Second Mortgage Calculator

Find Out How Much You Qualify For & What Your Monthly Payments Are.
Borrow up to90% Equity - No Income/Credit Required

What is a Second Mortgage Calculator

The second mortgage calculator is a nifty tool that can quickly calculate how much you can potentially qualify for and how much equity can be take out from your home. Calculating your 2nd mortgage monthly payments is an important next step in finding out what would be the cost of carrying forward the mortgage. The second mortgage calculator makes it easy for you to determine how much funds you can potentially borrow and I am always available to answer any questions you may have.

Why Some Homeowners Are Turning to Second Mortgages

Second mortgages are a popular approach for homeowners who need fast access to the equity in their home but do not wish to refinance or modify the existing first mortgage. Another reason second mortgages are popular is due to the ease of approval as the lenders are much less concerned with the credit rating and income level of the borrowers and more focused on the equity instead which means that homeowners suffering from any of the below situation are qualified for a second mortgage:

Bankruptcy
Power of Sale
Tax Arrears
Mortgage Arrears
Low/No Income
No Employment
Bad Credit/No Credit

This ease in lending policy has further increased the total number of second mortgages in the recent years since many homeowners suffering with bad debt and poor credit can now borrow funds to pay off high interest debts such as credit cards to lower their monthly payments. The second mortgage calculator, which is a breeze to use, can show you how much you can potentially borrow to consolidate debt or use the funds for your needed purpose.

What Can a Second Mortgage Be Used For?

Although second mortgages can be used for almost any situation that requires funding, there are those situations for which second mortgages are more commonly used for. Below is a quick outline of what second mortgages are generally used for

  • Debt consolidation is on the top of the list. Many homeowners use the funds to pay out credit cards that have high interest to lower their monthly payments
  • Tax/Mortgage arrears are another common reason homeowners turn to second mortgages
  • Paying collections and judgment
  • Home renovation
  • Short term/bridge financing or emergency situation
  • Purchase of a business or down-payment fora new purchase

Regardless of what your situation may be, you can use the second mortgage calculator to calculate how much you can potentially qualify for and once your monthly payment is determined, you would know how much would be your saving or your cost for carrying forward the 2nd mortgage.

WHY GET A SECOND MORTGAGE

Get Cash QUICKLY & EASILY

Renovate / Invest

Use the funds to renovate your home or as a down-payment for a new purchase

Mortgage Arrears

Pay out tax and mortgage backlogs to save your home from the provinc

Emergency Cash

Access to quick and easy cash to pay consumer proposal, judgements or urgent bills

Debt Consolidation

Lower your monthly payments by paying out high interest debt and credit cards

Bad Credit OK

Your credit is not an issue, all credit types accepted

Past Bankrupticy

Your past bankruptcies won't stop you

Consumer Proposal

Pay off your consumer proposal
FAST 48Hr Closing

FAST 48Hr Closing

Fast approval & quick closing mortgages available

No Income Credit Required, So What Qualifications Needed?

As stated earlier the second mortgage lenders are more concerned with the equity and not so much the borrower. This means that you can qualify for a second mortgage under very difficult situations as stated earlier; in fact some homeowners take out a second mortgage to stop a power of sale on their first mortgage. AS long as you have equity in your home, you are qualified to take out a second mortgage so hurry to the second mortgage calculator to find out what is the maximum amount you can qualify for

How to Use the Second Mortgage Calculator

The second mortgage calculator is a breeze to use. All you have to do is input your home value, your first mortgage balance and if exist your second mortgage balance and click to see the result. i. For instance if your home is worth 450K just type in “450000” (without the quotes). The calculator will only accept numbers so do not use any comma or decimal point. Next you need to enter your first mortgage balance in the same format as above. If you have an existing second mortgage, enter the amount in the field for second mortgage otherwise you can leave it blank.

Pay Off All High Interest Debts and Get a Fresh Start on Life

Take Back Control of Your Life - Substantially Lower Your Monthly Payments using a Low Rate Equity Loan

Current MortgageSecond Mortgage
Current Home Value $400,000Current Home Value $400,000
$200,000 Existing 1st Mortgage = $1,163/month$200,000 Existing 1st Mortgage = $1,163/month
Before Taking Advantage of Home Equity$50,000 2nd Mortgage = $250/month
$20,000 Auto Loan @ 10.0% = $425/monthAuto Loan = Paid
$20,000 Credit Card @ 18% = $600/monthCredit Card Debt = Paid
$10,000 Store Card @ 28% = $300/monthStore Card Debt = Paid
Total $2,488/monthTotal $1,413/month
You Save $1,075/month!!!

Get A Low Rate Second Mortgage Now

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