Have a low fixed rate first mortgage, but you need to consolidate some debt or take cash out? Then a second mortgage loan is one of the best ways to protect your current low rate monthly payments while still meeting your new financial goals.
With a second mortgage you can cash out up to 100% of your home’s value and with the large equity boom we have experienced in the Calgary area you will have the cash reserves to pay for college, make repairs, or even consolidate debt.
Is the Second Mortgage For You?
A second mortgage is primarily for those with a low fixed rate first mortgage or those who are looking to buy a home and want a combo loan typically in the form of an 80% first mortgage and a 20% second mortgage.
However, if you need the loan for home repairs or improvements an equity line of credit might be the best choice since it is expanded to fit your cash needs.