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Dominion Lending Centres’ Mortgage Force is a trusted name when it comes to securing second mortgages in Edmonton. Our team of experts helps to cut down our customers’ monthly mortgage payments on second mortgages. Don’t pay minimum payments on credit card bills, car loans, and other unsecured debt when you’re only paying off the interest at a high rate.
A second mortgage is a type of mortgage that allows you to use your home’s equity as the collateral. You can often borrow a much larger amount than you usually would be able to if the loan was unsecured. This is very similar to the original loan you got in order to purchase the home, but there is a slight difference.
When you buy your home, there is typically a mortgage charge placed against the title. This means that if a borrower defaults on the mortgage loan, the home can be repossessed by the mortgage lender. Technically, although you treat your home like your own (unlike renting), the mortgage lender has the legal right to repossess it if the borrower stops making payments.
A second mortgage goes in behind the first mortgage on title. You will have two mortgages registered against one property. This is usually done when refinancing the existing mortgage is not an option, you won’t qualify, or if it doesn’t make sense to do so. This can be a great way to take equity out of your home without disturbing the first mortgage. This equity can be used for investment purposes, pay tax arrears, do renovations or to consolidate high-interest debt
Most homeowners in Edmonton who get second mortgages do so because they need funds in a timely manner. Their home is the most valuable asset they have to use as collateral. This may mean that you need to make a very large home repair or upgrade. It may mean that you want to send a child to college. It may mean that you want to buy another property to rent out. Whatever the case may be, a second mortgage can be used as a way to get a large amount on a loan.
Second mortgages are typically awarded as either a single lump sum (useful for making one large purchase, like upgrading your home to solar power) or a line of credit (useful for paying something in installments, such as yearly tuition fees). With the second option, we can set up a line of credit which will allow you to borrow funds as required.
Second mortgages are loans against the equity in your home that sit behind the existing mortgage on the title of your home. Dominion Lending Centre’s Mortgage Force offers clients advice for solutions on second mortgages in Edmonton and the neighboring areas for; debt consolidation, investing in a small business, and post-secondary education for your children, as well as the unexpected costs that come up from time to time.
The amount available to homeowners for second mortgages depends on the equity they have in their house. Home equity is the value of your home minus all the debts you have against your home. If you want to calculate the equity in your home, look at the following example:
Let’s assume your home is valued at $450,000. Our mortgage team can help provide you financing of up to 80% of this value in this case, that’s up to $360,000. Let’s assume you’ve borrowed $300,000 against this already. This leaves you with the option of securing a second mortgage of up to $60,000!
Now that you know what a second mortgage is and the options available to you, let’s look at the pros and cons of doing so.
Lower Interest Rates
By consolidating your debts with a second mortgage, you have an opportunity to pay less in interest. However, it’s important to remember that MORTGAGE RATES FLUCTUATE and what is low now may not stay that way in the future.
Unless you choose a fixed-rate mortgage, plan to pay higher interest rates in the long term.
Overall, using your home as collateral for a second mortgage is less risky to lenders so you will receive a lower interest rate than if you went with an unsecured loan.
While this is advantageous when it comes to paying off credit card debt, keep in mind that you won’t save on interest if you run up the balances of your cards again.
Flexible Payment Plans
In most cases, you will be able to extend the amortization period (the length of time you have to pay the loan back) on your second mortgage. This is a huge advantage as you can tailor your payments to suit your income and budget.
Loan Amount
Second mortgages allow you to borrow a large amount of money that you may not otherwise be able to access without using your home as collateral.
How much you can borrow depends on the lender, but it’s possible to borrow up to 85% of your home’s value.
There Are Conditions
In order to be eligible for a second mortgage, you need to have enough equity in your home to cover the entirety of the debts you want to pay off.
Your credit score, employment history, and debt-to-income ratio are all taken into consideration when setting your interest rate on the second mortgage. If your credit isn’t great or you have a high amount of debt compared to your income, you will end up paying a higher interest rate.
Risk of Foreclosure
When you take out a second mortgage, you are basically transforming your unsecured debt into a secured debt. This means that the bank is entitled to take your house if you don’t make your payments.
This is why taking out a second mortgage requires a certain degree of care and self-control. Tapping into your Home’s Equity to pay off your debt may lead to racking up more debt, especially if you are not careful or your income changes.
When the bank repossesses a home, it’s referred to as “foreclosure” and can negatively impact your credit rating for a long time
In order to qualify for a second mortgage, lenders will look at four areas: Equity, Income, Credit Score, and Property.
There are many borrowing options available to help you with your financial needs. If a second mortgage sounds like the way to go. Our knowledgeable and professional lending specialists are here to work for you and get the right mortgage product to suit your unique and individual needs.
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We worked with Jody Vig, and she was absolutely amazing. She helped us find the right mortgage solution to make the dream of owning our new home a reality. I would 100% recommend The Mortgage Force Team! My husband and I will definitely be calling Jody for our next home purchase and all our other mortgage needs! Thank you so much!
With the first purchase of a home, we contacted Jody and were extremely pleased with the dedication she showed during the entire process. Not only was she friendly, and kind, but she welcomed us into the process of getting set up for a mortgage so there was no room for confusion. When we did hit an obstacle, she worked extra hard to ensure it didn’t negatively affect the mortgage rate we could get. Highly recommend working with her and cannot say thank you enough!
Positive: Professionalism, Quality, Responsiveness, Value
We were trying to buy an investment property. But due to my wife’s low credit score, it is difficult to secure a loan. Jody from the Mortgage Force helped on this matter. She worked very hard. She contacted different vendors. Finally she was able to get a mortgage with satisfied rate. She is responsive, professional and friendly. I would highly recommend her if you want to get a mortgage.
I would like to thank Jody for helping me and my partner get approved for our first home. Jody is an amazing broker and she was always readily available to answer any questions that we had (as a new home buyer I had A LOT). Jody was very patient throughout the entire process and made the experience of getting a home very comfortable. I’m very happy with the rate that we got. Thank you so much. 🙂
p.s this company came at the recommendation of my friend Dima Perelman and I’m very happy that I went with his suggestion.
Positive: Professionalism, Quality, Responsiveness, Value
The mortgage force team was great, especially Jody. We worked with her on a very rushed deal and she worked day and night for us. They were very responsive and helpful. The mortgage force team also had great recommendations for other services. Highly recommend.
Jody was wonderful to work with. As a first time home buyer she made sure to explain all aspects of the process in detail. She answered all questions I had, and even called me on the weekend to discuss a time sensitive manner. I would definitely recommend her to anyone looking to purchase a home.
Jody was fantastic to work with. She reigned calls, texts and emails promptly. Helped explained certain aspects of the process in a way that was very understandable. I would recommend her to anyone!
Positive: Professionalism, Quality, Responsiveness, Value
We cannot thank Jody enough for all the hard work put in to get us approved for our Mortgage. She was there to answer questions at any time of day & to help us out with whatever we needed. We will 100% recommend her to our family & friends! Thank you so much Jody!!
Jody was great to work with she helped us through every step, helped us whenever we needed. She’s awesome thanks again.
Jody was so amazing, she explained every detail so that what could have been a stressful experience was anything but stressful. She was so supportive and helpful. She made you feel like family and that you were important. I am so grateful to be a home owner and I have Jody to thank for it!
If you are looking for a mortgage place this is the place to be ! U have arrived ! Jodi was honestly God-sent ! Absolutely no way we would have our home if it wasn’t for her! I can’t thank you enough Jodi . From the first day we met with her she took the time to just educate us on things and then laid out what was actually financially and realistically possible for us and I am forever grateful . As first time home buyers I felt like she held our hand all the way to the finish line making sure everything worked out . She is professional ,kind, very responsive to any questions ! Jodi you are absolutely AMAZING! I honestly don’t think there is enough space here to express how awesome she is !
Jody is the person to see if you’re looking for a mortgage. It’s like getting advice from an old, trusted, and caring friend or family member. She determines your needs, provides you with (and explains) the most viable options, and then quickly implements action. After our first experience with her years ago, retaining her services again was a no-brainer.
Jody Vig was amazing, she was very clear, detailed and easy to work with. Always kept us in the loop when we needed to do something. I highly recommend her and the Mortgage Force Team. Thanks to her we have a new beautiful home.
We were helped for our mortgage needs by Jody, she was a great professional to work with. Being a first time home buyer had some many questions, she understood and was readily available to answer. She made sure to explain all aspects of the process in detail and ensured things got done in a timely manner. She had great experience and was able to offer us with the right mortgage solution to our situation. Our thanks to Jody and all best wishes to the mortgage force team!
My husband and I had the most wonderful experience with Jody, she was so helpful, understanding and supportive. She answered the million questions I had, walked us through each process, was a great fit for us. I would recommend this group 100%
Jody is a remarkably thorough professional who shares every minute detail of the process. She makes sure to have everything ready and cross check multiple times before putting in formal application maximizing the chances of approval from lender.
Jody was phenomenal to work with and got us into our home quickly, working under tight time restraints. As first time home owners we had endless questions that she answered extremely quickly, even answering our calls, texts and emails over the weekend. We are so happy to have her on our side through the stressful process of buying a house and highly recommend her to anyone looking to purchase a home!
We got our mortgage through Jody, and she was great to work with, and cannot recommend her enough! She was easy to get in touch with and was super responsive to our questions, letting us know if/when we needed to submit more documents. It was a pretty quick process, and we felt we got a great rate. Thanks again!
All I can say is, WOW!!! The patience, the care, the coaching. this journey started with a lot of coaching from Mortgage specialist with Dominion Lending, Jody. As an inexperience buyer, coaching is what you need coupled with someone who will have the patience for all your silly questions. And that is exactly what I found with Dominion. Thank you, guys, so much, great teamwork. And special thanks to Jody for her incredible work and efforts!!! She went above and beyond, great service!
Sunny and Jody Vig are absolutely a pleasure to work with. They are professional, courteous and prompt. They handled the most stressful part about buying a home and made it very easy for us! They were there every step of the way, evenings and weekends as well. Highly recommend the Mortgage Force Team.
Thanks again!
Highly recommend! Jody answered every question we had! Answering all calls and emails promptly! Making the process smooth in getting our new mortgage. Thank you Jody!
Jody has been such an amazing asset when we were building our team for our first home buying process. She was so knowledgeable and experienced and guided us every step of the way. She worked efficiently and was so effective in getting us through this process and any questions we had, she was right there to answer. Definitely recommend her and her team, you won’t regret it!
GREAT COMPANY TO WORK WITH !
We worked with Jody on a mortgage and she was amazing. Answered all of our questions and put our mind (especially mine) at ease for any concerns we had. She made meetings work even though she had a busy schedule. We got a great mortgage and could buy our first own home with this fantastic service! This was a year ago and she still emails back on any questions that come up. I totally recommend this company for mortgages. THANK YOU, JODY ! Way to go !
Jody assisted me with my mortgage and it was a seamless experience from beginning to end. She was easy to get in touch with, kept good communication throughout and was very helpful. Would definitely recommend Jody and team!
Very easy to work with. Quick results.
Jody is a great person to work with. She helped me from A to Z to get my financing in place in very little time
Jody helped me secure a lender over the course of a few weeks. She was patient, hard working, and always kept me in the loop. Would be happy to take my business to her again, 10/10
This team of Sunny and Jody were amazing to deal with for getting us a mortgage.
Communication was excellent and always friendly.
I recommend them highly for anyone needing a mortgage.
Jody and her team are the best. Jody went out of her way to explain all the steps needed for us to get approved and is there for each step. She made herself available for times that worked for us and was able to work with us no matter what happened. If you are in need of their services go see Jody. She will the process so easy, you will be happy you went with her team.
Excellent experience, very professional and knowledgeable. Jody takes her time to explain everything very well. I had a great experience working with Jody, I would continue to use Jody as my mortgage agent for my future homes. Thank-you for all your help ! You made the process very easy.
Working with Jody was wonderful. I was in a time crunch and she worked really hard to get me a mortgage deal in a very short time. The best part is she treated me like a person rather than a number. She answered all my questions and kept me informed. I am so grateful for everything and will easily recommend the Mortgage Force Team to everyone I know.
I was lucky enough to get Jody’s contact information randomly on Google. I have never received such an excellent service before. She was always responsive to my calls/messages. She always explained everything clearly to me and did everything so I was able to secure my mortgage.
I definitely recommend Jody if anyone needs to get a mortgage or any services that they provide. She is the best 👍🏻 I am really thankful for her help.
If I could give more than 5 stars, I would definitely without hesitation!
Jody is the best person to help you get a mortgage. She is very friendly and I cannot emphasize enough how responsive she is. She went out of her way to explain everything so that we were able to get approved and always answered my questions with explanations. I am very grateful for everything that she did to help!
I will 100% use her services again in the future and would recommend anyone to go to her!
I have worked with Jody & Sunny over the last 4 years on various residential real estate files.They are a great team of professionals who believe in educating their clients throughout the entire home buying process from start to finish. I highly recommend the Mortgage Force Team for anyone looking for their next mortgage.
I love dealing with the mortgage force team! They are informative, answer any questions I have and guide myself and my clients through the process. They make things so easy!
Being a single mom with rent, groceries, and all the living expenses to cover, I was not able to save up any down payment. Jody was actually able to put me in a program which allowed me to borrow my down payment from the line of credit I had. Thanks to her, I took possession my new condo on Nov 11, 2015
I wanted to thank them for getting us in the home of our dreams. Its rare these days to experience such quality of genuine care and service. Thank you
Jody and her team were a great help in finding the best mortgage for us. really appreciate the work they do for the client
