Private & Second Mortgages
I want to learn more about private & second mortgages.
A second mortgage is an additional loan taken out on a property that is already mortgaged.
These mortgages are generally available for clients who have a challenging application due to bruised credit, lack of provable income, need money for an emergency, etc.
Most people associate private or second mortgages with high rates, huge fees, and an image of a loan shark who they will be tied to for the foreseeable future. While some of this might be true we want to remove this stigma by explaining how they can actually benefit you.
Typically, these mortgages only require interest-only payments (thus assisting with your cash-flow), are generally offered for a 1 year period, and offer you the opportunity to resolve your immediate financing issues and allow you time to put an action plan together in order to have an exit strategy.