What is a Second Mortgage and is it right for me?
As the equity in your home builds so does the opportunity for you to leverage that equity by taking out a second or third mortgage on your property.
Second or third mortgages can be used to consolidate outstanding debt from other sources, renovate your home, pay for your child’s education, or any number of choices. In most cases, the rate of interest on an additional mortgage can be lower than borrowing on a credit card, potentially saving you a lot of money in the long run. What’s more, a second or third mortgage may provide you with more time to repay the loan, giving you added flexibility.
If you’re considering taking out an additional mortgage on your home, we encourage you to speak with a Dominion Lending Centres specialist who will discuss your unique financing needs. After researching your options, we’ll provide you with the information you need to make a sound decision.