Milton is a growing community that has experienced recent popularity amongst home owners in the past decade (especially first-time home buyers and new families). Most Milton homeowners have seen dramatic appreciations in their home values that have mirrored other great cities in the Greater Toronto Area (GTA). This has lead to an increase in demand for second mortgages in Milton as it is a great way for residents to explore equity take-outs for a variety of purposes, and the reasons really are endless.
What is a Second Mortgage?
In simple terms, a second mortgage refers to the position of the mortgage being behind an existing mortgage, most often held by a major bank or other financial lending institution. Second mortgages are a great way to secure short term loans at more favorable rates when compared to unsecured forms of credit. A second mortgage allows home owners in Milton to access the available equity in their homes for many different reasons, not to mention quickly and without hassle!
Some homeowners in Milton would use a second mortgage to consolidate high interest debts such as credit cards and personal loans. Others have taken a second mortgage to renovate their home, which often leads to further appreciation of their homes value in Milton.
The end-uses of a second mortgage are countless as they are specific to each home owner’s desires, but the process of obtaining one remains constantly straight forward. In most cases, second mortgages are more often considered for approval based on the available equity in the Milton home as opposed to the other typical application merits, such as income and credit and debt servicing ratios.
What’s the process?
It’s as simple as filling out an application and providing us with a bit of insight into your personal circumstances. Based on our experience, we will be able to offer you options that will meet your goals and timeline. We will also offer suggestions and advice to help you with both your short-term and long-term goals, exit strategy and other key components to consider for any second mortgage. Approvals are usually issued within 24 hours and closings can be as fast as 72 hours!
Ready to apply?
We have been helping residents of Milton with their second mortgage needs for many years and we look forward to helping you with yours. If you own a home and are interested to learn more about second mortgages in Milton, or if you are interested in getting a second mortgage, then please give us a call today to discuss your options – (905) 455-5005.