Blog And Articles

How To Qualify For A Second Mortgage

Nim Chauhan

30 Oct 2019 Second Mortgages

Infographic guiding borrowers how to qualify for a second mortgage

What Is a Second Mortgage?

Think of a second mortgage as a home equity loan that allows homeowners to borrow money from the equity in their home, without refinancing their current mortgage. Using your home as collateral, you can obtain funds to finance projects, goals and purchases.

Qualifying for a Second Mortgage

Obtaining a second mortgage from a private lender has unique qualifications when compared to Canada’s major banks. Requirements with private lenders aim to make it easier on the borrower to gain financing approval by relying less on borrower’s credit, while placing a greater emphasis on equity and property value. Private lenders generally focus on four qualification areas to provide you financing:

1.    Equity

2.    Income

3.    Credit score

4.    Property value

Applying for a Second Mortgage

Rateco aims to make the mortgage application process streamlined and fully transparent. Simply fill out your application online, providing the requested mortgage amount, contact & housing information. Once approved, Rateco’s live auction will enable private lenders to bid against one another for your business. Interest rates, fees, repayment schedules – our lenders compete, creating better options for you to consider.

At Rateco, we want to help people get into the right mortgage product at best price. 

Apply online today!