Second Mortgage

Second mortgage is a loan taken against a house that has already been used as a collateral for securing the first mortgage. In case of a second mortgage, the equity value is taken into consideration. Equity refers to the existing market value of your property and the outstanding amount. Equity grows with time as the value of the property increases and the amount you owe in the first mortgage reduces as you pay-off the loan amount each month. It is important to keep in mind that the risks associated with a second mortgage are higher and the interest will also be higher compared to the first one. The main advantage of a second mortgage is that you can get a lump sum amount of up to 80 percent of the home equity as loan. This means a huge sum of money as loan on a second mortgage can be taken. At Ramanjit Singh, we advise people to check the present rate of interest in the market and the high risks involved in taking a second mortgage.

Second mortgage can be obtained if you are looking to start a new business or expand an existing one. It is also useful if you are planning to purchase a new property or consolidate your high interest debts. At Ramanjit Singh, we have the mortgage experience of several years. Using our expertise and experience, we help you get a second mortgage depending on your existing financial situation at the lowest possible interest rate.

Why choose Ramanjit Singh for your second mortgage?

Choosing Ramanjit Singh means quick and simple application and seamless approvals of your second mortgage.
With Ramanjit Singh, there are no hidden charges or extra fees associated with the second mortgage.
The experienced and knowledgeable mortgage experts at Ramanjit Singh ensure that you get the best possible mortgage solutions based on your requirements.
By opting for Ramanjit Singh as your Mortgage Agent, you save time as well as money.
Ramanjit Singh works with the lenders to make sure that you get the lowest possible mortgage rates due to various discounts offered by the lenders.
Ramanjit Singh keeps your credit score protected. Even if you had a bad credit score, a second mortgage is possible.

Can an individual with a bad credit score apply for a second mortgage?

Yes, an individual with a bad credit score and credit history is also eligible to apply for a second mortgage. Based on the work history and most importantly the debt to income ratio history, the lender decides how much amount as a second mortgage loan can be given to an individual.

What factors do lenders take into account before approving a second mortgage?

The factors that lenders consider before granting approval for a second mortgage are credit score, debt-to-income ratio, sources of income, equity value of your home, work history, etc.

When should you opt for a second mortgage?

If you are looking to purchase something that is really expensive such as a new property or a car, a second mortgage comes in handy. If these things are really expensive and your savings are not enough to buy them, a second mortgage is good. Of course, you should take a second mortgage provided you can pay the instalments on time.

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Second Mortgage

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Home Equity Line of Credit

Renew Your Mortgage

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