Second Mortgages in Toronto and GTA
GTA & Toronto Specialists in home equity loans, refinancing & 2nd mortgages
Second Mortgages are a great way to get access to badly needed money.
Second mortgages are loans against the equity in your home. We offer clients advice for solutions on second mortgages, in addition to mortgages for combining outstanding credit cards, investing in a small business, saving for post-secondary education for your children, and unexpected costs that come up from time to time.
Our team has worked with many people from all across the GTA, Toronto, Mississauga, Oakville, Hamilton, Brampton and beyond with their second mortgage needs. Give us a call, we can help.
What Can I Use a Second Mortgage For in the GTA, Toronto and Mississauga areas?
- Paying off bills
- Covering Home Renovation Costs
- Paying for Children’s Education
- Repaying Mortgage and Tax Arrears
- Having Disposable Cash on Hand
What Exactly Is a Second Mortgage?
Put simply, second mortgages are loans against the equity in your home. Canadalend.com offers clients advice for solutions on second mortgages, in addition to mortgages for combining outstanding credit cards, investing in a small business, saving for post-secondary education for your children, and unexpected costs that come up from time to time.
If you’re looking to buy a home in the GTA, Toronto, Brampton, or Mississauga, think of a mortgage as a document you give to a mortgage lender in order to get money.
Typically, Canadians borrow money from a financial institution or private lender to purchase or finance their home. The rank of the mortgage is determined by the order of the date on which the homeowner borrowed the money. First mortgages are followed by second mortgages, then third mortgages. If the homeowner fails to repay the amount that was agreed upon, the loan falls into default.
A lender may have the right to repossess a property in order to pay off the mortgage if all other legal options to return the payments to good standing have failed.
How Much Can I Borrow Using a Second Mortgage?
The loan amount available to homeowners for second mortgages depends on the equity they have in their house. Home equity is the value of your home minus all the loans you have secured against it.
How Can I use a Low-Rate Second Mortgage For Financial Aid?
Second mortgage loans come with a fixed interest rate that is usually lower than most credit cards, making it an attractive option for those looking to control their spending. This way, you can meet your expenses through a more controlled means than credit cards, which carry the risk of overspending. Second mortgages are beneficial to those paying off multiple loans or who need cash immediately.
How Can I Use a Second Mortgage to Combine Credit Card Payments?
Second mortgages are one way to wisely merge multiple credit payments and we offer ways for clients to do so. If you're feeling overwhelmed by bills and multiple credit card payments, a second mortgage is one option you may want to consider.
Using Second Mortgages for Home Improvement & Renovations
Often, your monthly bills may leave you with little disposable cash for projects such as home renovations and improvement. Second mortgages provide another option for paying for much-needed repair work and/or renovations to improve the look - and value - of your home. Should you decide to sell your home, you may get well above the asking price with the right improvements. You can also keep your monthly payments at a lower rate of interest than conventional credit loans by selecting the right second mortgage solution in Toronto, Mississauga, Brampton, Barrie, and surrounding cities.
Using Second Mortgages for Educational or Emergency Expenses
Second mortgages offer GTA homeowners a way to pay off student loans or pay for their child's continued education. Since it comes at a much lower interest rate, this is often a better option than an education loan.
As long as the education costs are within the equity of your house, second mortgages will cover them. Second mortgages eliminate the risk of arrears and overspending that come from using credit cards to pay off emergency expenses.
Ultimately in the GTA and Toronto areas, opting for a second mortgage with help from our experienced team may just be your best bet for getting out of certain financial situations.