Friday, June 23, 2017
 

Second Mortgage Explained – 2nd mortgage based on Home Equity

Second Mortgage Explained - 2nd mortgage based on Home Equity

Second Mortgage Explained – Second Mortgage Toronto – 416-639-2829, http://www.secondmortgagetoronto.org

What is a Second Mortgage?

A second mortgage is just that a second mortgage which is secured by your home.

Types of Second Mortgages – A second mortgage sometimes can be referred to as a Home Equity Line of Credit or a Home Equity Loan.

Second mortgage explained

Uses – Usually there are few restrictions on how you can utilized the funds. Whether you need to pay outstanding debt, clear up back taxes or use the money to renovate your home, the funds are yours to use with very few restrictions.

Advantages – one advantage is that a second mortgage can provide you with a large some of money and usually you can qualify just based on the equity in your home.

Disadvantages – you are putting up your home as collateral, so you will want to make sure that you can pay back the loan. In some cases depending on your credit you can be looking at significant fees and closing costs for the second mortgage

How much can you borrow? Depending on where your home is located you can typically borrow up to 80 to 90 percent of the loan to value of your home.

Questions? If you have further question and would like to have additional information please give SecondmortgageToronto.org a call at 1-877-976-9705 or 1-416-639-2829.

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