Our Brampton mortgage specialists at Avon Financial, can provide you with expert mortgage advice and help you need to find the best second mortgage option and rate. Contact our mortgage specialists to know more about the mortgage services we provide.
A second mortgage is an additional loan taken out on a property that is already mortgaged.
The loan is known as a “second” mortgage because your purchase loan is often the first loan that is secured by a lien on your home. Second mortgages tap into the equity in your home, which you might have built up with monthly payments or through market value increases. A second mortgage is a good way for homeowners to consolidate debt. Although these second mortgages often have higher interest rates than first mortgages, these rates are still lower than high interest credit cards, car lease payments and unsecured lines of credit. The more equity you have available in your home, the higher your chances are of qualifying for a second mortgage.