Second or Third mortgages for those additional loans you want
Second and Third mortgages are additional loans that can be acquired after the first mortgage using the same assets that were originally used to secure the first one.
Some reasons people may choose to do a second or third mortgage are:
- Debt consolidation / Pay off creditors
- House / Cottage renovations
- Pay off property taxes that are in arrears
- Extra cash flow
- Bring mortgage arrears up to date
- Avoid power of sale
- Purchase a second property
- Start up cash for a business
- Weddings, Tuition etc
Although second and third mortgages can help borrowers get out of tough situations, there are always additional costs to consider. Such as, higher interest rates than that of your current first mortgage, lender/ lawyer fees and appraisals. So always be sure to consult your mortgage professional to see if doing a second and third mortgage is the right thing for you. It is also very important to have a plan for how to get out of your second and/ or third mortgage, as they are only meant to be a temporary fix.
Get a second or third mortage today! Serving the GTA, Pickering, Ajax, the rest of Durham and surrounding areas.
Second or Third mortgages for those additional loans you want
Second and Third mortgages are additional loans that can be acquired after the first mortgage using the same assets that were originally used to secure the first one.
Some reasons people may choose to do a second or third mortgage are:
- Debt consolidation / Pay off creditors
- House / Cottage renovations
- Pay off property taxes that are in arrears
- Extra cash flow
- Bring mortgage arrears up to date
- Avoid power of sale
- Purchase a second property
- Start up cash for a business
- Weddings, Tuition etc
Although second and third mortgages can help borrowers get out of tough situations, there are always additional costs to consider. Such as, higher interest rates than that of your current first mortgage, lender/ lawyer fees and appraisals. So always be sure to consult your mortgage professional to see if doing a second and third mortgage is the right thing for you. It is also very important to have a plan for how to get out of your second and/ or third mortgage, as they are only meant to be a temporary fix.
Get a second or third mortage today! Serving the GTA, Pickering, Ajax, the rest of Durham and surrounding areas.