Can You Really Get a Low Rate on Second Mortgages?

When it comes to getting the lowest rates for second mortgages, you’ll have to really look around. When you work with us as your Toronto mortgage broker you’ll get all the help you need to figure out the lowest rate on a home equity mortgage. Just remember that rates are sitting around 4% for most borrowers, so if you want to cash in on the equity in your home now’s the time to do it. Let’s go over what you can expect and everything you’ll have to do to get the lowest rate.

How Much is Too Much?

Was the interest rate you paid for your first mortgage? Chances are, it was a lot higher than what you would pay right now. Interest rates are at near all-time lows – isn’t it time you cashed in? The more you can save at the outset of your mortgage, the more you’re going to save over the life of your mortgage. Getting it right the first time it’s going to save you a lot of money, time, and sanity. Why be aggravated with the loan company or your lender when you can get it right?

Second Mortgage or Home Equity Line of Credit?

When people say second mortgage, they could mean a home equity loan or home equity line of credit (HELOC). Understanding the differences between these two is going to help you save a lot of money.

Second Mortgage: a second mortgage, or home equity loan, is a lump sum loan you receive by leveraging the equity in your home.

Home Equity Line of Credit: a home equity line of credit allows you to borrowing repay from the equity in your home as many times as you need over a set period of time. Borrow often or never borrow it all – it’s up to you.

Always Work with a Broker

Working with a Canada mortgage broker is going to help you make sure you’re getting the best mortgage for you. Understanding how much your credit affects your application as well as if a little more work on your credit before you apply could give you the upper hand is invaluable. If you can’t get any kind of a mortgage, you don’t pay.

When you work with us we go to work for you, not the bank. We’ll be there through every step of the process helping you make the most of your situation. You need that negotiating power, that help to make sure you’re getting a great deal.

Make Sure You Take Advantage of Low Rates

You’re going to want to take advantage of low rates while they last – with all the mortgage changes over the last couple of years you just never know when they’re going to switch back. If you’re trying to get a second mortgage or home equity loan, contact us! We’re the only Canada mortgage broker you’ll ever need.

Danny Papadopoulos is an experienced agent of Mortgage Central and an avid blogger for Homebase Mortgages. HBM is a Toronto mortgage broker that provides home mortgages, mortgages for the self-employed, home equity loans and lines of credit, debt consolidation, private mortgage and second mortgage lending. To learn more about our great rates on second mortgages visit: http://www.homebasemortgages.ca/second-mortgage/