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5.85%

5 YEAR

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Unlock the Power of a Second Mortgage

A second mortgage can be a potent financial instrument that enables you to utilize the equity in your property to achieve a variety of financial objectives. A second mortgage is a versatile and accessible solution that can be used to consolidate debt, finance home improvements, or cover unforeseen expenses.

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What is a Second Mortgage?

A second mortgage is a type of loan that enables you to borrow against the equity in your house, which is the difference between the sum you owe on your primary mortgage and the current market value of your home. Unlike your first mortgage, which is utilized to acquire the residence, a second mortgage can be used to serve a variety of purposes, providing you with financial flexibility and freedom.

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How do second mortgages work?

Second mortgages are financial instruments that allow homeowners to use the equity in their home to secure a second loan.

They come in a variety of formats. You can make a single lump-sum payment and then repay the capital in defined monthly installments. The contract covers the capital, the interest rate, the repayments, and the repayment term. If you want to borrow against your home equity again after paying off your mortgage, you must enter into a new mortgage arrangement.

Many homeowners use their home equity to obtain a Home Equity Line of Credit, or HELOC, which is essentially a revolving credit. When you have a line of credit, the funds are available when you need them. You are under no obligation to use it, and you will not be charged interest until you do. The lender establishes a maximum loan amount, which you can borrow and repay as you see fit. You only pay interest on the amount owed.

Benefits of a Second Mortgage

Access to A lower Interest Rates
A second mortgage is typically secured by the property you own, which results in lower interest rates compared to personal loans or credit cards. This can render it a cost-effective method of borrowing money.
Lump Sum or Line of Credit
You have the option of selecting either a home equity line of credit (HELOC) or a Lump sum payment. A HELOC enables you to withdraw funds as required, while a lump sum provides a fixed amount of money upfront.
Tax Benefits
In many instances, homeowners who are in search of financial reduction may find that the interest paid on a second mortgage is tax-deductible.
Flexibility of Funds
Utilize the funds from a second mortgage for a variety of purposes, including debt consolidation, medical expenses, and home renovations.
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How to Qualify for a Second Mortgage

The process for getting a second mortgage is based upon many of important factors, such as the equity of your property, your credit score, and your debt-to-income ratio. Here are some steps to help you prepare:

Reasons to Consider It: What You Need to Know

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We can help you secure a second mortgage

Find out how our second mortgage solutions have helped our satisfied clients
meet their financial goals by leveraging their home equity.

Turkin Mortgage: Where You Matter

If you’re worn down by subpar service from banks and other brokers, we’re here for you. We offer premium service that the big banks just can’t deliver. With experienced mortgage brokers located right here in Toronto we’re ready to help you achieve and exceed your goals.

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