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Second Mortgage Burlington

About Burlington

Burlington is a city in the Regional Municipality of Halton at the northwestern end of Lake Ontario. Along with Milton to the north, Burlington forms the west end of the Greater Toronto Area, and is also part of the Hamilton metropolitan census area. Burlington lies between Lake Ontario’s north shore and the Niagara Escarpment.

4 Reasons to Consider a Second Mortgage

A second mortgage, comes with many great benefits that all scream financial freedom:

With a second mortgage you can do almost anything.

How-to Qualify for a Second Mortgage in Milton

To qualify for a second mortgage, your mortgage lender will consider a variety of information:

  1. Your Total Debt Service Ratio (TDS): That will determine if you will be able to meet your monthly payment requirement without exceeding your TDS.
  2. The amount of home equity you have: You should have at least 20% to qualify.
  3. Your credit score: This will be the determining factor for your interest rate.
  4. Length of Employment (at the same job): The longer you’ve been at your job the better. This provides lenders with a certain sense of security to lend to you.

When applying for a second mortgage, you should ask your mortgage lender what documentation they need. However, there are a few documentation items that are almost guaranteed, these are your banking statements, documents related to your first mortgage, employment proof and your Social Insurance Number/Card (SIN).

There is one similarity between first and second mortgages, you’ll still be responsible for paying additional closing costs such as, a home appraisal fee, legal fees, title insurance and title search. These costs could range from 2 to 5 percent, just so you’re prepared for these costs.

Are you a second mortgage aspirant in Burlington? So what are you waiting for? We can help with any mortgage need, so contact us today, with no obligation.

When your finances matter, we’ll be there for you!