A Second Mortgage is an excellent loan alternative
Anytime the holidays come along and our expenses increase, it is important to think about our debt as well.
When the year ends and we begin to review our finances, think about new business projects and begin to assess how we did during the year. If we are carrying a high debt load on credit lines or credit cards, a 2nd mortgage is a good alternative.
A second mortgage can be used to pay off high interest debts, consolidate financing issues, provide money for renovations or can be used to buy additional property as an investment. It is another mortgage on your property and is secured by the value of your home and the amount of equity you have built up over the years.
There are many advantages of a 2nd mortgage, when compared to other loan types besides the fact that you can pay off your high interest debts.
Easier to qualify
When you build up equity in your home, it is one of the most secure financial bases available. Home equity is independent of your job security, income qualifications and overall cash flow. A second mortgage is easier to qualify for than unsecured loans, and because it is based on home equity, the interest rates available will be much lower than unsecured debt.
Rather than remortgaging your home to take out more money, thus increasing the overall size of the mortgage, a second mortgage is much safer. With lower rates than unsecured lines of credit, repayment is faster, which enables better management of high interest debts.
Using a Mortgage Broker
A mortgage broker can help you find the best rates for 2nd mortgages by accessing a huge set of funding resources that go beyond the traditional banks. Why deal with the hassle of a bank turndown, when you can get someone on your side researching the best rates and providing you with financial guidance to get your credit rebuilt and get back your life?
Mortgage Brokers can provide second mortgages or home equity loans that will preserve your original mortgage and give you lower rates. A mortgage broker can answer questions about closing costs, provide debt consolidation advice and help to find you the best second mortgage loan.
Solid alternative loan option
A second mortgage enables you to invest in a small business at much lower rates than a business loan. Investing in renovations to increase the value of your home is another way to use a 2nd mortgage effectively. With increasing tuition costs, many people take out a second mortgage to enable their children to pursue higher education. Other loan options are much more expensive and can be more difficult to maintain and pay off quickly.
One Stop Mortage makes second mortgages simple
With the mortgage broker team at One Stop Mortgage, 2nd mortgages are made easier. They explain how these loans work, build the best loan product for you and find the best rates. One Stop Mortgage loans are very accessible, even with credit challenges and self-employment, which are one of the main causes of a bank turndown. The team at One Stop Mortgage Corp works with customers throughout BC and Alberta to provide excellent support and information.
A 2nd Mortgage just makes sense
When you consider the advantages of a second mortgage, it just makes sense to use this type of loan over an unsecured line of credit. A 2nd mortgage is easier to pay off, since it will have a lower interest rate than an unsecured line of credit, and if you use the money to consolidate your debt, set up a new business, or invest in home renovations that will increase the value of your property, it will help you to find the cash when you need it.
The One Stop Mortgage group is always available to assist you in finding the best loan to fit your needs. Give them a call at 604 874 8988 or 1-877-874-8988 or email them at firstname.lastname@example.org. The team of Mortgage Brokers at One Stop Mortgage can find the best second mortgage or home equity loan that best fits your needs.