We all know what it's like to experience some hard times in life, especially when it comes to paying off your mortgage
At Centum Bank Street Mortgage, we understand that sometimes people do need a little extra help. Life is unpredictable and we're here to help you with the obstacles that come in the way of you and your dream home. We provide second mortgage loans to our Ottawa clients in need to make life just a little bit easier.
A second mortgage loan is basically just another mortgage taken out on an already mortgaged property. These types of mortgages are generally good for paying off CRA, property tax arrears and even mortgage arrears in order to bring your payments up to date to avoid any legal actions.
Obtaining a second mortgage loan in Ottawa varies from institutions like banks and trust companies to private lenders. This means that your second mortgage rate also varies and will be different depending on the individual, credit, and loan to value ratio. There are plenty of options available for those seeking to invest in a second mortgage loan. Don't hesitate; no matter where you live in Ottawa, we're happy to help. There's also a lot of information one should know before making any decisions. For example, there are private second mortgages which usually are interest only and normally have higher rates versus institutional and bank second mortgages which are amortized and tend to have lower rates. These types of mortgages are usually short terms of 1 year and can be renewed very easily based on repayment history of the client. Penalties vary for second mortgage loans since some are open and others have 2-month interest penalties.
Second mortgage loans are essentially for refinancing, temporary loans, or to help people purchase their first home. Whatever the case, we're here to help you at Centum Bank Street Mortgage. We can discuss the basis of your second mortgage and what would be the best method of approach to obtain one in Ottawa without falling further in debt. We'll help you sort out your troubles, and at the same time, get you back on track to obtaining and keeping your home.