Second Mortgage Toronto, Mississauga, Brampton, Hamilton, London, Ottawa & Rest of Ontario!

To begin the process in getting a second mortgage, first you will need to first consult options with a mortgage broker prior to submitting an application, to preliminarily understand what is involved in the second mortgage process, including costs.

After consulting second mortgage options with a mortgage broker, all borrower(s) must complete a mortgage application and provide valid government issued photo ID. The mortgage brokerage will then order an appraisal inspection and the borrower will schedule the inspection directly with the appraisal company. It is important for the mortgage broker to order the appraisal as it must be from a lender’s approved appraisal company.

Once the mortgage broker has received a mortgage commitment with terms, and an interest rate agreeable to the borrower(s), the borrower(s) will need to sign the second mortgage approval documents and fulfill all conditions required by the second mortgage lender. Second mortgage approvals traditionally don’t have income or credit qualification requirements. Upon all conditions being satisfied, the borrower will need to arrange to meet with his/her lawyer to sign and complete the mortgage, and receive any funds, should there be monies available from the equity take out.