What Kinds of Second Mortgages Are There?
There are all kinds of second mortgages, but youíll need a Toronto mortgage broker like us to know which one is right for you.
There are all kinds of second mortgages, but youíll need a Toronto mortgage broker like us to know which one is right for you. We deal with most Toronto lenders so we know how to get you the best deal, but weíre Canada mortgage brokers too Ė donít pay more than you have to when we can help! Here weíre going to go over all the types of mortgages you can get as part of a home equity loan, and youíll be able to get the one thatís right for you. Letís get started!
Always Be Careful with Equity
Something you should always remember is that equity can be hard to recover. This is why itís so important to work with one of our Toronto mortgage brokers to get the deal thatís right for you. You should never cede any equity that you donít have to, and you want to get the highest loan to value ratio possible. Banks just wonítí do this for you on their own, thatís why you need our help! Weíll be able to help you figure out just how much you can afford to borrow and make sure you know how long itíll take to pay everything back. Itís not just about borrowing; itís about keeping control on your home.
What is a Home Equity Loan?
This is your standard type of second mortgage that almost everyone gets. Youíll be able to get a lump sum so youíll be able to pay off all of your debts at once, but youíll also be borrowing against your home. All second mortgages will borrow from the equity in your home and there is always a risk that you wonítí be able to pay the money back. Youíre going to want to be very careful before you choose any of these for you
What is a Home Equity Line of Credit?
Like a home equity loan youíll be borrowing money out of the equity in your home, but you will be able to borrow and repay this again and again. Youíll be able to borrow as much as you need, but itís important to make sure that youíre careful with this kind of borrowing. If you have a minimum balance that youíre supposed to keep going every month for a minimum of 3 years, thatís a lot of interest youíll be paying in the interim.
What is a Reverse Mortgage?
There is something called a reverse mortgage that allows you to borrow against your home to fund your retirement. With a Toronto mortgage broker like us youíll be able to get as much as possible out of this mortgage. Youíll use up as much equity as you need and when the time comes the bank or lender will see the house to recoup their expenses. There are all kinds of second mortgages on the market, donít get short changed! Let us help you get the one thatís right for you.
Homebase Mortgages is a leading Toronto mortgage broker, which specializes in all types of mortgages ranging from home equity loans, second mortgages, private mortgages, mortgage refinancing, home mortgages and hard money lending.
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