We Specialize in Second Mortgages, Private Mortgages in Toronto, Ontario.
You deserve a chance to achieve your goals. Lendmore Financial can put you on the right path.
Understanding a second mortgage
When a lender allows money to be borrowed on a property that already has a mortgage, it’s referred to as a second mortgage. You’re borrowing against the equity you have in your home. The amount of equity, which is the value of your home minus the amount you owe on your first mortgage, determines how much you can borrow. A second mortgage will have a higher interest rate than your original mortgage.
Reasons to get a second mortgage
While the interest rate may be higher than your first mortgage, it still won’t be as high as a credit card would be, making it an appealing option when some extra money is needed.
Some of the most common reasons people take out second mortgages include:
- Home remodeling
- Consolidate debt
- An emergency situation
- Business investment