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Taking Out a Second Mortgage

A second mortgage is exactly what it sounds like: it's another mortgage you take out on a home you're already making mortgage payments towards.

People take out second mortgages for a variety of reasons: Unexpected expenses that need to be paid immediately, home improvements and renovations, pay off high-interest debt, and most commonly, to fund the full purchase of a property.

Sherwood Mortgage Group has assisted thousands of homeowners in second mortgage loans, helping clients leverage their home equity to fund their dream projects. We have an established network of private and institutional lenders that we've maintained strong, long-term relationships with. This has helped our Canadian mortgage brokers & agents secure second mortgage rates in Canada that are much more favourable than what you'd get from your local bank.

If you're thinking about taking out a second mortgage, call a Sherwood mortgage agent today for top Canadian mortgage rates.

Call: 1 (877) 241 6001 Call Now

What Do I Need to Qualify for a Second Mortgage?

Credit Score

The better the credit score, the better the second mortgage rates are - simple as that. Higher credit scores suggest lower risk to lenders; it literally pays to be responsible with your spending.

Value of Property

Maybe the most important factor in determining your second mortgage rates, the property value is important to lenders in the event you default on payments.

Income

A dependable, consistent source of income gives lenders an extra boost of confidence that you're a trustworthy borrower.