Refinancing Your Mortgage

 

At various times we could all use some extra cash, but it is not always easy to come up with it. That tropical vacation, home renovation or business opportunity might be just out of reach, but do not let those dreams fall by the way side. One solution might be to refinance your mortgage. This will give you that extra cash without a large repayment plan that can come with personal loans or lines of credit.
There are other benefits to refinancing. You can take this opportunity to consolidate any high interest loans or credit cards. Another benefit of refinancing your mortgage is that you may be able to get a far better interest rate than your current one. If we cannot beat your current rate, we definitely can find a better mortgage product since we have access to over 75 lenders across Canada. Our professional mortgage brokers would be happy to find the best possible rate or product to suit your new situation. Simply fill out our convenient mortgage refinance application and take that step closer to your dreams.

 

 

2nd Mortgages

Second mortgage financing is simply another mortgage for the balance of funds you require. This requirement may arise from the purchase of a new home and at the same time porting your old mortgage. Sometimes the second mortgage financing arrangement will result in a reduced mortgage insurance fee. Some lenders even offer insured second mortgage money at first mortgage interest rates.

 

 

3rd mortgages

 

As a last resort in a situation of financial distress, or near-financial distress, it is often possible to obtain a 3rd mortgage on a home.  A 3rd mortgage is a loan against real estate which has already been pledged twice as collateral for two other pre-existing mortgages.  The third mortgage contract's claim to your asset is subordinate to the other two mortgages, and as such it is a very risky proposition for the lender and the interest rates will be higher.
Regardless, a third mortgage may be a superior alternative to bankruptcy or a consumer proposal, if there is a realistic plan to pay off the old and new debts.  Needing to apply for a 3rd mortgage may in many circumstances be viewed as an alarm bell that something is financially going seriously wrong.
But, when things are going wrong, it is far better to have a professional mortgage broker than to walk straight into a bank and explain the troubles. Call us to obtain the best rates and the most appropriate financing for your needs.

 

If you are in Toronto and surrounding area, Mortgage Alliance can help - contact us.