2nd & 3rd Mortgages

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2nd & 3rd Mortgages

Need a Private Loan with flexible lending criteria and negotiable terms? Need it done fast? A Private 2nd or 3rd mortgage may be the answer you were looking for.

Get a 2nd or 3rd Mortgage:

  • Get a first-time mortgage, even when banks say no!
  • Use your home equity to consolidate debts
  • Refinance without paying huge penalties at the bank
  • Poor credit? Trouble proving your income? No Problem!
  • Pay off collections, proposals, tax arrears, leans, and judgments.
  • Financing Luxury Properties
  • Renovations for resale

 


CASE STUDIES:

STUDY 1: Consolidate Debts

Home Value: $850,000

Current Mortgage: $300,000

Need: $312,000

Challenge

Client had excessive credit card debts at an approximate interest rate(*APR) of 19.99%

  • Excessive debts made it hard to make ends meet
  • The penalty for refinancing early was estimated at over $7,500
  • The clients were in business for themselves and have trouble verifying their income
  • Burdened by their debts, the clients were unable to pay their income tax in time
Solution

2nd mortgage for $312,000

  • Easily manageable payments of under $ 1$818 per month
  • Paid off all outstanding credit card debts
  • Allowed the clients to regain their financial footing and get back on track.

 

STUDY 2: Huge Penalty for Refinancing

Home Value: $600,000

Current Mortgage: $400,000

Need: $50,000

Challenge

Clients’ home needs renovations

  • Their bank is imposing an early refinancing penalty of over 13,000
  • There are 2 years left on the current mortgage term and the home needs attention now
Solution

2nd mortgage for $ 50,000

  • Monthly payment of under $ 375 on a 2 year term
  • By maturing both mortgages simultaneously, the clients will refinance at term’s end and avoid penalties

 

STUDY 3: Credit / Income Troubles

Home Value: $420,000

Current Mortgage: $280,000

Need: $35,000

Challenge

Clients own a small family business that they acquired a couple of years ago

  • A recent family emergency took them overseas for several months leaving a few of their financial obligations unattended and triggered a dispute with a telecommunications provider
  • Upon returning to work the clients found themselves in need of a loan to get their affairs back on track.
Solution

2nd mortgage for $ 35,000

  • Monthly payment of under $ 292 on a 2 year term
  • The loan gave the clients’ business a needed jumpstart

 

STUDY 4: Pay Tax Arrears

Home Value: $1,200,000

Current Mortgage: $300,000

Need: $400,000

Challenge

At the end of a painstaking audit, the client was left with huge tax bill

  • Overwhelmed the client went to the bank, only to learn that banks are reluctant to lend to people with tax arrears
  • The government placed leans against the client’s home and began garnishing the clients income despite his business being incorporated
  • Dealing with tax authorities while trying to run a business was too much for the client to handle alone and his business began to stumble
Solution

2nd Mortgage for $ 451,000

  • An additional $ 10,000 was lent to cover legal and accounting costs
  • Payments were taken upfront and made part of the loan
  • Garnishments and leans were removed
  • The client could focus on restructuring his business and was able to approach banks for credit once again

 

STUDY 5: Renovations for Resale

Home Value: $750,000/$832,000

Current Mortgage: $600,000

Need: $42,000

Challenge

Knowledgeable realtor recommended that her client sell their home in a lucrative neighbourhood

  • An older property in a family oriented area, the client stood to gain from selling a renovated house
  • A cosmetic lift required around $ 45,000
Solution

2nd mortgage for $ 42,000

  • A completely open term to help reduce costs of sale
  • Realtor’s experience and our short term loan helped the client make more on their home
More About Us

Why Us

Benson Mortgage is built by Canadians to help Canadians, and that’s exactly what we manage to do.

Our many years of experience in the industry have taught us how to bring you the best results, and we pride ourselves on doing so. So pick Benson Mortgages today, and help guarantee the value of your home.

About Benson Mortgage

At Benson Mortgages, you can expect the submission, process and funding your mortgage applications in Canada. You also get updated mortgage news Canada that helps to avail the fastest and the most efficient mortgage solution, currently available.

 

 

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