Second mortgages are generally referred to the secondary liens or loans, that are secured by a property and are in addition to a primary mortgage. Based on the time since a second mortgage originated, a loan can be structured as either a piggyback second mortgage or a standalone second mortgage. If you require a mortgage for a rental property, then a second mortgage may be a great option for you.
How will a Second Mortgage Work For You?
A second mortgage lets you make use of the equity that you have built into your home as a security for the lender. This means that you will have two mortgages on your property. As mortgage broker and agents with expertise in second mortgages in Ontario, we can help assess your needs and find a mortgage solution for you.
Accessing your home equity for investment purposes, for renovations, or anything else, then a second mortgage is a great option to consider.
Is It a Good Idea to Take Out a Second Mortgage?
Accessing your home equity for investment purposes, for renovations, or anything else, then a second mortgage is a great option to consider. Unlike personal loans often capped at a specific qualifying amount, the limit of a second mortgage depends on how much equity you have. The advantage is your ability to borrower on the equity as a second mortgage. To find out more about mortgage loans or assistance, visit www.squarecapital.ca or search second mortgage Toronto.
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