In most of the cases, you would look for a mortgage only once, to buy a house and hopefully pay down that mortgage over the lifetime of the mortgage. But it’s not the right approach and many individuals find themselves having to either re-negotiate a mortgage or take on a second mortgage to finance their home or business.
Second mortgage interest rates in Toronto and all of Ontario are usually higher because it is secondary to another loan against the same property. Second mortgages are subordinate because if the loan goes into default, the first mortgage gets paid off first before the second mortgage does. Making the second mortgage a bit more of a risk. Depening upon your credit is what your interest rate could be.
There is nothing wrong with exploring what a second mortgage can do for you. Are you a homeowner looking to renovate your home or your family looking to purchase a cottage? Are you a small business person looking for expansion?
We can help you in getting second mortgage so please request for FREE QUOTE or Call our Toll Free No. – 1-(877)322-3346