In today’s mortgage lending market, residential first mortgages are difficult enough to secure as a result of bank lending practices and government over-regulation. If that wasn’t enough, residential second mortgages are even tougher to come by, in part because the lien on the underlying property is subordinate to that of the first mortgage, which makes the loan riskier for the lender.
A viable source of financing
So, does all that make the securing of a residential third mortgage almost impossible? Not quite. As a mortgage investment corporation, or MIC, ASCEND MIC is in the business of providing viable mortgage solutions that banks and other lenders are too restrictive to offer. It’s not that a residential third mortgage is unsafe — as long the mortgage lender has the expertise and experience to provide the right financing solution. That’s where we come in.
One of the primary advantages of residential third mortgages is that, given the fact that two mortgages already exist on the residential property, much of the work needed to process the third has already been done. Procedures such as appraisals and regulatory paperwork have already been processed — at least twice — on the property in question, so much of the path has been paved for that third mortgage solution.
Our knowledge counts
That’s why our expertise matters. We have a track record of securing, administering and financing a wide variety of mortgage products to meet borrowers’ needs, including residential third mortgages. It’s just another part of the ASCEND MIC difference.
There are many reasons why a third mortgage on a residential property is required. Breaking the terms of the first two mortgages can result in fees and penalties, an emergency source of cash is needed, debt consolidation is vitally important, or some other urgent financial challenge has presented itself.
Life can come with many surprises, and a successful mortgage loan provider such as ASCEND MIC is here to help you navigate those financial waters to secure a safe and prosperous financial future.
Work with us to secure the residential third mortgage solution that’s right for you. Contact us today.