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Second Mortgage Calculator

Maximize Your Home Equity with Our Second Mortgage Calculator

Understanding how much you can borrow with a second mortgage is crucial for making informed financial decisions. At Citadel Mortgages, our second mortgage calculator is designed to provide you with accurate estimates, helping you plan effectively and achieve your financial goals.

Benefits of Using Our Second Mortgage Calculator

  • Accurate Estimates: Input your home’s current market value, the remaining balance on your first mortgage, and other financial details for precise calculations.
  • Financial Planning: Understand your potential monthly payments and how they fit into your budget.
  • Interest Rate Comparison: Compare different interest rates to see how they affect your monthly payments and total loan cost.
  • Loan Scenarios: Explore various loan scenarios to determine the best option for your financial needs.

How to Use Our Second Mortgage Calculator

  1. Enter Your Home’s Current Value: Provide an estimate of your home’s current market value.
  2. Current Mortgage Balance: Input the remaining balance on your first mortgage.
  3. Interest Rate: The interest rate being used is 11.99%.
  4. Loan Term: Most second mortgages are one-year fixed terms; we use this for the calculation.

Best Mortgage Bank Rates in Toronto

Why Choose Citadel Mortgages

At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:

 Expertise Across Canada

Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.

 Client-Focused Service

Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.

Competitive Rates

Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.

 Transparent and Seamless Process

We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.

Commitment to Excellence

At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.

Contact Us Today

For personalized advice and the best mortgage rates in Canada, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.

How Do You Qualify For The Best Second Mortgage Rates?

A Good Credit Score: You will generally need a 650 to 720 Credit score or above. Any co-borrowers, on your mortgage application, will also need good credit. Like anything else, there are exceptions to this. But the more exceptions you require, the lower your chances of getting the best rate.

 Employment Tenure: If you just started your job, you may not qualify with some of the mortgage lenders. Many mortgage lenders prefer to see at least a one-year job history if you’re salaried.

Clean Credit: Lenders want to see no derogatory items on your credit report. You want to make sure that no missed mortgage payments show on your credit report as lenders will not be comfortable lending at the best mortgage rates if this is an issue on your credit report. Also one missed payment in three years might be okay; five missed payments are not, especially if they went to collections.

Provable Income: A lender will usually ask you to prove your full income with tax documents and/or employer pay stubs. This is important you make think your income is fine, but you will need a two-year history of any bonus income, commissions, tips income or part-time income in order to be able to use it as part of your mortgage application. 

Reasonable Debt Ratios: If your monthly housing and payment obligations are more than 44% of your gross monthly income, you’ll seldom get the best rates. It is important to note that, your monthly housing costs (mortgage payment, property taxes, heat, and half your condo fees) cannot be more than 39% of your gross monthly income. That 39% limit usualy requires a 680+ credit score.

If you do not meet the above criteria, don’t worry. You can still be approved for a second mortgage, although it may come with higher rates and fees.

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