Taking out a second mortgage loan can provide greater financial flexibility.
As property values rise in Collingwood, Ontario, many homeowners are wondering if they can put that added equity to good use. It can make a lot of sense to obtain a second mortgage loan, but it can also be problematic if you don’t get the best possible rate and terms. Here at the BRM Lending Team, we are a mortgage broker that works for you. We provide you with more options and customized solutions that meet your financial goals.
A second mortgage loan can be used for a variety of purposes, such as consolidating debts for a lower overall payment, paying for your children’s education, taking the vacation of a lifetime, putting an addition on your home, or renovating your home, just to name a few. It can also be beneficial to obtain a second mortgage loan to make a significant payment on the first mortgage if that is a higher interest rate or doing so will put you below the principal balance to be able to cancel PMI.
We look at the entire picture when assisting you with your financial goals, including reviewing the terms of the first mortgage to be sure there isn’t something in the contract that defines their stand on you obtaining a second mortgage loan. Our goal is to make sure you reach your financial goals and stay on track.
If you have any questions about how a second mortgage loan works or would like to discuss how to proceed, don’t hesitate to contact us. We want to help you see your home ownership and investment dreams come true.