Currently at Lotus, we have access to an abundance of private mortgage funds, and one of those is the private second mortgage Brampton. With the new mortgage rule changes as of July 9th, 2012, limits have been set on refinancing to 80% of the value of one’s home. This means access to home equity has become much more challenging.
Utilizing the private 2nd mortgage route is a much cheaper way to take out the equity in one’s home vs. selling. So if you know someone who is need of funds and their current equity position is not sufficient to meet the new Mortgage rules, please have them contact us.
