You can use a 2nd or 3rd mortgage to:

  • Pay off or consolidate consumer debt
  • Settle tax arrears, collections, judgments, or liens
  • Refinance other loans without paying penalties
  • Finance renovations in preparation for resale
  • Increase cash flow or manage gaps in income

Mortgage Bee’s private lending experts can secure your second or third mortgage quickly and easily. You don’t need great credit or proof of income, and you can get approval within 24 hours.

Learn more about the advantages of a second or third mortgage from a private lender when you contact Mortgage Bee.

Case Studies:

Home Value: $850,000
Current Mortgage: $300,000
Need: $312,000

Challenge
Client had excessive credit card debts at an approximate interest rate(*APR) of 19.99%

  • Excessive debts made it hard to make ends meet
  • The penalty for refinancing early was estimated at over $7,500
  • The clients were in business for themselves and have trouble verifying their income
  • Burdened by their debts, the clients were unable to pay their income tax in time

Solution
2nd mortgage for $312,000

  • Easily manageable payments of under $1818 per month
  • Paid off all outstanding credit card debts
  • Allowed the clients to regain their financial footing and get back on track.

Home Value: $600,000
Current Mortgage: $400,000
Need: $50,000

Challenge
Clients’ home needs renovations

  • Their bank is imposing an early refinancing penalty of over $13,000
  • There are 2 years left on the current mortgage term and the home needs attention now

Solution
2nd mortgage for $50,000

  • Monthly payment of under $375 on a 2 year term
  • By maturing both mortgages simultaneously, the clients will refinance at term’s end and avoid penalties

 

Home Value: $420,000
Current Mortgage: $280,000
Need: $35,000

Challenge
Clients own a small family business that they acquired a couple of years ago

  • A recent family emergency took them overseas for several months leaving a few of their financial obligations unattended and triggered a dispute with a telecommunications provider
  • Upon returning to work the clients found themselves in need of a loan to get their affairs back on track.

Solution
2nd mortgage for $35,000

  • Monthly payment of under $292 on a 2 year term
  • The loan gave the clients’ business a needed jumpstart

Home Value: $1,200,000
Current Mortgage: $300,000
Need: $400,000

Challenge
At the end of a painstaking audit, the client was left with huge tax bill

  • Overwhelmed the client went to the bank, only to learn that banks are reluctant to lend to people with tax arrears
  • The government placed liens against the client’s home and began garnishing the clients income despite his business being incorporated
  • Dealing with tax authorities while trying to run a business was too much for the client to handle alone and his business began to stumble

Solution
2nd Mortgage for $451,000

  • An additional $10,000 was lent to cover legal and accounting costs
  • Payments were taken upfront and made part of the loan
  • Garnishments and lien were removed
  • The client could focus on restructuring his business and was able to approach banks for credit once again

Home Value: $750,000/$832,000
Current Mortgage: $600,000
Need: $42,000

Challenge
Knowledgeable realtor recommended that her client sell their home in a lucrative neighbourhood

  • An older property in a family oriented area, the client stood to gain from selling a renovated house
  • A cosmetic lift required around $45,000

Solution
2nd mortgage for $42,000

  • A completely open term to help reduce costs of sale
  • Realtor’s experience and our short term loan helped the client make more on their home
What is a Mortgage?
A mortgage, or mortgage loan, is a legal agreement where a lender offers money to a borrower to purchase real estate in exchange for interest. The loan is secured by the real estate, so if the borrower fails to repay (defaults) the lender can foreclose, selling the property to pay off the loan.

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Why Mortgage Bee?

Mortgage Bee is built by Canadians to help Canadians, and that’s exactly what we do. Our many years of industry experience have taught us how to bring you the best results. 

We are proud to serve our community and neighbours. So pick Mortgage Bee today, and help guarantee the value of your home.

How much are you looking to borrow?

Call or use our online form to submit a mortgage inquiry.
We look forward to serving you!