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.

“Consider a new blended mortgage for the total amount.”

 

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.
Jaret Forman
604-816-5988