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Chances to Get a Second Mortgage with Bad Credit

Posted onJanuary 15/2019By

If you need funds quickly, but don’t have cash in the bank and can’t get a loan, borrowing on your property is a good next option. In fact, getting a second mortgage in Toronto is usually cheaper than a loan because you are using equity in your home as security for the borrower. Second Mortgage in Toronto However, there are certain steps you can take to improve your chances of getting a second mortgage. If you have applied for a loan and been refused, you’ll know the reason why—and it’s most likely bad credit history. First, use one of the three main online credit bureaus to find out what your credit score is. By checking out your credit rating, you should be able to pinpoint the problem and possibly fix it. For example, if you are weighed down with credit card debt, find a way of paying it off. Or,…

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Getting a Second Mortgage: Why and How

Posted onJanuary 08/2019By

If you embrace a philosophy of growth and self-care, you’ll want to, as Oprah Winfrey says, “Live your best life.” Even with mistakes, you’ll know at the end you really did make the best effort for yourself, your partner and, if you have them, your kids, too. Second Mortgage in Toronto Sometimes, living your best life isn’t difficult, especially if it means spending time together and enjoying a good meal. But if it’s something that costs money, then you may be looking at securing a loan or getting a second mortgage. If the value of your property has increased since you bought it, then you have what’s called equity in your home. Getting a second mortgage in Toronto is certainly a viable option. A second mortgage means that you can borrow money based on the value of your property. Your home acts as security against the loan. What is a…

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