A second mortgage is an additional loan that you take out on a property while you’re still paying off the primary mortgage. It is simply another mortgage on your home and is a loan secured against the property. A second mortgage, in addition to paying off your primary mortgage, can be used for a wide variety of financing needs, including investment in a business, home improvement, debt consolidation loans, or to provide cash. Get in touch with the team at Mortgage Power Canada if you are looking to apply for a second mortgage in mississauga. We will find a plan for you that’s both reasonable and meets all your financial requirements.
As you already know, in a vaughan home equity line of credit, you are securing your loan by keeping your property as collateral. As you pay back the loan, you regain the equity percentage. Unlike a traditional loan, there is no fixed repayment period and you can pay at any time you want and then withdraw again. This makes it an ideal alternative for credit cards which come with a high-interest rate. HELOC accounts come with a comparably low-interest rate.
You would be glad to know that you can access up to 65% of the market value of your property when you have 80% equity on the whole. That’s a fair amount of cash that you can use for anything you want, no questions asked. If you have any queries, speak with our team members today. We have to knowledge to resolve any query you may have without any hassle. Our services are available to clients across Vaughan and Woodbridge.
A second mortgage normally has a much shorter repayment term than your first mortgage. In a second mortgage, interest due is computed on the entire principal balance owed. The interest rate for a second mortgage is usually fixed, with a choice of term lengths that range up to one year. The interest paid may be tax-deductible provided that the loan is on your primary residence. So what are you waiting for? If you are residing in the Mississauga area and are looking to apply for a second mortgage, contact us today to find out more information.
At Mortgage Power, our team of experts strive to offer clients top-quality service at affordable pricing. We offer services that are tailored to suit your financial needs. Give a member of our team a call today to apply for a second mortgage or to discuss your specific requirements. We offer our services to clients all over Mississauga.
How is a second mortgage beneficial for me?
A second mortgage is beneficial for you if you want to make some necessary improvements in your lifestyle.
Can a second mortgage be used to pay off student loans?
You can use the second mortgage amount to pay off anything, even student loans.
What are the terms and payback period for a second mortgage?
Terms and payback period for second mortgages go up to 30 years.