Equity-Based Loans Bad Credit 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. For a competitive bad credit 2nd mortgage with nearly any credit rating and almost any property with equity, look to BMC Mortgage & Investments in Edmonton and surrounding Alberta areas.
Securing a 2nd 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 and your supporting documents. 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.
Benefits to a Bad Credit 2nd Mortgage with BMC Mortgage & Investments
The equity you have built up in your home is an asset that can be converted to cash through a second mortgage. Provided you can afford to cover both payments monthly, there are many benefits to making use of this money now:
- Pay off higher interest debts
- Home improvements or repairs
- A dream vacation
- Replace an old vehicle
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
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.
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Why Would You Need a Bad Credit Second Mortgage?
- You want to renovate your home
- Avoid paying property mortgage insurance
- Pay off a large debt
- You want to buy a second home
- Consolidate your debts
- You need to pay sudden expenses