Second Mortgage Barrie
You worked hard to buy your home, now let our private mortgage lenders show you how it can work hard for you by getting a Barrie Second Mortgage.
We help all clients access as much equity in their homes as we can. With competitive interest rates for 2nd mortgages we can guarantee you won’t feel overwhelmed.
Forget dealing with the bank and let us help you find out what Second mortgage in Barrie would be best for you.
What is a Second Mortgage?
A second mortgage is a financial loan that is securitized against your property. It is a great opportunity for a homeowner to access funds they may have not known existed through their property’s equity and value! The more equity you have on this house or property, the more we can do for you.
Equity on your owned property is simply the value of what you own on the property. If you own your home, we as private mortgage lenders in Ontario, would be happy to approve you for a 2nd mortgage regardless of your credit score.
How does a 2nd mortgage in Barrie work?
Your home has value and over time it can gain that value as a property asset. The equity of your property can rise over time due to home renovations or neighbourhood improvements to the surrounding areas. A 2nd mortgage allows a homeowner to borrow large funds while using their home as collateral.
Second mortgages are your gateway to financial freedom. With an approval rate of nearly 100% and no income verification, hard times don’t have to happen. We strictly rely on your equity to get you funded.
When should I apply for a 2nd Mortgage?
Drowning in debt is never fun. In today’s economy home ownership has become increasingly difficult. As a homeowner your property may be worth more than you think. Perhaps you are looking to pay off debt, or perhaps you need a quick loan to finish your brand-new pool. Whatever it may be, A second mortgage will allow you to make your dreams a possibility.
Here at BSM, in just a few short steps, we can have your equity working for you.
For any number of reasons, not all homeowners qualify for a mortgage when dealing with the Canadian banks. Usually, the banks will not deal with anyone who has bad credit, leading to extremely high rates and an overall negative experience. Bad credit means nothing to us, if your home has equity, we will do everything in our power to get you that line of credit or 2nd mortgage.
Most mortgage brokers in Barrie can help you with a 2nd mortgage, we have access to a wealth of knowledge and resources that can get you the money you require very fast. We take great pride in servicing the Greater Simcoe region for many years. Looking for a private lender or mortgage broker in Barrie or unsure if the banks will deny you based on bad credit? Or perhaps, you want to take out that 2nd mortgage and live the stress-free life you’ve always wanted.
Will I be eligible for a second mortgage and for which amount?
A lot of Canadian citizens have a hard time dealing with the banks when it comes to finances and mortgages regarding their owned properties. We remove the tedious procedures of banks and we don’t look at your GDS or TDS ratios. Bad credit, previously bankrupt, no credit or consumer proposals? Not to worry, we can help. Maybe you are facing power of sale? If so, we can assist you as well.
Regardless of your credit score, income or financial history, we will work with you to get the most equity and value out of your current property, allowing you the financial freedom to move forward in life.
We lend to 85% in most major cities, and in rural areas 75% would be the cap. Whether you need a 2nd mortgage to pay off your bad debts, help bringing your current home up to date or renovate your basement, a 2nd mortgage with BSM would be perfect solution.
Need more information on a 2nd Mortgage? Anything that does not go through the bank or whomever is in first position on your home, is considered a Second Mortgage. We determine the amount of equity we can use based on a simple formula.
The LTV formula (Loan-to-value)
Loan to Value (LTV) is monetary terminology used by the Canadian banks and Private mortgage lenders to show the ratio of a mortgage to the worth of the current homeowner’s property.
You divide the amount of security by the value of the home giving us an idea of how much we would be able to lend you.
To provide an example:
- Property Example 1 is a home in Barrie, Ontario valued at $350,000 with a mortgage of $175,000. You would be sitting at 50% LTV. That means with a lending cap to 85% we will be able to get you $122,500.
- Property Example 2 brings us to a home in Wasaga Beach, Ontario valued at $200,000 with a mortgage of $127,000 would have you sitting at 63.5% LTV. That means with a lending cap of 75%, because it is rural, we will be able to get you $23,000.
Private lenders versus banks
When you step into a Canadian Bank and are looking for a mortgage of any kind, you are immediately subject to intense and extensive questioning which include the dreaded “stress tests” and full financial disclosure of your income and monetary history, including the use of TDS (Total Debt Service) and GDS (Gross Debt Service) ratios when calculating and trying to assess your total worth.
Usually when applying for a 2nd mortgage, lenders will look at your income and credit score, this isn’t important to us. We understand life isn’t always easy, so let us help you out.
When you work with us, our agents will be quick to inform you we do not use the same financial structures as the major banks, we do not study your line of credit or your financial history, we focus solely on your home and the equity we can create from your owned property.
Over the recent years, more and more Canadian property owners have been turning to Private lenders for financial assistance. As the Federal laws and Canadian banks tighten their regulations, it is becoming harder and harder to obtain the financial flexibility you desire, without the stress and pitfalls of an extremely high rate.
BSM understands exactly what you need.
We do not look at your bad credit history, or previous financial expenditures. We simply work with the equity that your property has. Getting a loan is that easy when you work with us. We strictly qualify you based on your home equity. Trying to access equity in your home that the banks won’t allow is easier than you think.
As mortgage brokers and private lenders in Barrie, we can show you how easy and simple it is to access your property’s full equity and get started on getting you the financial freedom you desire.
What can BSM do for me in Barrie?
Here at BSM our clientele, and their everyday needs, vary on a large scale and we are here to help them succeed. Whether it’s consolidating debt, covering first mortgage payments, or even financing home improvements so you can get your significant other’s dream kitchen or man cave you have always wanted, BSM is the right choice for you when it comes to Private Lenders.
The great news is that even if your credit is in the red, BSM wants you to know that this doesn’t mean you can’t get a loan. Getting an approval and some of the lowest rates on the private market is easy.
Your home has value, why not use that value to further your financial freedoms and accomplish everything you want, from paying off your child’s education to renovating your kitchen, BSM is here for you and ready to offer you the best rates and fees available.
You’ve worked hard to buy your home and over the years it has become your pride and joy. When you speak to us, we acknowledge that and offer personalized service beyond what you would receive at the banks or other Canadian Private lenders. So, how does this lending work when applying for a second or private mortgage with BSM?
With a 2nd mortgage from BSM, homeowners can start using their funds immediately. Imagine all the help you’ll receive. Our clients needs vary from consolidating debt to planning weddings and educational expenses. Whatever you may need, using only your home’s equity, BSM will help you push forward.
What does BSM have to offer?
Today’s Canadian economy is full of homeowners who need that extra push to get over the top. Unlike the major banks, here at BSM we understand that needing a second mortgage doesn’t mean you don’t work hard everyday. With federal law ever changing, the banks continue to make it increasingly difficult for Canadians to obtain mortgages and loans.
Second mortgages can help you grow. Our equity loans can help you buy that next piece of property you have been looking at. Second mortgages can consolidate all your debts and allow for that necessary breathing room.
One of the main advantages of working with BSM is that we do not focus on your current hardship when deciding to lend you money. Our main focus is the available equity you have for us to use. We lend primarily on the asset that you have. If there is a substantial amount of room, you can bet you will be approved.
Perhaps you are recently unemployed. Not to worry, a 2nd mortgage can give you some money to make your day-to-day tasks much easier.
With a second mortgage, you can use the funds for:
- Debt Consolidation
- Remodeling and renovations
- Investing in a business
- Consumer proposals
- Paying taxes
- Purchasing long-term investment
- Transportation and Vehicle purchases
- Education and personal family expenditures
- Hospital and doctor expenses
Here at BSM Mortgage Broker we can help you turn that equity into tangible funds. Don’t wait, talk to our licensed professional today and see how signing up for a second mortgage can help relieve financial stress and help you make the payments or purchases you need to live the life you want.
Why choose BSM as your private mortgage lender for a second mortgage in Barrie?
Unlike several other private mortgage lenders, we will create an affordable and realistic approach to getting you the financial solution you need.
In decades past, a lot of Canadian homeowners have looked at a private mortgage as a last resort. In today’s economy that is no longer the case. Whether you need help climbing out of debt or just looking to buy that once in a lifetime purchase, BSM can help you understand your home’s true value and how you can turn that into equity. Once your equity is determined, we can help you decide which financial route is right for you and your family.
A second mortgage in Canada is exactly what you think. It simply represents a loan that you take out on your property, on which you already have a current first mortgage. We know you may not have the present financial circumstances to apply and qualify for a loan or mortgage at the bank. We understand credit may have built up over the years. That is why we are here, to alleviate that stress and create a pressure free environment for you to get back to where you want to be, financially and with your life.
Worried you won’t qualify for that big loan or mortgage at the bank?
Come talk to us at BSM and we will get you started right away. When dealing with the major banks, most qualification standards revolve around your credit score, income and property value. Most major Canadian banks will also look at your equity, we focus only on your equity. Our lenders will get you the most value for your property and some of the most competitive rates available.
We don’t look for problems, we look for solutions. Are you self-employed or recently unemployed? Just because the banks do not accept you as a candidate, does not mean you haven’t worked hard every day of your life. A common misunderstanding revolves around 2nd mortgages only being a final stand or last option. Did you know over 15% of Canadians (accreditation: Globe & Mail Press) are self-employed? The Federal laws and regulations constantly changing the housing landscape. Therefore, a second mortgage is a very real option for most home owning Canadians.
The Simcoe County area has already trusted BSM with its mortgage solutions for many years, wherever you are in Canada, give us a call and let our team start working for you.
What does the mortgage application process look like?
Here are the steps involved:
- You call BSM Mortgage Broker or you fill out the online application.
- We get you in touch with one of our qualified agents.
- Once qualified we have the appraisal ordered.
- Send the completed appraisal and the requested forms to the approved lender.
- You are sent the approval documents and we go over it together and we sign.
- Then you sign at the lawyers and you’re funded the next day.
This whole process is made simple when dealing with us and we’ll guide you through it step by step.
Please remember, with a loan taken out following your first mortgage, there are many benefits and reasons to take out a 2nd mortgage. In the correct situation, a ‘second trust junior lien’, (also known as a 2nd mortgage), is the right move for homeowners looking to save money.
What is your service area?
We are not limited by Barrie, Simcoe county or Ontario borders. We service Canada with most competitive Second Mortgage rates.
If the bank turns you away that doesn’t mean you are left with no options, call us today and let us show you how your property can get you the money you need to pay off your debt or finally make that long awaited purchase.
If you are a home or property owner in need of a Second Mortgage in Canada, contact us.