second mortgage toronto
Second Mortgage in Toronto
Are you in a financial crisis right now? Or do you need money for expanding your business, but you are unsure whether you should get a mortgage against your house or other property because you already have a first mortgage against it? This is a dilemma which you do not face alone. Whereas it is difficult to risk something as precious and valuable as a house not once, but twice, people do it all the time. There are a number of reasons for which people get second mortgages in Toronto, and this list is not exhaustive:
• Home improvements
• Avoiding Private Mortgage Insurance (PMI)
• Debt Consolidation Programs
• Purchasing additional homes
• Creating a home equity line of credit (HELOC)
It is possible to get a second mortgage in Toronto secured against your house, because it values a lot more, and the lenders have some solace that even though they’re taking a risk by giving a second mortgage, in case of a default, they will be paid back through selling the house.
Second Mortgage in Toronto? Beware!
Second mortgages are always more risky than the first ones. It is because in case of a default, the second mortgage is second in priority. If you have taken a second mortgage in Toronto, and you default on that payment, the first mortgage lender will most probably sell the house and get his payment, and the second mortgage lender gets paid from the remainder of the money. And to make up for this high risk, lenders charge relatively higher rates on second mortgages in Toronto. With something as serious as risking your house, you must be very careful. However, with us on your side, getting a second mortgage in Toronto could be the easiest thing.
Our agent, Amit Dhingra, realizes how overwhelming all this information could be for the clients, and so he goes to great lengths to first ensure that his clients understand how second mortgage works, so that they can make a better informed decision on which deal is best for them.
Why Choose Us?
In something as complicated as a second mortgage, you would put your trust in the very best of people. Our professional and very competent mortgage broker, Amit Dhingra, is the most trustworthy person you can find to work for your case. With his Masters in Commerce, and a very good understanding of the financial market, Amit can help you choose from as many as 47 Toronto lender, who offer as many as 200 different products.
There are 2 types of second mortgages that you can get. The first is home equity loans, where you get the whole amount right away, whereas the second is home equity line of credit which works like a credit card, and you get the money gradually, as you need it. With his experience, hard work and dedication, he will get you the right type of loan, which you require, and which suits your particular needs.