Are You In Need Of A Second Mortgage?
Many homeowners may suddenly find themselves in a financial crisis. Many life-altering situations can have a significant effect on the financial situation of Canadians, forcing them to re-evaluate their loans and mortgages, and make any necessary changes to help them to make their loan payments on time and in full to avoid any consequences.
Factors such as college tuition, home renovation projects, extensive medical bills and debt consolidation can prompt a homeowner to choose to apply for a second mortgage to help pay for these added expenses in addition to their primary home loan. A second mortgage involves refinancing by using the same property to secure another loan. This second mortgage is inferior to the first, which means the first mortgage must be paid off first prior to the second mortgage being paid off.
Professional independent mortgage brokers can help you secure a second mortgage to help you be able to make all your payments comfortably each and every month. Although second mortgages are often offered at significantly higher interest rates than first mortgages, brokers can help you to get the lowest interest rate possible by shopping around with various lenders who are experienced in dealing with second mortgages.
Considering the sky-high interest rates that are generally charged by credit card companies and other loan agencies, a second mortgage loan rate can often be lower, helping you save money on every payment you make. You’ll have options on how you choose to make these payments: whether monthly, bi-weekly or weekly, to suit your needs.
The decision to get a second mortgage generally occurs as a result of an urgent need for a large amount of money. If you find yourself in this situation, perhaps adding another mortgage to your property can help you manage your overloading loans temporarily until you are able to improve your overall finances.
If you are looking for a second mortgage, line of credit or other way to consolidate debts using the equity in your home, then call Kincaid Mortgages today at (403) 593-4010. We serve homeowners in Alberta and Saskatchewan – helping them to find the best and least expensive financing for their needs. Learn more at www.bestmortgageloan.ca.