Jun

24

We are in need of a 2nd mortgage on our house! Can anyone Help?

Filed Under mortgage 

Cherie D asked:


We need to obtain a 2nd mortgage of $25,000 on our home to basically pay of a bad loan. We went to a comapny and borrowed money and now they are charging 31.99% in interest, we’d like to clean up our 2 credit cards and pay back a loan from family, is there a reputable company in Ontario that we can trust to help us or do they all charge alot of interest?We just don’t want to get roped in again can anyone help us?

Agnes
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    • Comments

    3 Responses to “We are in need of a 2nd mortgage on our house! Can anyone Help?”

    1. David Beasley on June 27th, 2008 4:19 pm

      2nd loans (HELOC) require qualifying with paystubs/W-2s and lots and lots of equity.

      Is your house worth A LOT more than your mortgage balance? If so, get with your personal banker (they are better at this than a mortgage broker) with your financials.

      Best of luck!

    2. kemperk on June 29th, 2008 2:22 pm

      contact any mortgage broker in your country.

      IF you find none, I will help you.

    3. Jennifer S on June 30th, 2008 4:09 am

      Your home has to be worth more money then you owe on it.