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Second Mortgage Milton

About Milton

Milton (2016 census population 110,128) is a town in Southern Ontario, Canada, and part of the Halton Region in the Greater Toronto Area. Between 2001 and 2011 Milton was the fastest growing municipality in Canada, with a 71.4% increase in population from 2001 to 2006 and another 56.5% increase from 2006 to 2011. In 2016, Milton’s census population was 110,128 with an estimated growth to 228,000 by 2031.

Milton is located 40 km (25 mi) west of Downtown Toronto on Highway 401, and is the western terminus for the Milton line commuter train and bus corridor operated by GO Transit. Milton is on the edge of the Niagara Escarpment, a UNESCO world biosphere reserve and the Bruce Trail.

Second Mortgage

Second mortgage, available in Milton, is growing in popularity in Ontario due to the increased need of having additional cash flow available, more investors wanting to invest and other things like home renovation projects. Are you looking for a second mortgage in or Milton to achieve certain financial goals? Then reach us now. But, first educating yourself is key!

Second Mortgage in Milton

When you already own a home, and you’ve paid on it for a few years or a decade, your home gains equity during this time. It’s the difference between the amount you owe on your first mortgage and the appraisal price. The home equity that builds up over time enables you to borrow against your home, without having to refinance.

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 Milton? 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!