All loans are subject to credit and underwriting approval. Further documentation may be requested from you. Canadian Cash Solutions is not a lender but a lead referral company and may be compensated for its referrals. Loans range from $300-$2.1 million (additional for mortgages) with terms of approximately 2 months to 72 Months (additional for mortgages). APRs range from 2.5% to 29% and will be dependent upon our partner's assessment of your credit profile. For example, on a $1200 loan paid monthly over 12 months, a person may pay $114.05 per month for a total of $1368.64 over the course of the entire loan period. This amount includes our partner's optional loan protection policy. In the event of a missed payment, you are subject to an insufficient funds fee from about $30-$70 (dependent on the lender). Once a loan is in default, your payment plan will be terminated. Different collection methods may be employed to collect your remaining balance. Failure to pay will result in possible legal action and any outstanding debt may be pursued by the full extent of legal options. Our lenders employ fair collection practices.
Note: Canadian Cash Solutions and its affiliates will never ask or charge you any pre-qualification or application fees. Canadian Cash Solution is not a lender but a leading referral company in the finance industry. Canadian Cash Solutions and all of its financial partners adhere strictly to Canadian laws and regulations. To protect yourself, read more on this topic here.
EVERYTHING YOU NEED TO KNOW ABOUT A SECOND MORTGAGE LOAN
What Is A Second Mortgage Loan?
A second mortgage loan is a lien on a property which is lower in ranking to a more senior mortgage or loan. Or we can simply say that a second mortgage is a loan taken out against a property that already has a mortgage on it. You can borrow money using your property as collateral, thus you will surely have low-interest rates as compared to a credit card.
The most common type of second mortgage loan is a home equity loan or a home equity line of credits. As the name suggests, a home equity line of credit is an open-ended loan where a homeowner borrows money against the home, pays it back, and then can continue to keep borrowing if necessary. It’s similar to the way we use a credit card, whereas, home equity loans are closed-ended loan where a homeowner borrows a fixed amount and pays it back over time.
Under What Circumstances Should You Consider A Second Mortgage Loan?
- Financing a Home Improvement.
- Paying-off High-Interest Debts.
- Paying For College Tuition.
- Paying For Monthly Expenses after A Job Loss.
- Paying For Costly Medical Treatments.
Benefits of A Second Mortgage Loan:
- Low-Interest Rates:
One of the main benefits of getting a second mortgage loan is that the interest rates on second mortgage loans are lower than other loans.
- Tax Benefits:
In most of the cases, the interest paid on second mortgage loans is tax deductible, which helps in balancing some of the cost of taking on the loan.
- Loan Amount:
You can borrow large amounts through the second mortgage because your loan is secured against a property which is generally worth a lot of money. You have easy access to a large amount in your time of need.
How To Get A Second Mortgage Loan:
- You can apply for a loan at the bank.
- You can also look for a mortgage broker.
- You can also look online for a lender (Online Lender).