Tribecca Finance 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. Tribecca 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
A home equity loan can also help you with weddings and other expenses. Contact us for more on home equity loans in Toronto.
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 Tribecca, 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 want to learn more about second mortgages, Tribecca can help. To get started, simply Apply Online or call us at (416) 225-6900 and one of our lending specialists will be pleased to assist you.