Second Mortgage

We provide personalized and fast financing solutions to our clients!

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Are you looking for a Second Mortgage that will cater to your needs? Do you have:

  • Inadequate credit score?
  • Facing a financial situation?
  • Income not enough to qualify at the banks
  • Overbearing repayment schedules?
  • Facing a long and extensive approval process ?
  • Life situations causing you stress like illness, disability, death of a loved one?

If any of these situations strike a note for you, Freedom Capital can help! With custom-tailored solutions and seamless approvals, our financing experts ensure every borrower’s needs are met.

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What is Second Mortgage?

A second mortgage allows you to borrow against property in addition to a primarily mortgaged property already in place by placing a new mortgage in a junior/secondary position. You can secure this mortgage by using your house as collateral and tapping into your property’s equity.

Real estate is essentially a fixed asset. Over time this asset accumulates value. By tapping into your home equity and getting a second mortgage in Canada you can finance your goals and projects without selling your real estate.

BENEFITS OF TAKING A SECOND MORTGAGE?

Pay for Renovation

Pay for Renovations or Improvements

With this mortgage, you can finance renovations or upgrades of your home. Retrofits and renovations are excellent ways to increase property value. A better-maintained property also generates a higher profit when sold. You can easily use your 2nd mortgage as an investment towards your real estate.

Consolidate Debt

Consolidate Debt

Getting a second mortgage in Canada is a strategy that you can use to consolidate all your debt. Any liabilities, such as lines of credit, car loans and credit cards, can be paid off with debt consolidation. You can group all your debts into one monthly payment. With a lower interest rate and easier payments, your debts are reduced, resulting in more cash flow and can boost your credit score.

Freedom Capital

Business Investment

Did your bank say NO to your business application or looking for alternative business loan options? If so, pulling equity via a mortgage can help. It can be a great way for you to access funds from your other real estate holdings. Use these funds to invest in your business or start a new business.

investment income

Investment Income

By tapping into your equity, you can create an additional revenue stream for yourself and your family. Using your equity, a mortgage can be used to purchase an investment property, invest in stocks, purchase land, buy a vacation home or fund other investments. This can be a great opportunity for borrowers looking to expand their financial portfolios.

daily expenses

Daily Expenses

If you have high day to day expenses, a mortgage can be the solution you need. With a private mortgage, you can cover your daily expenses with ease. Overcome high interest rates, stressful debts, and hard-to-meet financial obligations.

Credit Score

Improve your Credit Score

High Debt and past due bills can negatively impact your credit score. This can make it hard to qualify for a mortgage. If you have a bad credit history or a low credit score because of debt, we have some solutions. Getting a 2nd mortgage and paying off high interest debt can build your credit and eradicate any liabilities negatively impacting your credit score.

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How is Freedom Capital’s Second Mortgage Different?

Nowadays, conventional banks are very rigorous in their mortgage process. A conventional bank bases its approval on two criteria: income and credit. This causes limitations of how much you are approved for and restrictive lending offerings. You might go to a bank in hopes of applying for a mortgage of $700,000 only to find out the bank will approve $600,000 or even less.

At Freedom Capital, we offer lending options to our clients that conventional banks are unable to help with. We offer freedom to look into various options. Our clients and their needs are our topmost priority.

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How to Apply Second Mortgage?

The application process for a 2nd mortgage can be very simplistic if you meet the basic requirements. Our approach is different from others:

  1. Rather than extensively evaluating our client’s income or creditworthiness, we only look at equity
  2. Valuation and total encumbrances(mortgages) are our focus.
  3. If a borrower meets our minimum equity requirement, they can get approved for a 2nd mortgage with ease.
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Funded by Us

Recently Funded

high interest rate gone

High Interest Rates Gone!

Clients were looking to consolidate all of their high interest revolving debts which was over $3,500 per month in payments. Clients had excellent income. Their first mortgage was coming up for maturity in six months, they wanted short-term financing until they could refinance.

Mortgage Amount : $210,000.00
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debt piling up

Debts piling Up?

Freedom Capital successfully placed a 2nd mortgage behind another private lender to assist a self-employed client consolidate outstanding debts due to Covid.

Mortgage Amount : $124,000.00
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cover shortfall

Cover Shortfall

Rush closing in 2 business days. Client was short funds for his new purchase due to a sale on his residence collapsing. We obtained a 2nd mortgage equity take out loan to cover the shortfall so client could complete on time.

Mortgage Amount : $240,000.00
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vacation home equity pull!

Vacation Home Equity Pull

Clients were seeking an equity take out second mortgage to use as down payment to purchase another property. We are now looking to finance the new purchase at 100% financing (including the downpayment).

Mortgage Amount : $500,000.00
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broker helping brokers

Brokers helping Brokers

Brokers helping Brokers! Due to our exclusive relationship with our lenders, Freedom Capital was able to assist another Broker refinance his property with a new 2nd mortgage

Mortgage Amount : $200,000.00
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pull equity for cash flow

Pull Equity for Cash Flow for Business

Repeat client with self employed income and high beacon scores. Looking to pull equity for cash flow for business until home sells.

Mortgage Amount : $170,000.00
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debt consolidation

Debt Consolidation

80% LTV on a 2nd mortgage to consolidate high interest debt. We funded this file with competitive pricing, quick closing and minimum documents.

Mortgage Amount : $80,000.00
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Freedom Capital

Renovations?

Clients ran out of funds halfway through their renovations. They were stuck and had no way to pay their trades and overdue bills for the materials they had ordered. They required funds fast. We placed a second mortgage quickly to give them enough funds to complete the project.

Mortgage Amount : $215,000.00
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FAQs
Freedom Capital has one of the fastest turnaround times in the industry. Subject to the type of mortgage you are applying for, you can potentially get mortgage approval in 24 hours*.
Since these mortgages are riskier for lenders, they have higher interest rates. However, at Freedom Capital, we don’t get paid on rate, we obtain terms that make sense for our borrowers.
To get a second mortgage you are not obligated to work with the same lender. You can reach out to new lenders and compare deals to settle on the best option for you.
Banks approve loans based on two major factors;
  • Your credit score
  • your net income.
If your credit score is below 680 and your income is not high enough to cover your mortgage and your other credit facilities, you will NOT get approved. At Freedom Capital, you are not a ‘number’ to us! We use a common-sense approach while approving your loans. No red tape, no waiting for weeks. We simply require the equity and will provide you with a viable, no-obligation option.

A mortgage broker can help save your time, energy and money. It is better to work with a broker as they help borrowers understand the mortgage market. With a broker by your side, you can find the 2nd mortgage you need.

Absolutely!  Unlike banks who only look at income, we can leverage the equity you have in other real estate assets. 

With a Freedom Capital 2nd mortgage you can cover a variety of costs, including but not limited to:

  • Renovation, construction or improvement of a property
  • Debt consolidation
  • Invest in properties or other financial ventures
  • Invest in your business
  • Cover daily expenses
  • Obtain funds in high-stress life situations such as illness or sudden death in your family
  • Life situations

Freedom Capital provides Second Mortgage in several cities and provinces in Canada. The list include:

  1. Second Mortgage in Alberta
  2. Second Mortgage in British Columbia
  3. Second Mortgage in Ontario
  4. Second Mortgage in Surrey
  5. Second Mortgage in Vancouver
Freedom Capital Logo
British Columbia

#104-15272 Croydon Drive
Surrey, BC V3Z 0Z5
BCFSA # X029834
Phone: 604-998-8898

Alberta
300-840 6 Avenue SW
Calgary, AB T2P 3E5
RECA # 00419730
Phone: 403-774-7425
Ontario
15 Allstate Parkway 6th Floor
Markham ON L3R 5B4
FSRA # 13025
Phone: 647-776-7644

Disclosure : Applying for a mortgage does not guarantee approval for the mortgage. No Upfront fee is applicable for the mortgage however processing Fees may apply. APR can vary depending on mortgage amount.

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