Before you even start planning what you’re going to do with a second mortgage, you need to make sure that you’re ready for one. How much equity do you have in your home? What does your credit look like? Do you have the income to support another lien against your home? These are the kinds of questions lenders will be asking, and so should you! As Canada mortgage brokers we’ve seen it all, and we’ll be able to help make sure that this is the right choice for you. After all, that’s what we’re here for!
What Is a Second Mortgage?
A second mortgage, also known as a home equity loan, allows you to tap into the equity you are you having your home – think of it like raiding the piggy bank without having to break it open. You want to have plenty of equity on hand before you take out a second mortgage; after all, if you’re swimming in debt, the last thing you’re going to want is more debt. If you’re looking for financing solutions but you’re not sure this is right for you give us a call. We’re Toronto mortgage brokers that know how to get you the best deal.
Isn’t a Second Mortgage Risky?
You know what they say, “With great risk comes great reward”; but who wants to risk their home? When it comes down to it you need to know that you’re safe. When you work with us, we’ll make sure that you know that this is the right option for you.
But don’t get us wrong, sometimes the risk is well worth it. If you’re in a good place financially, or have plenty of equity to spare, home equity loans can help you get what you need.
Who is Eligible for a Second Mortgage?
The more equity you have in your home the better. If you’re still paying off your first mortgage, that’s okay; you will need to make sure that you pay off as much of your first mortgage is possible before you consider getting a second mortgage. You don’t look too desperate to lenders – because if you do they’re going to hike your interest rates, give you unfair terms, and make the process very unpleasant in general.
If you’re not sure about your eligibility, call us! We’re here to help you through every step of the mortgage process, if you can’t find the right loan you don’t pay.
Get a Lower Interest Rate
Getting the lowest interest rate possible on your second mortgage is important – the lower your interest rates are the less you’re going to have to pay in the long run. As Canada mortgage brokers, will be able to help you understand if this is a good deal in the long run or the short run. It never hurts to have a little help does it? Visit our 2nd mortgage page today and see how you can save, let us handle the heavy lifting for you.