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Depending on the type of loan that you need, we will match you with the most fitting loan lenders. You will get to choose from up to five of the most competitive loan options available.
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Once you select the loan option you’d like to go with, the lender will contact you to give you the money.
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Second Mortgage in Canada

The second mortgage loan in Canada is the form of home equity loan where you will receive a lump sum of cash against the property that is already mortgaged. You can use Loans Geeks to apply for the second mortgage loan at a fixed repayment period and you will be provided with a choice of up to five top-rated 2nd mortgage lenders in Canada and their most competitive offers. After you decide which financial provider suits your particular needs and secure the second mortgage, you can spend the funds the way you like unless you have taken out a loan under some particular conditions. Most of the second mortgage loans in Canada are paid back in monthly installments that are predetermined. Bear in mind though that if you make late payments or miss on payments, not only is your credit rating likely to suffer, but you will also risk foreclosure. When planned well and with all factors taken into consideration, applying for a second mortgage loan through Loans Geeks can be an excellent solution for your financial needs.

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Since the risk of a second mortgage is higher than the first one, it tends to be about 2% to 5% more than the first mortgage products. The interest rates will also vary depending on factors such as adjustable or fixed rates, total loan value, type of property, credit score and other important factors.

If you are making application for the second mortgage loan against a home equity, you need to disclose if you are currently occupying the home or not. While you do not have to occupy the home to be eligible for a second mortgage, you might have to pay higher interest rate if it is an investment property. If you are renting out the home, they will treat it as an investment property.

The second mortgage will not affect the terms of the first mortgage. In case you decide to refinance your first mortgage at a later stage, you will first have to pay off your second mortgage to be eligible for refinancing.

Most of the lenders charge three-month interest penalty for early second mortgage repayment, but the terms differ from lender to lender. It is best to speak to your lender well in advance to ensure that you know about the penalties in case you are looking to close the second mortgage before it is due.

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