Second Mortgages and Home Equity Lines of Credit (HELOC)
You’ve worked hard to buy that home and pay off your mortgage. Now unlock the money you’ve paid into the mortgage through a second mortgage or Home Equity Line of Credit (HELOC), and use that value to realize your dreams or mitigate your financial situation! Brevity Mortgages helps you access the value you’ve already built up in your home, rental property or commercial property to meet your current financial needs through a second mortgage, HELOC or even a third mortgage. We can help you to unlock your savings to invest in additional properties or other investments, for debt consolidation, or whatever you could use that money for.
Apply now or have one of our experienced mortgage consultants call you to explain more and get you on the path to savings!
If you have a mortgage on your home or another property and have paid down a part of that mortgage, you can take out a second mortgage on the property against the paid-down value as collateral. Second mortgages are a low interest source of funds that you can use for debt consolidation and repayment of higher interest loans from other sources. As an example, if you have a house that you bought for $500,000 with a down payment of $30,000 and a mortgage of $470,000 and have over time paid down $80,000 of the mortgage, you have an accumulated collateral value of $110,000 in the house that you can use as to take out a second mortgage on. Typically second mortgages will be for a maximum of 80% to 85%, or less, of the value you have built up in the property. This can vary in term, interest rate and costs. Brevity Mortgages is an expert in second mortgages, and we’d be glad to help you acquire one at the lowest cost, fastest speed and zero complexity. Contact us for your second mortgage needs today!
Home Equity Line of Credit (HELOC)
The HELOC offers you credit against the value in your home, and is very similar to a second mortgage in that respect. However, rather than offer a fixed amount of money to be repaid over a fixed term, the HELOC offers a line of credit against the collateral in your home. The HELOC can be used in much the same way as a regular line of credit with a bank, in that you can borrow any amount up to the limit and interest is charged only on the borrowed amount, which can be repaid flexibly. They are a great means of obtaining quick and cheap money to fund repairs and home renovations, for example, that you can then repay at your convenience. HELOC s may have more restrictive qualification requirements and tighter credit limits than second mortgages. Brevity Mortgages has a full range of Home Equity Line of Credit (HELOC) products to suit every need, from Canada’s leading lenders. Talk to Brevity Mortgages today to get your HELOC with the best rate and zero hassles.
You can still borrow money on your property even if you have a first and second mortgage. Third mortgages can be taken if, after the amounts of the first and second mortgages, there is sufficient equity/ collateral value left in the property to lend money against. Brevity Mortgages would be happy to help you with a third mortgage at the best rates and no-hassle service. Contact us now to discuss your needs.
Consolidate your debt
Do you own multiple debts, some of which are owed to high interest finance sources such as credit card debt etc.? Are you paying off an auto loan at a substantially higher rate of interest than your mortgage rate? Brevity can help free you of these unwanted expenses and simplify your life. Our debt consolidation service can leverage the equity in your home through a second mortgage and apply the low interest funds from it to pay off your expensive high-interest credit card and other debt. Save yourself a ton of expenses and pain by using Brevity’s debt consolidation services to consolidate your debt against a single second mortgage. We offer the industry’s lowest interest rate and zero pain processing. Contact us now to get on the path of huge savings!