CMI Second Mortgage Loans
Why do homeowners take out 2nd mortgages (home equity loans)? To use their home equity for important expenses, like sending their kids to university, renovating their homes or paying off outstanding debts.
Second Mortgage
Perfect for a secured debt consolidation,
credit repair and renovations
and business loans!
We offer CMHC-insured 2nd mortgages, self-insured mortgage lenders and private capital through our network of lenders who can increase the probability of approval and deliver you low rates.
CMI – Unparalleled Expertise in 2nd Mortgages in Canada
A CMI mortgage broker can help you decide when to use your home equity and prepare a cost-effective plan that works for your family. Consider how other families use this type of financing:
- Home Improvements – Renovations can increase a home’s value, but they are expensive. Your home equity can help finance major renovations.
- Debt Consolidation – Restructure your finances with a sensible debt consolidation plan.
- Help Your Business– A home equity loan can help cover business expenses during difficult times.
- Investments – Make a major investment for your future or finance your children’s education.
- Emergency Expenses – For times when you may need a little extra money, an affordable second mortgage can provide it.
How Much Money Will This Loan Provide?
Home equity is the difference between the current appraised value of your home and the amount you have paid on the first mortgage. For example, if you have paid $75,000 on a mortgage of $250,000, you can borrow against the $75,000 already paid.
Depending on your unique financial situation, we may be able to offer the following terms for your 2nd mortgage:
- Insured Second mortgage at up to 95%
- High-ratio mortgages at up to 100%
- Open mortgages and lines of credit up to 90%
- Equity-based mortgages at up to 85%
- Long amortizations and a range of mortgage terms
Can 2nd Mortgages Save You Money?
Depending on your financial situation, you may be able to lower borrowing costs on your outstanding debts. Instead of paying high interest rates on a personal loan or credit card advance, you can get a home equity loan at low mortgage rates and pay off your debts for less.
Contact us today for a no-obligation quote on a variety of 2nd mortgages.
