British Columbia Second Mortgage
A second mortgage is just how it sounds, you already have a mortgage and are in need of money and so get another mortgage against the equity in your home. The last 10 to 20 years have seen a lot of changes in the mortgage world and second mortgages are just not used that much anymore since Lines of Credit secured against your home have become so popular.
That being said if a household is in need of a large sum of money for renovations, sickness, etc., what is the best option then? There is not just one solution so speaking with a Surrey Mortgage Broker about which solution is right for you is the best avenue.
Another development is that most lenders will not give a second mortgage unless they are the lender on the 1st mortgage. It’s almost impossible to get a second mortgage with a different lender than your 1st mortgage unless you are going to private lending and so interest rates 6% to 9% type thing.
I can help you decide which option is better for you, Home Equity Line of Credit or a Second Mortgage based on your needs.
I’m always happy to schedule an in-person meeting or phone call if you have any questions or concerns regarding your Surrey second mortgage.