One of the great attractions of a second mortgage is that it serves as a source of alternative financing — whether it’s to consolidate debt, obtain emergency funds or simply relieve other various financial stresses. If it’s quick and readily-available borrowing that you need, a second mortgage might just be the answer.
If you’re unfamiliar with what a second mortgage is, it’s basically what the name implies: You use your property to secure another loan. Except, with a second mortgage, the lender (such as ASCEND MIC) would get second claim on the property in the even of a default.
In essence, this means we, the lender, take some added risk when providing you with a residential second mortgage, or even a commercial second mortgage. That’s why second mortgages usually come with higher interest rates than first mortgages, and also why second mortgages also might come attached with stricter lender requirements.
The ASCEND MIC difference
But that’s where the ASCEND MIC difference comes into effect. As a second-mortgage provider, we use our extensive experience in the mortgages industry to not only offer very competitive and relatively low interest rates, but very favourable conditions, too.
Here is a look at one of our basic second-mortgage terms:
Here are the specifics on what ASCENC MIC offers on an owner-occupied second mortgage:
|Mortgage Type||Usage||Property Type||Max LTV||Applicable Interest %||Lender Fee %||Province||Minimum-
|Second||Owner-Occupied||Detached, Semi s & Towns||85%||8.99-19.99%||2-5%||ON||$20,000.00-$150,000.00||6 Mns,
1 Yr &
And here is a list of very favourable conditions that we also attach to our second mortgages:
- Equity-based lending up to 85%.
- Home Trust list of approved appraisers.
- Minimum 500 Beacon score.
- No TDS/GDS requirement.
- No income requirement.
- Non-resident programs.
- Interest only.
- Approvals within 24 hours.
- Quick funding within 7 days of approval.
- Residential and commercial mortgages.
- Courteous, friendly, flexible and always willing to help.
- Submit via email (application, credit bureau and appraisal) or via Filogix Expert (ASCEND MIC).
The reason we can offer such favourable terms to you, the second-mortgage borrower, is because we use our expertise to minimize the risks for all involved. As a result, we can offer quick and easy approval, as well as quick turnaround times, to provide for you the right financing solution for your specific needs. It’s just another part of the ASCEND MIC difference!
Although we’re experts at providing second mortgages for residential properties, solutions are available for commercial properties, too. So, if you have a residential property in good standing, or a commercial holding or project that can be leveraged as a second mortgage, we at ASCEND MIC are the people to talk too.
Talk to us today
Talk to us today to see what second-mortgage options are available to you. Or take that next step and apply to us directly. Either way, we look forward to hearing from you, and to providing you with the financing solutions that meet your needs — every time.