What is a Second Mortgage?
A second mortgage is an additional mortgage taken out against a property that is subject to an existing mortgage.
Second mortgages are a form of a secured loan that uses the home as security.
The average loan term for a first mortgage is 30 years. A lot can change in that time, particularly in terms of our financial needs and priorities. We offer our customers customizable financing, securing second mortgages various other financial products to meet their changing requirements.
Second mortgages can help in debt consolidation. Mortgage interest rates tend to be drastically lower than credit cards or personal loans. Finances secured from second mortgages may be used to fund home improvements, carry out repairs, fund a career change or return to education.
Second mortgages vary in size, with some property owners seeking just a few thousand, and others borrowing hundreds of thousands of dollars against their property.
Second mortgage requirements vary from lender to lender. They can be somewhat ambiguous and hard to interpret. We offer customers seeking a second mortgage in Toronto the benefit of our insider knowledge and connections, helping them to secure not only the right second mortgage to meet their individual needs, but also competitive interest rates.