Equity-Based Loans Second Mortgages
If you have equity in your home or property and you need access to money, a second mortgage might be the perfect solution. In some cases, banks and major lending institutions will refuse to put a second lien against your home or will offer rates you feel are unsuitable. But not to worry, we can help!
Common Reasons for a Second Mortgage
The equity you have built up in your home is an asset that can be converted to cash through a second mortgage to:
- Renovate your home
- Avoid paying property mortgage insurance
- Pay off a large debt
- Buy a second home
- Consolidate your debts
- Pay sudden expenses
Securing a Second Mortgage
You may have greater difficulty securing a second mortgage because your primary mortgage would be paid out first in the case of a foreclosure or loss. Second mortgages are considered higher risk and as a result, often require excellent credit ratings and carry higher mortgage rates.
To secure a 2nd mortgage with BMC Mortgage & Investments, we require information regarding your:
- Primary mortgage so we can ensure our mortgage is secure
- An appraisal or proof of the value of the property against which you taking out the mortgage
- Supporting documents
Why BMC Mortgage & Investments
Regardless of your reason for the second mortgage, there are benefits to working with BMC Mortgage & Investments:
- Easier to qualify than banks and lending institutions
- No renewal fees on second mortgages
- Short-term financing if desired
- Payout of an existing second mortgage
- No up front or out of pocket fees
A major benefit to working with us is that as private lenders, our criteria make it far easier for you to qualify. Your part is to make sure you can afford the payments on both mortgages for the duration of your bad credit second mortgage.
APPLY FOR PRE-APPROVALUnlock available equity in your home!
We will consider any home equity loan regardless of age, credit, or income.
Apply for a Second Mortgage Today
Accessing the money you have built in the equity of your home is a quick and easy application process. For more than 40 years, BMC Mortgage & Investments have been helping just like you in Edmonton and surrounding Alberta areas, acquire bad credit 2nd mortgages. Contact us to learn more.