I Need A Second Mortgage

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A second mortgage can be a hindrance if you want to refinance, need a loan modification or have to sell your home in a short sale. closing costs on second mortgages can be expensive, often.

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At Matrix Mortgage Global we understand that there are situations when you will need a second mortgage. Our Second Mortgage program allows you to take up to 95%* of the equity out of your home (*ONTARIO ONLY!) regardless if you are Self Employed, have poor credit or are previously Bankrupt. Second mortgage provides access to the equity you have built up in your home at a lower rate than most personal loans or credit cards.

A second mortgage may be helpful when you need to pay for something requiring a large sum of money that you don't have the cash for, such.

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Many people use a second mortgage to fund big expenditures such as home improvements or repairs, to buy a second home or to pay off a big debt. It’s generally not a good idea to use it for something frivolous such as a vacation or new clothes, because you are risking your home in the process.

If you refinance your first mortgage, that lender will require the second mortgage lender to execute a subordination agreement. In a subordination agreement, the second mortgage holder consents to subordinating its loan to the refinanced loan.

Reserves are funds available to pay your mortgage if you experience an interruption in income. You’ll need at least two months of reserves if you’re a well-qualified wage earner, and at least six.