Mortgage Lenders for Refinance, Home Loans for All Credit, second mortgage loans.#Second #mortgage #loans


Mortgage Lenders Offer Great Refinance and Home Loan Solutions for People with All Types of Credit

BD Nationwide provides a site for competitive 1st and 2nd mortgage loans for cash out refinancing, consolidation, first time home buying and much more. Our lender partners offer exclusive programs featuring 15 and 30-year home loans for VA, FHA, second mortgage and purchase money transactions. Visit our online marketplace where consumers get matched with prime lenders that specialize in credit lines, equity loans, fixed rate refinancing and home buying mortgages.

Second mortgage loans

Second mortgage loans

Second mortgage loans

Second mortgage loans

Are you looking for mortgage lenders that offer competitive rates and great customer service? Let us connect you with lenders that can help you find the most attractive equity loans and home refinancing programs available. Find out how renters become homeowners from 100% financing and affordable purchase mortgages. It is still an excellent time to compare our lenders that recently introduced more aggressive guidelines on the first-time house buyer loans and mortgage refinance programs as well. Freddie Mac says, “the fixed 30-year rates may be a once in a life time opportunity to lock into a record low interest mortgage.” Rates on purchase, equity loans and mortgage refinancing may never be this low again. With house financing this affordable, it could be very risky to assume that interest rates will continue to fall any further. Standard mortgage refinancing with cash back options remain aggressive with home equity loans and credit lines. Ask your loan officer for specific product requirements, eligibility and FHA guidelines, limits and current rates).

Get More Info on Mortgage Refinance and Home Equity Loans for All Types of Credit!

BD Nationwide Mortgage has maintained its corporate headquarters in Southern California since 2001, but our lending partners have expanded to all 50 states to offer prime, jumbo, government and subprime mortgage loan services to consumers nationally. We recommend that homeowners take advantage of the Federal Reserve’s record low-rates for equity loans, credit lines, and second mortgage refinancing. If your property has lost some of its value, or you are having difficulty qualifying, ask one of our lending specialists about the latest underwater and second chance loan solutions. Whether you need a loan to purchase a new home or disclosures for secure mortgage refinancing with fixed interest rate, BD Nationwide can match you with lenders that have the experience you need when searching the best home mortgage loan online.

Second mortgage loans

BD Nationwide will unite you with experienced lenders that have assembled talented staffs in an effort to meet your financial needs. We provide outside of the box 1st and 2nd loan opportunities that maximize the best refinancing mortgages that are available with your credentials. Second When you are shopping online for home refinance loans then consider some of the new programs that may best your needs. We have found that most consumers are looking for mortgages that will not only save them money up-front but also on an annual basis as well.

Many borrowers have significantly improved their financial state after refinancing their high interest revolving credit cards and consolidating their adjustable rate debt together into a reduced payment that is accompanied by a fixed, simple interest loan. So, submit your request for more information today and take advantage of BD Nationwide’s excellent customer service.

We take great pride in introducing you to competitive mortgage lenders for refinance and home buying. Whether you need a no doc mortgage or a bad credit HELOC, we have the perfect system to match you with experienced lending professionals tailored best to meet your needs. Our goal is to always provide you with the best opportunities while meeting your needs with diverse lending products.

Compare Competitive Mortgage Lender Quotes on No Cost Home Refinance Loans

If you have a variable rate credit line, we recommend a 2nd mortgage refinance because the rate is fixed and each payment you make would go towards principal and interest rather than just interest like it is with HELOCs. According to Kevin Margulies, an IHE executive, Now more than ever, homeowners should seek the expert advice from the ‘Mortgage Lenders from BD Nationwide. Our affiliated lenders continue to post competitive home equity rates. Even if you have been denied a loan approval, we suggest you ask about mortgages for bad credit as new programs are released all the time. The hard money and subprime programs aren’t the only opportunities to see home loans for people with bad credit, as FHA continues to take risks.

Second mortgage loans

Check pricing now from trusted banks, lenders and brokers: Second Mortgage Rates, FHA Mortgage Rates Today


Second Mortgages: Basics, Pros, and Cons, second mortgage.#Second #mortgage


Second Mortgages – Advantages and Disadvantages

Second mortgage

A second mortgage is a loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, also known as home equity lines of credit (HELOCs) are a way to put that asset towards other projects and goals.

What is a Second Mortgage?

A second mortgage is a loan that uses your home as collateral – similar to a loan you might have used to purchase your home.

The loan is known as a “second” mortgage because your purchase loan is often the first loan that is secured by a lien on your home.

Second mortgages tap into the equity in your home, which you might have built up with monthly payments or through market value increases.

Loans can come in several different forms.

Lump sum: a standard second mortgage is a one-time loan that provides a lump sum of money you can use for whatever you want. With that type of loan, you’ll repay the loan gradually over time, often with fixed monthly payments. With each payment, you pay a portion of the interest costs and a portion of your loan balance (this process is called amortization).

Line of credit: it’s also possible to borrow using a line of credit, or a pool of money that you can draw from. With that type of loan, you don’t ever have to take any money – but you have the option to do so if you want to. You’ll get a maximum borrowing limit, and you can continue borrowing (multiple times) until you reach that maximum limit.

Like a credit card, you can even repay and then borrow again.

Rate choices: depending on the type of loan you use (and your preferences), your loan might come with a fixed interest rate that helps you plan your payments for years to come. Variable rate loans are also available and are the norm for lines of credit.

Advantages of Second Mortgages

Loan amount: second mortgages allow you to borrow a large amount. Because the loan is secured against your home (which is generally worth a lot of money), you have access to more than you could get without using your home as collateral. How much can you borrow? It depends on your lender, but you might expect to borrow (counting all of your loans – first and second mortgages) up to 80% of your home’s value.

Interest rates: second mortgages often have lower interest rates than other types of debt. Again, securing the loan with your home helps you because it reduces the risk for your lender. Unlike unsecured personal loans like credit cards, second mortgage interest rates are commonly in the single digits.

Tax benefits: in some cases, you’ll get a deduction for interest paid on a second mortgage. There are numerous technicalities to be aware of, so ask your tax preparer before you start taking deductions. For more information, learn about the mortgage interest deduction.

Disadvantages of Second Mortgages

Of course, life is full of tradeoffs. Be aware of the pitfalls of using a second mortgage. The costs and risks mean that these loans should be used wisely.

Risk of foreclosure: one of the biggest problems with a second mortgage is that you have to put your home on the line.

If you stop making payments, your lender will be able to take your home through foreclosure, which can cause serious problems for you and your family. For that reason, it rarely makes sense to use a second mortgage for “current consumption” costs such as entertainment and regular living expenses – it’s just not sustainable or worth the risk.

Cost: second mortgages, like your purchase loan, can be expensive. You’ll need to pay numerous costs for things like credit checks, appraisals, origination fees, and more. Even if you’re promised a “no closing cost” loan, you’re still paying – you just won’t see those costs transparently.

Interest costs: any time you borrow, you’re paying interest. Second mortgage rates are typically lower than credit card interest rates, but they’re often slightly higher than your first loan’s rate.

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Second mortgage lenders take more risk than the lender who made your first loan. If you stop making payments, the second mortgage lender won’t get paid unless and until the first lender gets all of their money back.

Common Uses of Second Mortgages

Choose wisely how you use funds from your loan. It’s best to put that money towards something that will improve your net worth (or your home’s value) in the future – because you need to repay that loan.

  • Home improvements are a common choice because the assumption is that you’ll repay the loan when you sell your home with a higher sales price
  • Avoiding private mortgage insurance (PMI) might be possible with a combination of loans – just make sure it makes sense compared to paying – and then canceling – PMI
  • Debt consolidation: you can often get a lower rate, but you might be switching from unsecured loans to a loan that could cost you your house
  • Education: as with other situations, you’re creating a situation where you could face foreclosure. See if standard student loans are a better option

Tips for Getting a Second Mortgage

Shop around and get quotes from at least three different sources. Be sure to include the following in your search:

Get prepared for the process by getting money into the right places and getting your documents ready. This will make the process much easier and less stressful.

Beware of dangerous loan features. Most conventional loans do not have these problems, but it’s worth keeping an eye out for them:


Second charge or second mortgages – Money Advice Service, second mortgage.#Second #mortgage


Second charge or second mortgages

Second charge mortgages are often called second mortgages because they have secondary priority behind your main (or first charge) mortgage. They are a secured loan, which means they use the borrower’s home as security. Many people use them to raise money instead of remortgaging, but there are some things you need to be aware of before you apply.

How does getting a second mortgage work?

Wondering if you can get a second mortgage? Well, you’re only eligible for one if you’re already a homeowner.

That said, you do not necessarily need to live in the property.

A second charge mortgage can be a loan of anything from £1,000 upwards.

How much can I borrow on a second mortgage?

A second charge mortgage allows you to use any equity you have in your home as security against another loan.

It means you will have two mortgages on your home.

Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

For example, if your home is worth £250,000 and you have £150,000 left to pay on your mortgage, you have £100,000 equity.

That means £100,000 is the maximum sum you can borrow.

Are you eligible?

Lenders now have to comply with stricter UK and EU rules, governing:

  • Mortgage advice,
  • Affordable lending and
  • Dealing with payment difficulties.

This means that lenders now have to make the same affordability checks and ‘stress test’ the borrower’s financial circumstances as an applicant for a main or first charge residential mortgage.

Borrowers will now have to provide evidence that they can afford to pay back this loan.

Why take out a second mortgage?

There are several reasons why a second charge mortgage might be worth considering:

  • If you’re struggling to get some form of unsecured borrowing, such as a personal loan, perhaps because you’re self-employed.
  • If your credit rating has gone down since taking out your first mortgage, remortgaging could mean you end up paying more interest on your entire mortgage, rather than just on the extra amount you want to borrow.
  • If your mortgage has a high early repayment charge, it might be cheaper for you to take out a second charge mortgage rather than to remortgage.

When a second charge mortgage might be cheaper than remortgaging

John and Claire have a £200,000 five year fixed rate mortgage with three years to run until the fixed rate deal ends.

The value of their home has risen since they took out the mortgage.

They have decided to start a family and want to borrow £25,000 to refurbish their home. Should they remortgage or take out a second charge mortgage?

  • If they remortgage, they’ll have to pay the £10,000 penalty and there’s no guarantee that they’ll be able to get a better interest rate than the one they are currently paying – in fact they might have to pay more.
  • If they take out a second charge mortgage, they will pay a higher interest rate on the £25,000 than they pay on their first mortgage, plus fees for arranging the second charge mortgage. However, this will be far less than paying the £10,000 early repayment charge and possibly a higher interest rate on their first mortgage.

John and Claire decide to take out a secured loan that doesn’t have any early repayment penalties beyond three years (when their main mortgage deal ends).

At this point they can decide whether to see if they can remortgage both loans to get a better deal overall.

When not to use a second mortgage

In 2014, 447 properties were repossessed by second charge lenders.

Source: Finance and Leasing Association

Although second mortgages can be useful, taking one out is a big step and you need to weigh up the pros and cons.

  • If you’re already only just managing to repay your mortgage. You could lose your home if you cannot keep up repayments on either your mortgage or the second charge mortgage.
  • To consolidate debts. Using a second charge mortgage – which can run for up to 25 years – to pay off smaller debts, such as credit cards or small unsecured loans, will mean you might end up paying more interest in the long term. You are also converting unsecured credit into secured credit, which could increase the risks of having your property repossessed.

What if you move house?

If you sell your home, you will need to pay off your second charge mortgage or transfer it to a new mortgage.

Some things to consider before taking out a second mortgage

Before you take out a second charge mortgage, it’s a good idea to get advice from a suitably qualified individual.

They will be able to help you find the loan that best meets your needs and financial situation.

They will have to follow the rules as set out by the FCA when dealing with you. These rules are designed to protect you.

If you choose not to get formal advice, you run the risk of taking a loan that isn’t suitable for you.

If this happens, you might find it difficult to raise a successful complaint.

When you’re looking into a second charge mortgage, make sure you:

  • Approach your existing lender and ask them what they would charge for an additional loan.
  • Shop around – make sure you get the best rate by comparing lenders’ APRC (annual percentage rate of charge), the duration of the loan and the total amount you’d have to pay back.
  • Find out the exact mortgage terms, fees, early repayment charges and rates of interest.

Binding offer

When the lender makes you an offer, they will have to give you an explanation of the loan’s essential features.

European Standardised Information Sheet (ESIS)

They will also give you a personalised document, possibly referred to as a European Standardised Information Sheet, which:

  • Provides a reflection period,
  • Explains the terms of the offer,
  • Recaps some of the details of your loan application,
  • Summarises features including any fees, the APRC and changes to your monthly repayments if the interest rates rise beyond a particular point.

You have the right to take seven days from the time the offer is made to think about whether you want to accept.

Some lenders might give you more than seven days.

During this time, the lender’s offer is binding and it will stand by the terms you have been offered.

There are a few exceptions though – for example, if the information you gave in the application is found to be false.

It’s a good idea to take advantage of this time to not only think about the offer you’ve received, but to also compare it to other loans.

You don’t have to wait out the full reflection period to tell the lender you’ll accept the mortgage if you’re very sure you want to go ahead with it.

The risks and alternatives

As a second charge mortgage works very much like your first mortgage, your home is at risk if you don’t keep up the payments.

If you sell your home, the first charge mortgage gets cleared in full before any money goes towards paying off the second charge, although the second charge lender can pursue you for the shortfall.

Personal loans and remortgaging

If you need to borrow a small amount of money you’re better off going for an unsecured product such as a personal loan.

If you don’t have a large early repayment charge on your mortgage, you have some equity in your home and your circumstances haven’t changed, you’ll probably be better off remortgaging or taking out a further advance from the same lender.

More on the pros and cons of Personal loans.


Types of Mortgage Lenders, The Truth About, second mortgage lenders.#Second #mortgage #lenders


Types of Mortgage Lenders

Second mortgage lenders

Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

Portfolio Mortgage Lenders

Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

Correspondent Mortgage Lenders

Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

Wholesale Mortgage Lenders

Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

Subprime Mortgage Lenders

Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

Related: Take a look at the top mortgage lenders in the second quarter of 2010.


Security Federal Savings Bank, second mortgages.#Second #mortgages


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  • Conventional loans – This type financing features long term mortgages with a fixed rate.
  • Federal Housing Administration (FHA) – This loan offers the benefit of a low down payment.
  • Veterans Administration (VA) – VA loans make financing available to borrowers with at least six months active duty and fixed rate financing on long term mortgages.
  • USDA Rural Development Guaranteed Loan – The USDA loan is geared toward the Low to Moderate income borrowers. It is excellent for first time home buyers, with 100% Financing, with a low fixed rate. Income limits do apply and the term is for 30 years.
  • Tennessee Housing Development Agency (THDA) – This loan is for first-time home buyers or buyers who have not owned a home within the past three years and offers a lower fixed interest rate on long term mortgages.

Second mortgages

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Equal Housing Lender

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Mortgage Brokers Auckland Home Loan and Mortgage Arrears, second mortgages.#Second #mortgages


NON BANK, because you can’t always bank on your Bank!

Second mortgages

The term “Non Bank”, “NonBank” or “Bank Alternative” quite simply means those lenders who are involved in the business of providing finance, but are not the registered Banks like ANZ Bank, ASB Bank, HSBC, Kiwibank, Bank of New Zealand, Rabo Bank, TSB & Westpac.

Non Bank lenders therefore includes recognised names like Sovereign AMP, who are both also leaders in Insurance, Resimac Home Loans and Building Societies such as Napier and Wairarapa.

These institutions compete head to head with the Banks for Non Bank home loans and commercial property finance, with competitive interest rates for loans. Potential non bank home loan clients will generally require 10% mortgage deposit of which 5% is ideally savings, a good credit history, income that can be clearly demonstrated by pay slips or financial accounts, well conducted cheque accounts, with overdraft limits being respected, and any loan payments always met when due.

Second mortgages

There are also less well known non bank lenders who will consider second tier, non bank, may be even bad credit loans, that may not quite fit main stream banks or first tier lenders credit criteria. This could either be a first or second mortgage for buying, building or refinancing a property and this may be an owner occupied home loan, a residential rental investment or for commercial use. These lenders tend to focus on the areas with a larger population base such as Auckland and Wellington and other provincial centres such as Hamilton, Tauranga, New Plymouth, Palmerston North, Taupo, Nelson, Christchurch and Dunedin.

Non Bank lenders, can also be known as subprime, bank alternative or second tier lenders , this category will include Solicitor Nominee Funds, Group Investment Funds, Finance Companies, Mortgage Trusts, and Private Lenders. Often our borrowers in this category may have difficulty proving income or require funding, with an interest buffer included in the loan, for a specific project or pending sale of a property.

These non bank home loan, second tier nominee lenders will typically provide shorter term home loan and commercial property finance facilities, for purchases or refinancing, but have more flexibility to structure a loan, so that it fits the purpose that you require, rather than complying with the policy of a faceless back office credit department that you have no access to.

We have the benefit of being able to present your loan direct to the decision makers, explaining any issues such as, gifted deposit, bad credit, hard to show income, missed repayments, rather than you trying to negotiate your way through layers of bureaucracy.

Whilst NonBk Ltd is based in Orewa, just 10 minutes North of Albany, Auckland, and I tend to look after this area, including Whangaparaoa, Millwater, Stillwater, Helensville, Warkworth, Wellsford, Whangarei and North, we also have Advisers in Central, South, East and West Auckland. We also provide a remote service using phone fax, phone, scan and email and this covers areas pretty much everywhere, such as Tauranga, Rotorua, Taupo and New Plymouth in the North Island and Nelson, Blenheim, Christchurch, West Coast, Queenstown and Invercargill in the South Island. With internet and email being a global service we also help people in Australia, America, China and Europe and have even helped new clients from France with an urgent loan that was approved and settled within 5 days. The phone calls were at 2 am in the morning NZ time!

Note: Sometimes you can access funds in your KiwiSaver account to assist with a deposit on a home. It is important to realise though that this may impact on your longer term savings. This should always be discussed with your KiwiSaver provider or Authorised Financial Adviser. As a Registered Financial Adviser I am unable to advise on Investment products.

We encourage you to spend a little time at our non bank site for infomation on:

If you then decide you want some more non bank information or advice we will be pleased to assist. We encourage you to use our online enquiry form as this will assist you to provide the key information required, so we can quickly give you the help you are looking for.


UK Mortgage Repayment Calculator at, second mortgage calculator.#Second #mortgage #calculator


Second mortgage calculator

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Monthly payments – Find out what your monthly mortgage payments will be.

What can I afford? – Find out how much you can afford to borrow based on your salary and initial deposit.

How long to pay? – Find out how long it will take to pay off your mortgage.

Mortgage amount – This is the full amount you want to borrow.

Paid over – This is the period of time over which you want the mortgage to be repaid.

Interest rate – This is the amount of interest that will be applied per year on the sum you borrow.

Repayment v interest only – You can get mortgages where you just pay the interest on your mortgage and purchase another financial product, like an investment product, to cover the full borrowing. This can help to manage monthly payments.

Monthly Payments

Monthly mortgage payments

Our mortgage calculator is designed to help you determine how much you could afford to borrow and how much your monthly payments may be for residential mortgages. The calculator provides an illustration only and does not contain all of the details you need to choose a mortgage. Results should not be considered as a quote.

This is the full amount you want to borrow.

This is the period of time over which you want the mortgage to be repaid.

This is the amount of interest that will be applied per year to what you borrow.

Your monthly repayments would be

Your monthly repayments would be

How much do I end up paying?

  • Debt
  • Interest

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Please keep in mind, we’re not responsible if the calculator results are incorrect. To get the correct information please ensure you input the right details. Also, this information is just for guidance. In no way is it professional financial advice.

What could I borrow?

How much could I borrow?

Our mortgage calculator is designed to help you determine how much you could afford to borrow and how much your monthly payments may be for residential mortgages. The calculator provides an illustration only and does not contain all of the details you need to choose a mortgage. Results should not be considered as a quote.


Mortgage Calculators, Mortgage Calculator Canada, second mortgage calculator.#Second #mortgage #calculator


Mortgage Calculator Canada

Make informed decisions about your next home purchase by using our simple mortgage calculators. It’s easy!

Calculate Your Payments with Today’s Rates

  • 1 Yr Fixed – 2.69% – Try this rate
  • 2 Yr Fixed – 2.79% – Try this rate
  • 3 Yr Fixed – 2.48% – Try this rate
  • 4 Yr Fixed – 2.89% – Try this rate
  • 5 Yr Fixed – 2.74% – Try this rate

Rates last updated on 16/11/2017

The Best Mortgage Rates in Canada

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By putting more money towards you mortgage payments, you will see your mortgage reduced. Use this to calculate how mortgage prepayments affect your overall mortgage.

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From the blog.

When you find yourself in seemingly insurmountable debt, working on building your credit score and saving money at the same time can seem like an impossible feat. As you struggle to climb to the top of the mountain of bills, it seems like a never-endin.

Another year is here and so are the many resolutions that accompany the New Year trends. We all know that nine out of 10 times resolutions are not kept and so we end up with broken promises and a series of disappointments. When resolutions are too high.

While several items in Canada remain to have low interest rates, one sector is on the rise. Homeowners can expect to see a rise in mortgage interest rates later in 2013. For quite some time, interest rates were staying right around 2.99% for qualified .

MortgageCalculatorCanada.com aims to provide its users with the best mortgage tools and calculator resources on the web. We are proud to offer our customers with a complete set of mortgage analysis resources to assist them in preparing their financial futures. We recognize and value the importance of home loans and the significance such transactions can have on one’s life. We hope that our extensive set of resources and information will help you in your search for a home mortgage and a better future. Our tools take your income, budget, loan amount and payment period into consideration to provide you with personalized solutions for your mortgage.

If you require any assistance or explanations of any of our tools, or if you’re ready to make the next move and obtain a mortgage for a home, do not hesitate to contact us. An experienced mortgage professional is ready to assist you with all of your needs.

Canadian Mortgages: Learn the Basics

Purchasing a home in Canada can be a complicated process, but it doesn’t have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.

Variable Rates vs Fixed Rates

The first thing you need to know about mortgages and mortgage interest rates is the difference between a variable mortgage rate and a fixed mortgage rate. A fixed mortgage rate stay constant (unchanged) through the term length of a mortgage. A variable rate fluctuates over time. As the prime rate (set by the Bank of Canada) changes, the variable rate will change with it. When the prime rate rises, a larger portion of your mortgage payment will go to interest and when the prime rate falls, a larger portion of your mortgage payment will go to principal.

Mortgage Down Payment

A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home. It is not required in all cases, however, in the case that it is, there is a minimum. How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay. To qualify for a mortgage with no down payment, you need a credit score of at least 680.

Open Mortgage, Closed Mortgage – What’s the difference?

An open mortgage is a mortgage that can be paid out at any time without financial penalties. You are also able to make additional mortgage payments with no financial penalties. Typically, open mortgage terms range from 6 months to 1 year and can have either fixed or variable mortgage interest rates. On the other hand, closed mortgages have lower interest rates than open mortgages. Closed mortgage terms can range from 6 months to 10 or more years. You are not able to pay out a closed mortgage early with no penalty although with most lenders you are still allowed to pre-pay up to 20% of your original principle balance every year.


Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, refinance second mortgage.#Refinance #second


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

Refinance second mortgageCompare your options: calculate PMI vs a second mortgage. Refinance second mortgage

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

Refinance second mortgage

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, refinance second mortgage.#Refinance #second


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

Refinance second mortgageCompare your options: calculate PMI vs a second mortgage. Refinance second mortgage

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

Refinance second mortgage

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.