Clients borrow money from a lender to finance their house; the rank of the mortgage is determined by the order of the date on which the homeowner borrowed the money – First mortgages are followed by second mortgages, then third mortgages, and so on as necessary. If the homeowner fails to repay the amount that was agreed upon, the loan falls into default.
A lender can take over the property in order to pay off the mortgage if all other legal options to return the payments to good standing have failed. That is lender can start a legal process under power of sale procedure.
Second Mortgages are one of the popular option for home owners who may want to carry out renovations, consolidate unsecured debt or acquire funds for unexpected emergencies. We proudly offers second mortgages in Toronto, Brampton,Bolton, Barrie, Mississauga, Oakville, Burlington, Hamilton, Cambridge, Brantford, Milton, Guelph, Kitchener, Waterloo, London, Windsor, Aurora, Ajax, Pickering, Markham, Woodbridge, Barrie, Whitby, Oshawa, Newmarket and Bradford from our own pool of funds through private investors, for as much as 85% Loan to Value (LTV). This percentage allows you to maximize your equity takeout.
A private individual (like yourself) provides mortgage funds to a property Owner to be registered on title and secured against the subject property. We lend either One on One or in pool. (Between the Investor, and the property Owners.)
We often provide approval in as little as 24 hours. Clients can take advantage of several benefits, such as debt consolidation, property tax arrears, judgments, liens and Canada Revenue Agency (CRA) arrears, power of sale, purchase, refinance.
Second mortgages can also help with other financial needs such as construction financing, emergency situation, and unexpected medical bills or funeral costs. When working with industry experts such as Approvalassist.ca, our clients in Brampton and across GTA can take advantage of fast and efficient approval process. There is no need for excessive paperwork, unlike Banks.
This makes the unique second mortgage process from Approvalassist.ca unlike any other lending partner in the industry. We have over $32 million in funds for homes, rental properties, condos, well and septic properties, and farm and commercial properties. Our team of professionals at Approvalassist.ca has dedicated years to establishing relationships with different lenders throughout Canada. This makes us one of the most recognized alternative lending Mortgage Brokerages in the industry.
Everyone is approved on equity, not credit.