Home Equity Loan or Second Mortgage – How does it work? Which one is cheaper? Part 2

November 28, 2013 | Category: Bad Credit Borrowing, Mortgage Financing, Videos

Home Equity Loan or Second Mortgage – How does it work? Which one is cheaper? Part 2

If you have enjoyed the watching the first part of ‘ Home equity loan or second mortgage’ video series.

Considering interest rates which option is better home equity loans or second mortgage? In this video Prudent will try to emphasis on this topic.

Then continue watching the second part.

If you have any questions, we would be happy to answer them. Simply contact Marie @ 416-223-9300 ext. 231.

Prudent offers affordable home loans for people with bruised credit in Ontario.

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Fine print for your Prudent loan

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Minimum and Max period for a Prudent loan repayment is 6 - 48 months.

Maximum annual percentage rate (APR), which includes the interest rate plus fees and other costs for a year - from 19.99% to 34.99% maximum (effective rate will vary).

A representative example of a Prudent loan – How is it broken down with all applicable fees
A typical $1,000.00 loan, paid off over a 12 month period borrows an amount of $1,020.00 which includes the $20 credit application fee. Total cost is $231.94. Payment is $104.33. This does not include optional life insurance.

*Rates vary according to credit risks but at all times compliant with all applicable legislation and

In some situations some security may be required.

Approval times are based on optimal situation – customer has all documents and extensive verification is not required.

Questions? We pioneered the Responsible Lender Pledge. Call us anytime and we’ll be happy to discuss your loan and what fees may be involved depending on your particular circumstances.