Second Mortgage Calculator

What is a Second Mortgage Calculator?

Today, more and more people have started to look at the possibility of utilizing their home equity as a second mortgage. However, the issue for many perspective borrowers is that their lenders often lack a great second mortgage calculator. This is where our mortgage calculator comes in. You will simply input your data as needed, and our calculator will be able to produce how much equity you may take out of your home.

Second Mortgage Calculator

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This tool is for information purposes only and should not be interpreted as a completed obligation or approval.

So, what is a Second Mortgage?

A second mortgage is a perfect tool for those who are looking to get the most out of their home's equity. Some of the best uses for a second mortgage are paying for:

Home Improvements
Larger medical expenses that are not covered by OHIP
Credit Card Debts
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Second Mortgage Requirements

When looking at requirements, there are a few simple ones that every lender will need to move forward.

First, you will need to own a house or property that can be leveraged.
Secondly, you will need to be able to take equity from your existing property or home and turn it into collateral.

This might seem simple, but when it comes to qualifying for a second home mortgage, it all comes down to the calculations. This is where our simple calculator comes in, and it is designed to help you answer the age-old question - “Can I afford a second mortgage?”

When we built our calculator, we designed to keep it simple with a calculation that determines how much equity you may take out of your home. It is meant to start a conversation, and when you are looking at refinancing your 1st and 2nd mortgage, our specialists are in the best position to help. It is just a few clicks of a button, and no matter if you are serious or just curious about this financial tool, it only takes a few seconds to know if your home has equity for a second mortgage!