Second Mortgages in Ontario, CanadaBurke Financial2021-01-13T21:16:01+00:00
SECOND MORTGAGE SOLUTIONS ONTARIO
HOW MUCH DO YOU WANT TO BORROW?
Taking out a second mortgage can be a great way to access the equity in your home at very competitive interest rates.
Funds secured through a second mortgage 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 second mortgage, and a mortgage broker can help you wipe out high-interest, as well as other financial burdens such as:
Credit card debt
Lines of credit
Other private debts
For most people in Ontario, their home is their sole real estate investment.The value of a second mortgage is that it frees up capital using the equity you’ve put into a property.
Most people don’t realize how much home equity they have built up in their years of home ownership, and they would probably be surprised at the kind of funds they can secure through a second mortgage.
For anyone with real estate, second mortgages are a great way to tap into your home equity. A second mortgage gives you the option of borrowing large sums of money, with mortgage rates that are lower than the interest rates provided by other credit options, making them an ideal financial tool for many people.
Manage Debt and Save Money
Second mortgages might seem confusing at first, so we’ve prepared a simple side-by-side comparison. This illustrates the magnitude of the amount of savings you can expect by paying off high-interest debt with a second mortgage.
The example on the right shows that the mortgage holder could avoid bad credit and save over $1,000 on a monthly basis. That’s more than $12,000 a year! A good mortgage broker could help save you a lot of money by setting up a second mortgage.
Trust Burke Financial
Richmond Hill is home to Burke Financial, a team with some of the best mortgage brokers in the business. Our skilled mortgage brokers will help you get the best interest rate for your situation. In some cases, a private mortgage might be the best route to securing a second mortgage on your home so you should rely on an experienced professional who is connected with the best private lenders.
Thanks to years of industry experience helping people from all over Ontario get the best mortgage rates, a Burke Financial mortgage broker will do everything to make sure you get the best possible deal.
The team at Burke Financial will weigh your options and identify the right type of mortgage product for you. It’s possible that a second mortgage might suit your financial situation perfectly!
We’re always happy to answer questions to help our clients better understand the process. Apply now to get in touch with one of our mortgage broker specialists.