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Second Mortgage
If you need access to the equity in your home, a second mortgage from CMI may be the answer.
Second Mortgage
Perfect for a secured debt consolidation,
credit repair and renovations
and business loans!
Many homeowners have discovered the benefits of using their home equity for major expenses. With lower interest rates than traditional loans and credit cards, second mortgages can help you with situations like the following:
- Debt Consolidation - Get rid of your high-interest debt. Use a second mortgage to pay off credit card debt, car loans and personal loans. You'll be left with one manageable lower interest payment each month.
- Invest in Your Small Business - Every small business needs money at one time or another to finance growth or to cover slow periods. Use the equity in your home to make an investment in your business.
- Invest in Your Family - Home equity loans are one way to pay for higher education for your children.
- Invest in Your Home - Remodelling and additions to your home can add considerably to its value, but these changes cost money. A second mortgage can help pay for major renovations.
- Cover Emergency Expenses - Unexpected expenses can come up at any time. Use your home equity to help cover emergencies.
What Amount Can You Expect?
Any home equity loan depends, of course, on the amount of equity in your home. Equity is the difference between the current value of your home and the amount you have paid on the initial mortgage you took out. If you have paid off $50,000 on your $300,000 home, you can borrow against that $50,000.
CMI offers you access to over 200 lenders, providing a range of second mortgage products. A consultation with a CMI broker will tell you how much you can obtain, but the list below shows some typical scenarios:
- Up to 85% through equity-based mortgages
- Up to 95% through secured 2nd mortgages
- Up to 95% on lines of credit and open mortgages
In all of our mortgage products, we also offer long amortizations of up to 35 years to help lower your monthly payment. We also offer terms between one and five years.
Independent Advisers on Your Side
In any financial transaction, you need a partner who sees things from your point of view. As mortgage brokers, we act independently. We do not try to push you towards a particular lender - we work on your behalf to find a lender who meets your needs.
Because we are "free agents", we offer dependable, unbiased advice about which home equity product will be best for you.
Getting Started with CMI
Our goal is to simplify the process of obtaining a second mortgage. Our easy-to-use online application gives us the information we need to respond quickly to your loan request. We invite you to fill out this form and get started today on securing the funds you need.
