Do you need some money to pay off some credit card bills or bring your property taxes up to date? A second mortgage may be the solution to your financial problem. An Ajax second mortgage can be used to pay off many different types of bills, give one of our agents a call to find out how we can help you.
What Is A Second Mortgage
A second mortgage is a loan secured against property. The property will already have an existing mortgage, which is called the first mortgage. The second mortgage is registered after the first mortgage and is second in priority of debt repayment.
How Do I Qualify for an Ajax Second Mortgage
To qualify for a second mortgage the property must have a significant amount of equity in the property. Most second mortgages will not exceed an 85% loan to value ratio. Second mortgages are not based on your income or credit rating.
What If I Have Bad Credit
A bad credit score will not prevent you from getting a second mortgage. Second mortgages are primarily based on the amount of equity in the property not your credit score. Your credit rating will be checked to see if there is a way to improve your credit rating in the future.
Second Mortgage Appraisals
Most properties require an appraisal to determine the fair market value of the property. The mortgage lender will assign a local appraiser to do the appraisal. Your property will be compared to the sale price other similar properties in Ajax. Factors such as the condition of your home can make a big difference in the final appraisal. Therefore we advise the homeowner to clean, paint and make minor repairs before the appraisal.
Ajax Private Lenders
Most Ajax second mortgages are funded by private lenders in the local area. Private lenders will usually personally inspect the property and want to meet the homeowner. Private lenders also know as sub-prime lenders base their loans on the amount of equity, they usually do not exceed a loan to value ratio of 85%.
Ajax is a great place to raise a family. There are many parks such as Duffins Creek Park, Ajax Waterfront Park. Easy access to Toronto via Highway 401, Brock Road, Westney Road and Salem Road are the main interchanges that connect to the 401.