Loans taken through referrals of Canadiancashsolutions will be subject to credit and underwriting approvals. Canadiancashsolutions is a leading mentor company and not a lender. Canadiancashsolutions only works with financial service providers that adhere to Canadian laws and regulations. Loans disbursed are from $500-$35,000 with terms from 4 months to 60 months or longer. APRs expand from 2.99% to 46.96% and will depend on our lending partner's assessment and evaluation of your credit profile. For instance, on a $500 loan amount to be paid over a period of 9 months, a borrower will pay $81.15 per month totalling $730.35 over a period of 9 months (Optional loan protection policy included). An insufficient fund fee of $45 will be charged per missing payment ( fee may vary depending on the lender). Failure of any sort shall lead to termination of the payment plan. For recovery of the remaining amount, collection methods will be used.
Fair recovery and collection practices are employed by our partners.
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.
How Much Can You Borrow on a Second Mortgage and What Will It Cost?
A second mortgage is a type of loan that homeowners take out on an existing mortgage, with the borrower still paying for their first mortgage on top of their new mortgage. The term second mortgage is used since the primary mortgage, or the first mortgage, taken out for the property will still be the primary mortgage that will be the priority in the event that you default on payment.
Qualifying for Second Mortgage
The second mortgage does help homeowners get extra cash for their immediate needs, but what can you do to get your application approved? After all, applying for a second mortgage is seen as risky by lenders. That said, if you are thinking of applying for a second mortgage, there are a few things that you need to present such as:
• Credit score- Lenders will want to see your credit score as this will play a role in the rate of the second mortgage that you are going to get.
• Property- The lender will take a look at the property to determine whether the amount is the same as that of what you are borrowing.
• Equity- Lenders will also require a listing of equity where the more you have equity, the better your chances are of getting qualified for a second mortgage.
• Income verification- Another thing that lenders will ask for is confirmation of your source of income. You will need to show proof that you have a job and that you are capable of paying your dues. If your source of income is stable or steady, the higher the chances of you being qualified for the second mortgage.
How Much Can You Borrow?
You’re probably wondering how much money you can borrow on the second mortgage? Well, this depends on the amount of equity that you have built on your property. The restrictions on the loan-to-value ratio will vary from one lender to the next. In the case of major banks, mortgage companies, and even credit unions, you’ll only get up to 80% of the total appraised value of your current property.
If you are borrowing from major lenders, Home Equity Line of Credit (HELOC) is the second mortgage available. There is another option to consider which is the private lender which can come from a private individual or perhaps a group of investors. They can offer a higher rate but with higher fees compared to a HELOC which you need to consider carefully since if you can’t pay your dues on time, you are risking the loss of your property in the process.
Apply now for your second mortgage loans with us and get instant approval.
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