Second Mortgages
Second Mortgages
A second mortgage is a home mortgage that is established in addition to your original and current mortgage. Second mortgages are typically smaller than first mortgages, and therefor they usually have lower interest rates. However, second mortgages also come with some risks. For this reason, it’s important to carefully consider whether taking out a second mortgage is the right decision for you.
Reasons for a second mortgage:
- Purchasing a second home.
- Unforeseen expenditure.
- Home renovation or improvement.
- Debt Consolidation.
Other Considerations
The AG Mortgage Team will give you all the information to help you decide if a second mortgage is right for you.
REQUIRED DOCUMENTS FOR YOUR MORTGAGE
Proof Of Employment & Income
Current employment status and income amount as:
- Copy of current payroll.
- Proof of current electronic deposited pay.
- Associated Notice of Assessment (NOA) & T1 General.
- Additional income sources (if any).
- Prior employment status (if required).
Basic Financials
- A List of your current assets and obligations.
- Bank account alongside transit number for payments.
- CIBC Pre-approved Mortgage Certificate (if valid).
Down Payment Verification
- Statement of investments from within the latest 90 days or savings.
- Withdrawing an amount from RRSP through Homebuyer’s Plan (if valid).
- Gift letter.
- Copy of the sale agreement of a sold current asset.
Details of the Property
- A copy of the real estate listing.
- A copy of the sale agreement and accepted purchase.
- Full address of the property (legal description and postal code).
- Tax estimates of the property, heating costs, and condo fees (commonly, you may find these details on the real estate listing).
- Well and septic certificate regarding rural properties.
- Lawyer’s full details (name – address – telephone and fax number – postal code).
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