Owning equity in your home is a significant asset to your finances. Most people don’t realize how much home equity they have built up in their years of homeownership, and they would probably be surprised at the kind of funds they can secure through a 2nd mortgage.
Every month that you pay down your mortgage, you build capital. So when unexpected repairs arise, or an investment opportunity presents itself, you have the advantage of accessing your home’s equity to take that next step. Taking out a 2nd mortgage as a homeowner can be a great way to access your home’s equity at very competitive interest rates.
For most people in Ontario, their home is their sole real estate investment. Utilizing a 2nd mortgage is a great way to tap into your home equity. This borrowing option is an opportunity to free up capital using the equity you’ve built up in your property. A 2nd mortgage offers homeowners across Ontario the freedom to use the wealth they’ve acquired however they see fit.
The money you secure from a second mortgage lender, through a broker, can be used towards paying down other debt, which can be paid back at comparatively low interest rates. This is one of the best uses of a 2nd mortgage, and a broker can help you wipe out high-interest debts, as well as other financial burdens.