Advantages of Securing a Second Mortgage on Your Home

by | May 7, 2018 | Real Estate

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Do you need to make home improvements to your property but lack the fund to pay for the renovations? Perhaps, you need to relocate for your job and require a second mortgage to help you purchase a new home. If so, second mortgages in Whitby ON area can offer the solution that you are looking for. While it can be challenging to secure a second loan while you have an existing one, it is possible to obtain the financing you need when you work with the right investor. However, to qualify for a second loan the investor will have stipulations such as a higher interest rate and your home must have 20% of equity built-up in the property.

How the Loan Can be Used

  • Second mortgages in Whitby, ON can be used to pay off existing debt that you may have to eliminate the risk of penalties that occur from late or missed payments.
  • You secure the financing you need to purchase another home until the sale of your current home is completed.
  • The funds can be used to make improvements to your existing home to help increase the value of the property.
  • Prevents you from defaulting on a current loan you may have on a home, car, or even credit card payments.
  • Provides a safety net by providing you with money in case you need it for unforeseen circumstances.

Start Today by Applying Online

If you need to access to funds you do not have R.W. Carr Investments CO can offer the solution you need. You simply fill out a form online explaining the services you require, and they will reply to you as soon as possible. After inspecting your property and gathering the vital information you need, a consultant will discuss with you the options that are available in helping you secure a second mortgage on your home.