Alternative B Mortgage Refinance

Refinance time?  Take advantage to refinance your current 1st and 2nd mortgage into one single payment.

The savings of combining a new 1st with a high rate 2nd mortgage will be significant.  Second mortgage are usually interest only payments so refinancing it with a new 1st mortgage, will allow you to start paying down the principal as well, at a lesser borrowing rate.

If there are other consumer debts you need to refinance you may need a full debt consolidation mortgage.  See here 


Before RefinanceAmountMonthly Payment
1st Mortgage270,000$1494
2nd mortgage60,000$600
After RefinanceMortgage AmountMonthly Payment
1st mortgage only$330,0001826










Refinancing Q&A

Alternative mortgages are capped at 80% LTV.  ( Loan to value) This means you need to keep 20% equity in your home and refinance the balance.

When you feel squeezed because you have a 1st and 2nd mortgage.  Also, when you have let your consumer debt get out of control and you feel your income is going to paying your debt payments.  

If you are in debt because of mortgage and property tax arrears, or CRA personal taxes owed, refinancing will provide the funds you need.

If you need capital to make asset purchases or investments Refinancing can provide ample funds when you have strong equity position in your home.

Alternative Mortgage Rates for Refinancing start from 3.75%.  Actual rate will be determined by the lender based on the overall credit, property type and location, and other pertinent factors.

Rates are actually very reasonable for challenged credit.  If you refinancing and have significant credit card debt, borrowing rate is probably in the mid 20% or higher.  

People gladly pay these significant high rates and yet are afraid to pay less than 5% on their mortgage.  

Best to talk to us and we will go over the figures with you.

Yes.  All mortgages that are at 80% or less LTV, require an appraisal done by a qualified appraisal.

Appraisals are ordered by us, and paid by the borrower.

Appraisals are done for the benefit of the lender who makes the decision to provide funding.

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Mortgage Refinancing

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