Second Mortgage And Third Mortgage

Whether You Need $20,000, $500,000, Or $5,000,000 Maxium Dsouza – Mortgage Broker Is Your Best Alternative To A Bank!

Second Mortgage

It’s important to understand what a second and third mortgage actually is. A second mortgage is another mortgage that a homeowner can get in addition to their first mortgage. Second mortgages are usually smaller in size than the first mortgage and is given to the homeowner by a second mortgage company or a private lender. A second or third mortgage is a quicker and easier way for someone to get extra cash when they need it using the equity they have in their home.

A second or even third mortgage can be used to help pay down and consolidate higher interest debt in order to help you get out of debt faster, purchase a new home or property, home improvements and renovations, funding your child’s education, help a family member of friend, paying for business expenses or funding your own business, paying divorce or alimony costs, and more.

Maxium is specialized in helping our clients get approved for second and third mortgages even when the banks refuse to help. Having access to over 40 different lenders, Maxium will help you get the right second mortgage at the lohest interest rate and best term available to you. Whether you own one home or multiple properties, he can help you get approved and get the money you need quickly and hassle-free.

To borrow money through a second mortgage you need to have enough equity available in your home. Calculating home much equity you have available is easy. You simply take the value of your home and subtract any money that you still ohe to your mortgage. The amount of available equity increases as you make your monthly mortgage payments and will increase even more if the value of your property goes up.

If you already have a second mortgage and require additional money, he can help you look at your options. One option might be to refinance the second mortgage at a higher amount, or to take out a third mortgage. Maxium Dsouza can help you analyse your current financial situation and determine what option would be best for you given your specific situation.

He Helps Homeowners Get Approved Everyday, Even When The Bank Says “No”

Maxium understands that sometimes you might need extra money for various personal or business needs. These days it can be very difficult to get that money when you need it and the banks will often times put borrowers through a very long and time-consuming process only to deny them at the very end of the process. Luckily Maxium is here to help you get approved for a second mortgage or even third mortgage quickly and easily. Here are just a few of the more popular reasons that homeowners turn to Maxium to get the extra cash they need:

  • Debt consolidation
  • Education loans
  • Home renovations
  • Pay back taxes
  • Business expenses
  • Divorce and alimony costs
  • Child support
  • Car purchases
  • Buying an additional home of property

Call or text Maxium today at 437-353-9977 or email us at for a no obligation free mortgage consultation.


Should You Refinance Your Mortgage?

There are a multitude of reasons why a homeowner may be considering refinancing their mortgage. However, before any final decisions are made it is always a good idea to consider carefully whether refinancing is a good idea for you.

What is refinancing?

To refinance means to apply for a new loan on your current mortgage. Due to the fact that you are applying for a new loan, you will need to supply your lender with all of the details necessary for refinancing – this will include credit history, income history, your assets and the appraisal of your home to name just a few.

Reasons why most people refinance

The vast majority of mortgage refinances are completed in order to obtain a lower interest rate on a mortgage. After all, a lower interest rate can potentially save you thousands of dollars over the life of the loan.

Some other reasons to refinance a mortgage would include:

1. Stabilizing a monthly payment: Some homeowners opt to refinance their mortgages to switch from an adjustable-rate mortgage to a fixed-rate mortgage. When you have a fixed interest rate on your mortgage it is much easier to complete your monthly budget since the payment amount will not change.

2. Combining two mortgages: Though it is uncommon, some homeowners choose to refinance mortgages so that they can combine the two payments into one. For some, this is just to make things more convenient, while for others it may hold some financial benefits.

Though refinancing may seem like a good fit for you at this point, there are still a few questions that you need to ask yourself before moving forward. These questions are:

1. Is there any prepayment penalty on your current mortgage?
If so, you will need to figure the penalty into deciding whether the refinance math works in your favor.

2. What are the upfront costs for the new mortgage?
Refinances often come with closing costs so these will need to be accounted for.

3. How will the refinance impact your tax situation?
You may want to speak with an accountant to see if refinancing will change your taxes at the end of the year.

4. How much money will you save by refinancing?
This is the most important question of all. If the refinance isn’t going to save you any money there’s a good chance it may not be worth completing it.

Ultimately, your decision on whether to move forward with any refinance deal will depend entirely on your own personal situation. However, don’t be afraid to shop around for the best rates and you may soon find a refinance deal that works well for you.


Strategies to Dig Yourself Out of the Debt Hole

Debt. It’s something almost everyone will have at some point in their life. But what happens when your debt begins to get the better of you? What options are available? Some simple strategies can help you get your debt out of a seemingly unmanageable situation; it’s just a matter of choosing the right one for you.

One common debt issue is having multiple credit cards but feeling like you’re getting nowhere in paying them off, even when you’re making payments larger than the minimum. People tend to get caught up in making sure they pay all their cards off at the same rate, regardless of balance owing or interest rate. The solution is to prioritize your debt.

Select the card you want to pay off first and focus your efforts on it. Keep making the minimum payments on your other cards; you don’t want to damage your credit rating by having late or delinquent payments reported on your credit history. For example, if you have three credit cards and are paying a sum over the minimum payment on all of them, take the extra amount you’re paying on the other two, and focus on the one you want to eliminate first. This should be the one with the highest interest rate. Once it’s paid off, refocus on the next, including the amount you’d been paying on the now paid off card. Doing this will feel slow at first, but will give you a feeling of accomplishment as you pay off each debt.

Another option is to sit down with your bank or credit card provider and discuss lower interest options. If your rating is still healthy, most banks will switch between different credit cards, such asmoving from a cashback card to a lower interest card. Others will lower your interest rate. Keep in mind, if you don’t ask, the answer is automatically ‘no’.

You can also look at a debt consolidation loan with an experienced Mortgage Professional. A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way by taking advantage of refinancing some of the equity in your mortgage to reduce your credit card debt.

Your last option is to declare bankruptcy or to complete a consumer proposal. A consumer proposal will allow you to retain more assets than a bankruptcy, but both will effectively destroy your credit rating. If this happens, you will not be able to apply for credit from anyone but a high risk, high interest lender until seven years from the completion of the consumer proposal or discharge of the bankruptcy.

When dealing with debt there are several solutions. The key is to recognize when your debt is becoming a problem and take action. The longer you wait to deal with the problem, the fewer options you will have available to you. If in doubt, speak to an advisor. A meeting will cost you nothing but time, and could provide you with some direction as to what is the best option for you.

Your solution could potentially be a combination of all of these strategies. Sitting down with an advisor will help you determine whether a prioritized payment strategy, restructure of debt, consolidation, or a mix of the three are going to be the best fit for you. Most importantly, you must act before you get to the point where Bankruptcy becomes your only option.


Why You Need an Emergency Fund And How to Get One

Building an emergency fund is something most people know they should do but few actually get around to doing. A recent study found that nearly two-thirds of Americans did not have an emergency fund, and more than half would have trouble coming up with $1,000 on short notice. That lack of savings puts them at risk and makes achieving long-term financial goals much more difficult.

Building an emergency fund is a critical first step on the road to financial security. Many people think that they do not make enough money to build an emergency fund, but even low-income workers can set money aside if they take the right steps.

Take Note of Daily Expenses
You may think you have no extra money to build an emergency fund, but those extra dollars could be hiding in plain sight. Take a few minutes to review your normal daily expenses, from that morning cup of coffee and lunch with coworkers to daily parking charges and the take-out pizza you grab on the way home.

Look for ways to economize and swap high costs for lower ones.
Bagging up your leftovers from last night’s dinner could save you $10 or more a day — that’s several hundred dollars a month. Making your coffee at home could save you $20 to $50 more, while skipping the take-out once or twice a week could save you $100 or more. If your town offers public transportation, swapping your car for a bus or trolley could slash your parking charges and save you even more.

Start a Piggy Bank
Now that you have identified the leaks in your daily budget, you can use that knowledge to start building an emergency fund. Take that $10 you would have spent on lunch and place it in a special spot in your wallet. When you get home, transfer that cash to your new piggy bank and watch the money accumulate. When your bank is full, you can use the money to start the savings account that will become your emergency fund.

You do not have to confine your savings to folding money. Change works just as well, and it is much easier to accumulate. Every time you get change, keep it in your pocket until you get home, then transfer it to your piggy bank. You may be surprised at how quickly that spare change adds up.


Home Renovation Loan

Maxium Dsouza – Mortgage Broker Can Help Your Home Renovation Dreams Come True With A Quick And Easy Home Renovation Loan!

Whether you are interested in renovating your home to update it’s look, expanding your home by adding an additional section to it, or improving your home for the purpose of continuing to live in it, rent it out, or sell it, Maxium has you covered financially!

If you are like most Canadians, you might not have enough money saved up to pay for all of the renovations yourself. Luckily Maxium is here to help by offering you a wide range of financing options to help you finance your renovation project at an affordable rate.

He can help you find the right financing solution to finance all of your renovation costs including renovating a bathroom, renovating a basement, adding side or rear extension to your home, adding a garage, refinishing the exterior of your home, repairing damages, or for any other renovation need that you might have. Since renovations can be very costly and sometimes required unexpectedly, it can be hard to save up enough money to cover the costs.

Here are a few financing options that Maxium can help you with!

How Can I Finance My Home Renovation?

Many people think that going to a home renovation centre such as Home Depot or IKEA and applying for their store credit card is a good way to pay for their home renovations. The reality is that many of those store credit cards come with interest rates that are significantly higher than those of more traditional financial lending institutions. Fortunately, Maxium has better options for your that can help make paying for your home renovations easier and less expensive.

A Home Equity Line Of Credit (HELOC)

If you have enough equity in your home then you can leverage that equity in order to obtain a home equity line of credit, commonly known as a HELOC. A HELOC is a great option if you plan on pulling money in and out from your credit line. The more equity that you have available in your home, the larger the HELOC loan you can be approved for. If you have enough equity in your home, then you might be able to get a large enough HELOC to cover the costs of all of your renovations. A HELOC is a good option because of the low interest rates that are currently available to borrowers. A HELOC from a bank can start as low as 3% provided that you qualify for that rate.

A Home Equity Loan Or Second Mortgage

With today’s increasingly strict bank rules and mortgage stress test that banks have to follow, it has become increasingly difficult to qualify for a HELOC at a chartered bank. If you need the money quickly, or if your bank turns you down, then you can always apply for a home equity loan or second mortgage. Though the second mortgage rates tend to be higher than a HELOC from a bank, you will find it much easier to qualify for a higher loan amount and get approved with much less hassle and stress.

Even though the rates tend to be higher than the ones you might get through a HELOC at a bank, second mortgage rates and home equity loan rates are still much lower than the interest rates you would get through a store credit card.

Refinance Your Current Mortgage

Another option for financing your home renovation is to refinance your entire current mortgage for a higher amount at a lower interest rate than a HELOC or a second mortgage. This can be a great option if you are several years into your current mortgage or if the value of your home has increased since you took out your current mortgage.

A Draw Mortgage

Although this option is more popular among larger renovation or construction projects, a draw mortgage can be used as a form of renovation loan. If you qualify for a draw mortgage, your funds will be advanced to you in intervals based on completing various predetermined milestones throughout the renovation project. This helps reduce the risk to the lender as they are only lending money as it is needed and as previous renovation steps are completed.

In some cases, when the renovations are substantial enough and are expected to add significant value to the home, some lenders will approve you for a draw mortgage that exceeds 100% of your home’s current value.

Maxium can help you make the right and most economical decision base on your current financial situation and your renovation needs.

Call or text Maxium today at 437-353-9977 or email us at for a Free No-Obligation Home Renovation Loan consultation.


Home Equity Loans

If You Own A Home And Need A Loan, Maxium Dsouza – Mortgage Broker Can Help You Get APPROVED!

Are you a homeowner interested in a loan? Then he can help you get approved using the equity you have in your home. As house prices have increased across parts of Canada, home equity loans are becoming a more attractive idea to many homeowners. Even if the price of your home decreased, you can still be approved for a home equity loan if you have enough equity built up in your home.

What Is A Home Equity Loan?

A home equity loan allows a borrower to use the equity in their home to secure a loan. The amount of available equity in a home is calculated by assessing the current value of the home and then subtracting the current mortgage(s) still owing on the home from the value. Maxium can help you get a home loan of up to 90% of the value of your home depending on a variety of factors. It is often easier and faster to get a home equity loan because in many instances they don’t even require a credit cheque or complicated application process.

What Are The Types Of Home Equity Loans?

There are two types of home equity loans offered by lenders:

      Fixed Rate Loan or a Second Mortgage: With a Fixed Rate Loan or Second Mortgage, the borrower is given the option to withdraw a total lump sum of cash up front and make monthly interest-only payments. The interest rate is set once the loan is agreed upon and can change only at the time of renewal. In many cases there are no credit checks and is ideal for people who either have poor or bad credit, or have lower income, or are self-employed and report their income in a less traditional way. Even if you are turned away by the banks, in many instances you can still qualify for a Fixed Rate Home Equity Loan or Second Mortgage as long as you have equity in your home.
      Home Equity Line of Credit (HELOC): With a HELOC, the borrower gets approved for a line of credit from which they are able to continuously withdraw cash from the pre-approved limit as needed. A HELOC is a more flexible borrowing option because the balance of the loan and the interest costs depend on how much the borrower uses on the line of credit. If you have outstanding credit and a high enough income, this can be the more appealing option because you are only required to pay interest on the amount of the HELOC you have actually used. Unlike a fixed rate loan, interest rates for a HELOC are usually variable and can change based on market trends.

What Are The Benefits Of A Home Equity Loan?

Home equity loans are a great option for homeowners with bad credit or low income, or in many cases people who are self-employed who report their income differently than those who are salaried employees of a company. Borrowers can use the sum of the loan for many different reasons such as for consolidating debt, funding home renovations, paying for a child’s tuition, or financing other purchases or bill payments. For many borrowers, their home equity can be the biggest asset they have and their best way to secure a larger loan.

Call or text Maxium today at 437-353-9977 or email us at info@maxiumdsouza.cafor a Free No-Obligation Home Equity Loan consultation.