Some of the benefits of contacting 8ight for a second mortgage include:
It allows you to put your equity to use – You may have an opportunity or a financial challenge that you are dealing with. Many people renovate their house or finish their basement for more living space or to generate rental income. If you are paying high interest rates on your credit cards or loans, it makes sense to take a second mortgage to consolidate these debts and have one lower monthly payment and pay off your debt faster. The equity that you’ve built up in your property is a powerful financial tool. You don’t have to sell your home to get cash. A second mortgage helps you tap into your home’s equity quickly and conveniently.
What can I use it for?
Now that you’ve cashed in on the equity of your home and have this money, what can you use it for? The short answer is anything! In reality, our customers take out second mortgages to accomplish many different financial goals such as:
- Paying for education
- Consolidating debt
- Helping self-employed people grow their business
- Paying for home renovations
- Purchasing a property
Whatever the reason, taking one can be beneficial for you if you use it right.
8ight Financial Corp is a company that works hard to provide financial solutions for our clients, and our range of loans and mortgages is flexible enough for your particular needs. Now that you know the benefits and uses of our second mortgages, contact us today to see how we can make your financial dreams come true.
Where to Get a Second Mortgage?
8ight Financial Corp is a Canadian lender that offers flexible second mortgages to individuals who want to use the equity in their home to gain access to the capital they need to accomplish their financial goals. With our streamlined approval process, you can have access to the money that you need quickly and conveniently, even if you don’t meet the criteria of the big banks. With our expertise and years of experience in the industry, we will work to provide the right loan for you.
What is a second mortgage?
A second mortgage is a loan secured against a property that has already been mortgage. As you make payments on your home or the value has increased you build up equity in the property. This is a valuable tool that can help you gain access to a new scope of financial possibilities.
Unlike loans that are based solely on your employment history and credit rating, second mortgages are leveraged against an existing property, and since you have equity in your home, lenders will be more willing to loan you money. This is due to the loan being secured against the value that you’ve built up in your property. A second mortgage will often have more flexible and beneficial terms for the borrower because the lender perceives a lower risk.
If you are looking to consolidate debt, invest in you or your child’s future, avoid hurting your credit report, or looking to keep your home, then a second mortgage is a great solution.
What are the benefits of a second mortgage?
The reasons for taking a second mortgage vary, but what they have in common is that they allow the borrower to tap into the equity they have built up in their home. If you need financial capital, then a second mortgage is often the best option for you as a homeowner. 8ight serves a diverse client base: many of our customers are looking for cash to renovate their homes, pay off debts or to invest in a business. Whatever the reason, they are looking to secure a loan to help reach their goals.
With a second mortgage, you can use the funds to:
- Consolidate debt
- Renovate your home
- Invest in your business
- Pay off a consumer proposal
- Pay mortgage and/or tax arrears
- Purchase investments including real estate
- Purchase a car
- Bridge finance
- Pay for wedding expenses
- Pay for education
- Cover medical expenses
- Whatever your needs may be
What a Second Mortgage Can Do For You?
Recent statistics have shown that credit card debt reached a two-year peak at the end of the last year, and that the average credit card debt across Canada was roughly $3,700, up over 3% from the year before. Although they are a luxury and a great backup plan in case of emergency, many Canadians find themselves building significant debt from credit cards and then having difficulty paying it back.
Whether you are just making minimum payments, trying to juggle multiple cards to pay one off, or just in need of some help to clean up your current debt situations, if you are a homeowner, there is a solution: a second mortgage.
Second mortgages for debt consolidation
Perhaps the most common reason that people seek out 8ight Financial Corp for second mortgages is to help consolidate debt. By getting one, you are essentially borrowing money based off of the equity you’ve built up in your home. When you pay your mortgage payments, you build equity in your home and with the increase in house prices you may be pleasantly surprised with how much equity you now have in your home.
Why consolidate debt?
Consolidating debts is recommended to clients who are juggling multiple debts and struggling to keep up with all of the payments, due dates, interest rates, and terms. By getting the right loan, you can lower the interest rate and now have only one lower monthly payment to make.
8ight Financial Corp is a common sense lender. What sets us apart from the rest is that we take into account your current ability to repay, and don’t rely as much on your past. We work diligently with our clients to improve their finances. You have financial goals, and we can help you achieve them.
Consolidating your debts helps lower your interest and monthly payments burden, ensures you don’t accrue too many penalties on your credit report, and generally makes life easier. If you have the equity, ability to repay, and desire to get out of debt, then contact 8ight Financial Corp and speak to one of our financial experts about a second mortgage today.
Where to get a second mortgage?
It is important to know your options on where to get a second mortgage in Canada. Individuals have the option of approaching a bank or other traditional financial institution for a second mortgage, but the trouble is they often have stringent lending policies. Since the first mortgage always takes precedence over the second, lenders will often only give money to the most qualified individuals.
At 8ight, however, we are an alternative lending company that takes a common sense approach, and base our terms on your current situation and ability to repay. We are a lender that specializes in offering second mortgages and will provide you with options. We offer flexible terms and can also match our term to your first mortgage.
We offer amortization periods of up to 40 years and have an interest-only payment option, which will give you peace of mind in knowing that you have a monthly payment that you can comfortably afford. Our fair rates, fast approval process, and alternative approach to lending makes us the leading choice for second mortgages.
If you are looking to get a second mortgage, 8ight can help. To get started, simply call us at (416) 409-1342 and one of our lending specialists will be pleased to assist you.
8ight Financial Corp. 