FIRST MORTGAGE
As A Toronto leading money broker, we are committed to assisting Canadians in achieving their homeownership aspirations while safeguarding their long-term financial well-being. We understand the unique situations you may face, whether you're a first-time buyer or expanding your property portfolio, or whether you're self-employed, dealing with a credit rating affected by debt or missed payments, rejected by your bank, or faced unexpected changes in the terms of your pre-approval. We've been in those situations ourselves, comprehending the complexities firsthand.
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SECOND MORTGAGE
An equity-based second mortgage, also known as a home equity loan or a second mortgage, involves borrowing money against the equity you have in your home. Equity is the difference between the current market value of your property and the outstanding balance on your first mortgage.
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Use of Funds
You can use the funds from the second mortgage for various purposes, such as debt consolidation, home improvement, education, or other financial needs as you wish. Interest Rates: Interest rates on second mortgages may be higher than those on first mortgages but are often much lower than rates on unsecured loans such as LOC or credit cards. Payments: You make regular monthly interest only payments to carry the second mortgage, which gives you the maximum control of your cashflow. Benefits: A second mortgage can provide access to a significant amount of funds, and the interest may be tax-deductible in some cases (consult a tax advisor for details).
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Second Mortgage vs. Refinance
Contrary to what your bank might suggest, refinancing your existing first mortgage might not always be the optimal choice. At PML, we engage in a meticulous cost-benefit analysis, considering key factors that influence your decision.
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