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.
Another major benefit of a second mortgage is that you will be able to avoid early payout penalties and fees with regards to your first mortgage. Depending on your situation, this could mean a savings of thousands of dollars!
If you're considering taking out an additional mortgage on your home, give me a call and I would be happy to get together and discuss your unique financing needs. After researching your options, we'll provide you with the information you need to make a sound decision.
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