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What is a Second Mortgage?

A second mortgage refers to a home equity loan or a home equity line of credit that helps you borrow additional financing, depending on the equity that you already have on your property without refinancing or paying out your existing mortgage. A second mortgage is a charge that will sit behind your existing current mortgage. It simply signifies that the loan doesn’t have priority on the property in the event you default on the mortgage payments. In case a person defaults, the first mortgage has the priority, and the financing will be paid off before any funds go towards the second mortgage.

Reasons you may need a second mortgage

  • Debt Consolidation: You may pay off your high-interest debts such as student unsecured loans or credit cards using the second mortgage. It will help you focus more on paying back the single loan at lower interest rate.
  • Borrow: Life happens, and you may need to borrow funds to make a major purchase, for instance, paying your child’s education or renovating your home. By using the second mortgage, it is possible for you to use the equity you built in your property to purchase big-ticket items.
  • Purchase A New Property: If you are thinking of investing in a vacation home, a cottage, or just buying an investment property, a second mortgage can help you make it a reality.
  • Starting a business: If you are entering the business world, second mortgage loans can help you bring your visions to fruition.
Self-employed mortgage

We Can Help You.

Transparent Mortgages are second mortgage experts that stretch to the far corners of the financial wilderness to help those overcome their piling high-interest debts. If you are a property owner and need assistance, we are your ultimate resource.

Are you in need of cash to consolidate high-interest debts?

The world is chock-full of unexpected expenses. Before you know it, you can find yourself with mounds of high-interest debt where the burden may become too much to bear. What options do you have? Consumer proposals? Perhaps bankruptcy? How about consolidating your debts into something much easier and more affordable to manage?

Let us work our second mortgage magic.

Transparent Mortgages are second mortgage specialists, working our magic to help those lumbered with high-interest debt overcome their financial worries. We provide secured loans against your property in addition to your primary mortgage. You can access cash to pay off debts, repair credit, and prevent further financial woes down the line.

Repairing your financial life is as easy as a 4-step process.

The weight of debt is something nobody likes to carry. That’s why Transparent Mortgages commits to a straightforward, seamless process to acquire a second mortgage that starts to show light at the end of that debt-ridden tunnel. We’ll broker a second mortgage for you through this 4-step process.

  1. Tell us a few details about your situation.

Get in touch with us by filling in a few details on the contact form about your financial situation. Those fields will include the amount required, current debts, and other personal information.

  1. We’ll explore your options.

Once we receive your form, our brokers will search the far reaches to find a second mortgage that works for you. Transparent Mortgages has a vast network of lenders, including leading banks, to ensure you get the best deal.

  1. Let us secure a tailor-made second mortgage.

We’ll get back to you with options for your second mortgage and present all the terms. If you find an agreeable loan, we’ll get to work on securing that plan and approval.

  1. Start to see your financial worries melt away!

Once approved, get relief from your financial concerns. Our plans generally place clients with a second mortgage for 12-24 months to give them time to repair their financial situation.

Who can benefit from a second mortgage?

If high-interest debts and poor credit are a problem, a second mortgage may be the perfect solution. Here are some of the scenarios our brokers at Transparent Mortgages typically help with:

  • Recently unemployed and need cash to prop them up until they sell the home or financial situation improves
  • Those requiring capital to complete home renovations
  • Need financing to purchase a rental or investment property
  • Need money to buy a cottage
  • Those burdened with CRA income taxes and property tax arrears
  • Those burdened with high interest credit cards, loans, and lines of credit

Can a second mortgage solve credit and finance problems?

Second mortgages have helped countless clients pay off debts, pay for renovations, and improve their credit scores. They provide light at the end of the tunnel for those nearing bankruptcy or who see no way out of their situation. Our brokers offer a helping hand, no matter your financial circumstances or personal situation. Let us investigate what we can do for you.

Get Started Right Here.

Even if you’re not sure you’re eligible for a second mortgage, there’s no harm in asking. Please contact our friendly brokers at Transparent Mortgage, where our knowledge, experience, and vast network of lenders can start building solutions.

Get started right here, and enjoy a more promising financial future.