There are endless reasons why people just like you need to secure an alternative form of financing. You might have sudden financial obligations or stresses. Alternatively, you simply might need more financing with competitive rates, reasonable terms, and favourable conditions.
That’s where a mortgage lender such as ASCEND MIC comes in. We offer the benefits of safe, secure and predictable financing while making available alternatives that you just can’t get with the big banks and traditional lenders. If there’s a financing solution to meet your needs, we’ll work with you to find it — each and every time.
When alternative financing is needed
For example, one of the many unique mortgage financing solutions we offer is a residential second mortgage — for the specific purpose of equity takeout. Although there may be many reasons why you’re looking for a second mortgage, an equity takeout specifically allows you to use the equity of your current property to secure readily-available financing when you need it most.
Specifically, a second mortgage is exactly what it says. If you have a first mortgage, you can take out a second mortgage on the same property. The difference is that, with a second mortgage, the lender (ASCEND MIC) has second claim to the property, after the mortgagee (lender) of the first mortgage.
As a result, second mortgages usually come with higher interest rates than first mortgages. However, because of ASCEND MIC’s experienced and knowledgeable approach to the mortgages market, we always offer competitive rates and favourable conditions on all our mortgage products, including residential second mortgages.
The equity-takeout option
Now, with an equity takeout on a residential second mortgage, the borrower (you) simply “takes out” (hence, the name) equity on an existing property and uses it as a readily available source of financing for whatever your needs are.
In essence, an equity takeout on a residential second mortgage is an example of using your home to secure alternative financing you most likely would not get from more traditional lenders. Yet, with an alternative lender such as ASCEND MIC, strict federal and provincial licensing and regulatory conditions still apply, so that you get exactly the right financing you need without hassle or worry. It’s just another part of the ASCEND MIC difference.