In most recent years, Mississauga, Ontario has been one of the most appreciating real estate markets in the Greater Toronto Area, and all of Peel Region. With the surge in home values, as a homeowner, you have the benefit of accessing the equity in your home with a second mortgage in Mississauga up to 90% LTV (loan-to-value).
A second mortgage is a stand-alone mortgage that is registered on the title/deed of a real property, in second position behind an existing first mortgage charge. Since the loan is registered in 2nd position, you won’t be required to break your 1st mortgage or make any changes to it.
While there are no restrictions to homeowners on how they use the funds they receive from their Mississauga second mortgage, here are some common reasons homeowners take out a second mortgage:
Getting a second mortgage in Mississauga is a simple process, and the requirements for getting approved are fairly easy – all you need is equity! Mississauga second mortgage lenders don’t require any proof of income, and they don’t have a minimum credit score requirement. This means, even if you have bad credit and can’t prove your income, you can still qualify for this loan.
Since our second mortgage Mississauga approvals are based on equity, the most important part of the process is confirming the home value and the balance of the first mortgage.
In most cases, when looking to access 80% LTV or higher, an appraisal will be required. There are many instances where an appraisal may not be required, as long as the lender can confirm the property value based on their own resources, or where the loan-to-value ratio is low (below 60% LTV).
When applying for the second mortgage Mississauga Program, homeowners should prepare the following documents, as they will be required at some point during the transaction:
Second mortgage rates in Mississauga are most commonly based on the loan-to-value (LTV) of the second mortgage. A good rule of thumb to consider, is when the LTV is higher, the interest rate will be higher. The reverse is also true – the lower the LTV, the lower the rate you can get.
See the chart below to compare second mortgage rates in Mississauga based on LTV:
85.01% to 90%
8.99% – 10.99%
80.01% to 85%
8.99% – 9.99%
75.01% – 80%
6.99% – 8.99%
65.01% – 75%
5.99% – 7.99%
65% or lower
5.99% – 6.99%
Our Mississauga mortgage brokers can help you apply to direct second mortgage lenders in Mississauga.
Get the help of expert mortgage brokers to get the best mortgage option that is most suitable for your needs.
Get approved for a second mortgage Mississauga with good or bad credit.
No income verification documents needs for a second mortgage Mississauga .
Approval are mainly based on equity, up to 90% LTV.