Appraisal Rebate? What is a second mortgage? What is going to happen after I apply? Do I need a lawyer to close the transaction? How long before I can get the money? What can I use the funds for? Is there a fee for your service? What are other closing costs? What are your rates? Can I pay it off sooner? Why do I need an appraisal? How much can I borrow? How do I get started? Appraisal Rebate?                                                                                 Top We have a SPECIAL Appraisal rebate program this week whereby SecondMortgageSolution.com will rebate you upto $250.00 of the cost of your appraisal. (VALID upto 30 days after your closing.) What is a second mortgage?                                                           Top Second Mortgage is simply an additional mortgage registered against the title of your home. Some lenders call it "Home Equity Loan" or "Home equity Line of Credit" and since these types of loans are registered against the title of your home as a second charge - they are all second mortgages. What is going to happen after I apply?                                       Top Our agents are standing by 24/7 and after you complete your application on our secure server, we will take an immediate action to process it. You will be contacted either by phone or email within the next 24 to 48 hrs therefore we suggest that you check your email regularly. We will go over the application with you and give you an idea what loan amount and terms you can qualify for based on your credit payment history, home equity and employment. Do I need a lawyer to close the transaction?                          Top Yes. You will need a lawyer to register your second mortgage on the title of your home, but also to disburse the funds. Some second mortgage lenders will hire title insurance companies to do most of the work and you would meet with their lawyer just to sign the final documents. How long before I can get the money?                                      Top You get your money in most cases within 10 to 20 business days after you SIGN the Mortgage Statement. What can I use the funds for?                                                         Top Use the funds anyway you like, you just need to tell us how you plan to use them. (debt consolidation, renovation, vacation, school, pay off back taxes etc.) Is there a fee for your service?                                                     Top Yes. Our fees are based on the level of difficulty. If your situation is more challenging you will have a slightly higher broker fee deducted from mortgage proceeds. In any case, our broker fee and all other closing costs will be disclosed to you at least 72 hrs before we ask you to sign the mortgage commitment. What are other closing costs?                                                        Top Other closing costs include appraisal, lender fee, legal fee. Again, all of the costs will be disclosed to you as soon as we obtain your approval. What are your rates?                                                                           Top Our rates start from bank prime posted rate. Every situation is different and therefore you may qualify at higher rate. Of course, our job is to provide you with the lowest rate for your particular situation and that's exactly what we'll do. Can I pay it off sooner?                                                                      Top Yes you can, but all second mortgage loans have some type of pre-payments. With some, you can pay bi-weekly to reduce your amortization and with others, you can increase your payments by up to 20% of your regular payment. To pay it off completely before maturity you may have early discharge penalty. We suggest that you wait until your term is up before paying it off completely. Why do I need an appraisal?                                                           Top The lenders require an appraisal report usually not older than 30 to 60 days to approve your loan. This report must be ordered by us and completed by a certified appraiser who is on the lender's approved list of certified appraisers. The cost is usually $250.00 and it is the only out of pocket costs to you. It is payable directly to the appraiser at the time of the inspection. Please have funds ready, otherwise delays may occur. How much can I borrow?                                                                  Top Our lenders will lend up to 100% of home value on good credit, but these types of loans have higher rates due to very high risk exposure to the lender. Most loans are up to 85% of your home value less your first mortgage balance, but if your property is a rental property or if you have bad credit then it may be less. How do I get started?                                                                         Top Simply click here to complete our Secured Online application.