Second Mortgage

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Borrow against your home equity, approval is fast and easier than before -APPLY NOW!

HOW IT WORKS:

The Second mortgage will go behind the current first mortgage on the property the mortgages will take security on. Some reasons people may choose to do a second mortgage are:

Debt consolidation / Pay off creditors
House / Cottage renovations
Pay off property taxes that are in arrears
Extra cash flow
Bring mortgage arrears up to date
Avoid power of sale
Purchase a second property
Start up cash for a business
Weddings, Tuition etc.

Although second mortgages can help borrowers get out of tough situations, there are always additional costs to consider. Such as, higher interest rates, interest only payments, lender, brokerage, lawyer fees and appraisals. They are more expensive than traditional mortgages. So always be sure to consult your CTMS mortgage professional to see if doing a second mortgage is the right thing for you. It is also very important to have a plan of how to get out of your second mortgage, as they are only meant to be a temporary fix.