A third mortgage is a type of mortgage. The borrower has an existing an existing primary and second mortgage can get on the same property. When a borrowers reason of getting another credit mortgages for mortgage payments is consider as not valid. Lending money to other trust companies may be an option if this case happens.
Private mortgages in Canada and even mortgage brokers in Ontario do not allow this kinds of reason is because third mortgages reasons maybe the same as the second mortgages. When this is the case, it makes more sense to simply obtain another mortgage with some private lenders.
What is a Third Mortgage?
Just like other mortgages, a third mortgage is a loan a homeowner can borrow from a lender based on the value of the homeowner’s property. It is called as such because a homeowner who applies for a third mortgage has an existing second mortgage and a first mortgage on the same property. As the third loan in a series of mortgages, a third mortgage is subordinate to existing ones. This means that in the event of any issue with payment or defaulting on payments, the first mortgage and second mortgage gets first and second priority when it comes to getting paid. A third mortgage will also require monthly payments just like other mortgages.
What Are the Benefits of a Third Mortgage?
Third mortgages are applied for by borrowers because of the pros that they offer. This funds form a mortgage that they can be used to make a home improvements to an existing one or to buy a new property. In this light, a Third mortgage is beneficial because it gives the borrower supplementary funds that may be used however which way the borrower deems fit. In general, your reasons for application for third mortgage can be used for school tuition, funding a home renovation, helping pay for medical expenses, financing a dream vacation, etc. When a borrower have a property may be able to secure huge amounts from lenders, at times possibly reaching up to 85% of the home’s value if circumstances per
Why Get a Third Mortgage?
If you’re a homeowner who has both primary and secondary mortgages and needs an additional money for emergency medical expenses, funding for a home renovation and school tuition, getting a third mortgage might be a better option for you. Third mortgage has a lower interest rates compared to other types of loan that comes with high interest rates. A third mortgage is a smarter financial option for those who can qualify for it. . Always remember, maintain a good credit and avoid getting a bad credit in mortgages. Your credit score as a borrower is very important you have to maintain a good credit history.
Applying for a Third Mortgage
Application for third mortgage loan is fast, convenient, and easy at Dominion Lending Centre. You simply fill up our online form with your application and our associates will contact you after your application has been received and reviewed. You can expect to be contacted via email or mobile for clarifications on the information you’ve provided as well as other important details needed for your application.
Dominion Lending Centers is one of the few Canadian firms that can arrange third mortgages for homeowners. The third mortgage can be arranged in such a way that it can mature with one or both existing mortgages to save on penalty fees.
If you’ve been turned down by a bank, faced power of sale, currently self-employed, have low income, or bad credit, contact us at dominion Lending centers [email protected], +1 (416) 8250-142 and let us help you pick a financial solution for your needs.