2nd Mortgages Abbotsford
Mortgage Brokers in Abbotsford, British Columbia
A second mortgage is a lien taken against a property when a new loan is issued, and a first loan is still due. A lien is a right to seize property under specific circumstances belonging to another person until a debt owed by that person is released. In other words, your lender has the authority to take possession of your home if you fail to pay your loan. When you opt for a second mortgage, a lien is taken against the portion of your home you’ve paid off.
Choosing a second mortgage as an Abbotsford, BC homeowner can be an ideal way to access your home’s equity at reasonable interest rates. For most people, their house is the most prominent real estate investment they make in their life. Utilizing a second mortgage is wise to get into your home equity. This borrowing option is an opportunity to free up capital using the equity you’ve built up in your property. You can utilize the cash you secure from a second mortgage towards paying down other debt, which you can pay back at low-interest rates.
The benefits of a second mortgage are:
- With a second mortgage, you could borrow up to £1,000,000 based on the equity you have in your property.
- You can pay a second mortgage back over as long as 25 years.
- If you choose to use a second mortgage for debt consolidation, you may be able to reduce the charge you pay every month on servicing debt.
- If your finances improve, you can repay more than you have to on your second mortgage, reducing the amount of interest you pay
How can we help?
Second mortgages may be a bit difficult. They may require a high-interest rate or high fees. Hence it is vital to consult an expert. The suitable Abbotsford, BC Mortgage brokers, make the experience more accessible and more comfortable for the client to understand and not be bothered by the risk. These agents have the expertise in the financial fields to act as per the situations. The risks involved and the purposes of the particular lenders should also be reviewed and considered. We can help make it easier for individuals with shaky credit caused by first mortgages for a second mortgage.