortgage Brokers Network, we have access to a number of lenders. You’ll be able to select from a wide list of mortgage types, including the New to Canada Mortgage, construction mortgages, self-employed mortgage options, fixed-rate & variable-rate mortgages, and so much more.
Ready to find the right mortgage for your needs? Learn about the many choices you have available to you. We can’t wait to hear from you!