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Second Mortgage Hamilton

Many homeowners are not aware of the fact that they can take multiple loans against their homes. The first loan, known as the first or the primary mortgage is usually taken while buying the house. The next loan against the same property, while your primary mortgage is still not fully paid, is known as the second mortgage in Hamilton. Having a good understanding of how second mortgages work can prove to be very useful when you need large funding for urgent expenses or when you want to enhance the value of your home through modifications. At Access Mortgage, we can help you secure a first, second, and even third mortgage, even if you are struggling with unsecured debt. We can also get you on the path of debt relief and financial freedom! Read on for more information about getting a second mortgage from Access Mortgage.

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Key aspects of a second mortgage in Hamilton

A second mortgage is subordinate to the first one, which means that in the event of a default, the first mortgage will get priority in terms of repayment. Only after the first mortgage has been completely repaid from the sale proceeds, will the 2nd mortgage lender be able to recover the loan. A mortgage is always taken out against the equity in your home, and second mortgages are no exception. The loan amount that the second mortgage lender will offer you directly depends on the equity built up in your home. Interest rates on a second mortgage are higher than those charged on the first one. This is because the second mortgage lender is taking a higher risk, as they get second priority in the case of a default. So before you opt for a second mortgage, find out what the monthly payment amount would be and if you can afford it.

How can I benefit from a second mortgage in Hamilton?

The cash that you get when you take out a second mortgage can be used for any purpose. Homeowners typically use the money to buy a new car, pay towards college fees, to remodel or refurbish the house etc. Home improvements add value to the house and guarantee a better price should you decide to sell the house in future. This means that you are using the money from an asset (your home) to increase the value of that asset itself. Those with mounting credit card debt can also take out a second mortgage for debt consolidation purposes to make repayments more affordable and manageable.

If you would like to know more about what a second mortgage in Hamilton can do for you, or how you can use it, please feel free to continue browsing through our Access Mortgage website. Click here to find our contact information and to fill out our contact form.

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WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
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    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
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    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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