Top 15 Things People Finance with Second Mortgages
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Nowadays, many people use a second mortgage for far more than just adding a new room on to their homes or giving their garage a new coat of paint. Below are 15 things that home owners have been known to finance with second mortgages over the years.
#1 – In-Ground Pools
These days, many people prefer entertaining at home by the poolside instead of traveling to the beach or lake to have a good time.
#2 – Debt Consolidation
Having high amounts of debt to repay each month is not only inconvenient; the separate interest rate on each one makes this an expensive exercise. Second mortgages can reduce multiple monthly bill payments into one amount.
#3 – College
Not everyone is fortunate enough to be granted college scholarships, which means that obtaining a second mortgage in Toronto can make the difference between getting a college degree and being stuck working minimum-wage jobs for longer than necessary.
#4 – Vacations
Many people apply for second mortgages in Toronto so that they can help finance the vacations of their dreams that they would never be able to afford to pay cash for.
#5 – A New Roof
Property owners with older homes often can’t afford to pay thousands for a new roof at one time, unless they obtain a second mortgage to cover the cost.
#6 – Appliance Upgrades
Many home owners can’t afford to pay outright to replace a faulty stove, refrigerator or dryer. Receiving a second mortgage in Toronto can help make this happen though.
#7 – Vehicle Replacement
Vehicles usually die at the most inconvenient times, which can leave home owners stranded and out of pocket. Second mortgages can be of great help in cases like these.
#8 – Building a Garage
Homes without garages often lack sufficient storage space and place to engage in hobbies such as woodwork and other DIY projects.
#9 – Installing Blinds
Blinds can often be a better investment than curtains in a home, but they can be expensive to pay for in a lump sum.
#10 – Painting the House
Although painting a house can cost thousands of dollars, this can easily be repaid in affordable instalments by using a second mortgage.
#11 – Replacing Kitchen Cabinets
When obtaining second mortgages in Toronto, many home owners choose to use these funds to upgrade kitchen cabinets and counter tops.
#12 – Landscaping
Second mortgages can be used to have landscaping done around a home, which can boost its curbside appeal significantly.
#13 – Avoiding Property Mortgage Insurance (PMI)
A second mortgage can be used to cover a portion of a down payment on a first mortgage, which will help prevent a home owner from having to pay for PMI.
#14 – Paving
New paving on walkways and in driveways can help make a home look extremely attractive.
#15 – Replacing Flooring
Nowadays, many people prefer laminate, vinyl or wooden flooring, all of which can be expensive. However, a second mortgage can help make this happen at a more affordable rate.
If you would like to find out more about how we can assist you with a second mortgage, get in touch with us right now.