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            FREQUENTLY ASKED QUESTIONS

            External link opens in new tab or windowText or Phone: (416) 985-3699Text or Phone: (416) 985-3699

            External link opens in new tab or windowDURHAM ON: (905) 410-0300DURHAM ON: (905) 410-0300

            In most cases, under the H.E.L.P. Home Equity Loan Program if you have equity, you're approved! Click on a question to expand it with the answer or text or call External link opens in new tab or window(416) 985-3699.

            What is meant by the phrase:"if you have equity, you're approved"?


            In most cases, when you are only borrowing to a maximum of 80% of your home's value, the mortgage is granted mainly on the equity in your property, not necessarily on your past credit history or confirmable income. Over this amount, your income and credit history is looked at more closely. Restrictions may apply on condominiums, smaller urban or rural areas and on higher priced homes or income properties.

            What is the maximum amount I can borrow under the H.E.L.P. Home Equity Loan Program?


            On approval, you can borrow up to 80% of the current value of your home.

            Do I have to pay a fee under the H.E.L.P. Home Equity Loan Program?


            Yes. The same as Canada Mortgage & Housing Corporation (C.M.H.C.) the premium is based on the percentage advanced. In some cases, the H.E.L.P. premium is similar to the combined first and second mortgaging where financed under a C.M.H.C. 1st. mortgage.

            Can I only obtain a second mortgage under this program?


            While this web site was designed specifically for second mortgages, we also arrange first mortgages. A lawyer must register all mortgage funding against the title of your property.

            Who actually lends me the money?


            The H.E.L.P. Home Equity Loan Program is a lending plan formulated predominately by self-directed R.R.S.P. investors who's funds are administered by Canadian Banks and Trust Companies. As an alternative to stocks, bonds and mutual funds, these self-directed R. R.S.P.'s are also used to fund mortgage investments. These self-directed R. R.S.P. investors may also use private funds, in additional to the Trust Company and Bank managed R.R.S.P. funds.

            What will happen after I request a H.E.L.P. loan?


            Your loan request will be reviewed and you will receive a response by email or phone, usually within 48 hours. Once approved, we will contact you by sending a Loan Proposal detailing terms of the loan.

            What are the interest rates?


            The interest rate for the H.E.L.P. program is currently 6.99% to 7.85%. All renewals are tied to the Royal Bank of Canada rate. So that clients are assured of an ongoing low second mortgage rate, any renewal can never exceed the greater of 7.85% or a maximum of 3.85% above the Royal Bank of Canada 1 yr. open first mortgage rate.


            Get started! Apply now

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            2ndmortgagedirect.com is owned and operated by, Paul Redley under registered licences with Genesis Mortgage Capital Inc.
            147a Bentworth Avenue, Toronto, ON M6A 1P6

            Tel. or Text External link opens in new tab or window(416) 985-3699
            DURHAM ON: External link opens in new tab or window(905) 410-0300

            e/mail: paul@2ndmortgagedirect.com

            FSCO Brokerage Licences# 10146 Mortgage Agent #M08000180

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            For 2nd mortgages over $50,000
            Please visit our other site at:
            External link opens in new tab or windowwww.genesismortgage.ca

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