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A second mortgage can help you consolidate debt and pay off high interest loans. If you consistently make your payments on time, you can raise your credit score. Or maybe life has thrown you an expensive curveball. This loan can help you pay for unexpected costs like medical bills. With a second mortgage, you can also make the investments you need to reach your dreams. Whether it’s a business venture or your child’s college education, you can overcome financial barriers with added assets.
While a second mortgage can empower you to manage bills, debt, and investments, it comes with additional responsibility. Because of the increased risk for lenders in second mortgages, these loans usually come with higher interest rates. However, these rates still tend to be lower than an unsecured line of credit like a credit card. Lenders will look over your home equity in addition to things like your credit score and income to determine the amount of your loan.
If you have sizeable equity in your home, you can use it to put yourself back in control of your finances. Contact us if you’re considering a second mortgage in Leamington or another Ontario area. Rob and Sandra Zanet (DelCiancio) can look over your situation to help you determine if this lending option is right for you.
Download an application form or apply online today.