Toronto Second Mortgage Broker

Why consider getting a second mortgage?

So, you’re considering taking out a second mortgage, but what is this type of mortgage and how does it work?

2nd mortgages allow you to take out money that is secured by your home, similar to a first mortgage. The only difference is your second loan is an additional loan taken out on a home that is already mortgaged.

So, why should you consider getting a second position mortgage?

Read the next 5 points to see why!

1. Have you been declined for a personal loan?

If your bank has declined you for a personal loan, then a 2nd mortgage should be something you consider. Ask yourself why the bank declined you, and what you need the money for?

Once, you’ve done this, you should consider if a second collateral loan is right for you. Or is there something you could do to get approved for a personal loan?

2. Home renovation.

Have you noticed your home needs a renovation?

If so, you should consider taking out a second to fund this project, if you do not have the cash on hand. Renovating your home doesn’t come cheap, and most loans from your bank won’t cover half of what you need to do up your home, therefore your best bet is this form of loan.

Your second mortgage lets you take money out of your home equity, Which in turn means you get all the money you need to revamp your home and complete all your renovations…And that’s why second collateral mortgages are so great!

3. Are you in debt?

If you’ve been declined for a loan and need to pay off your debt then this might just be perfect for you! Your second mortgage is great if your credit score is low, as it can help boost it back up. Be sure to talk with your mortgage adviser to see if this is a possibility for you.

4. Do you want to save money?

Under the right circumstances, a second loan can actually save you money, for instance:

Again, talk with your mortgage advisor to see if you’re eligible and see if you’ll save any money.

5. Are you looking to buy another property?

If you’re taking out a second home mortgage then you can buy yourself a new home, under the right circumstances. For instance, what’s the reason you want another home? Is it because you want to rent out the property out, a vacation home or you want to move away? Either way, if you want a second home you should look into getting a second equity loan.

So, is a second position mortgage a good idea?

Under the right circumstances, yes, this form of a mortgage is a good idea, and there are many reasons why you should consider getting one (with proper advice and guidance from a mortgage broker).

Do you fit into one of the above categories? If so, why not take a look into getting a 2nd collateral mortgage and do what’s right for you? You can also contact our mortgage advisors to get a professional opinion on your personal circumstances.

If you have any questions or concerns, reach out to us via our contact information below:

Toronto Second Mortgage
Broker 1880 O’Connor Dr
North York,
ON M4A 1W9
416-895-6074
victor@bestrefinance.ca

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