Second Mortgages Montreal
What is a second mortgage?
A second mortgage is a loan that is taken out on a property that has an existing mortgage. It provides access to the equity that you have available in the property, often at a lower rate than most other types of loans. For this reason, second mortgages are a popular way to borrow significant sums of money relatively quickly, if needed.
What are the advantages and disadvantages of obtaining a second mortgage?
First, the disadvantages:
- From the lender’s perspective, second mortgages are risky because the first mortgage will be paid first if a property is taken into possession after a default.
- For this reason, second mortgages have higher interest rates.
However, there are quite a few advantages:
- If your first mortgage has a favorable interest rate, getting a second mortgage may be the right decision when funding home renovations, consolidating debt, or lowering monthly credit card payments.
- Even though they typically have higher interest rates, second mortgages are usually cheaper than other types of personal loans.
How can Guardian Financing help?
Guardian Financing will not only help you decide whether a second mortgage is a good fit for you, but will also facilitate the process quickly and easily, so that you can access the equity available in your property. Contact us today to secure your peace of mind starting tomorrow.
Call us for a free consultation, and to access the funds your clients are looking for!