subject: Canadian Second Mortgages Mean Cash In Your Pocket [print this page] Ill have to take out a second mortgage on my home. Thats what people used to say when there was an impossible financial situation, and they were out of options. But thats no longer the case. And as people start to understand just how many benefits come with a second mortgage, the more popular theyre becoming!
We all have moments where a little extra money would go a long way. Job loss, pressing repairs around the house, and other situations that require a little more money than you currently have at your disposal happen to everyone. A second mortgage allows you to use the equity in your home to put extra cash in your pocket.
With a second mortgage, a homeowner can leverage the additional value stored in their home to pay bills, take a refreshing vacation, or even start a business. The difference between the amount owed on your first mortgage and value of your home can be a tremendous amount of money and further, its yours. You should be able to tap it and put it to good use.
Use a second mortgage to advance your career by furthering your education. Pursue that advanced degree youve always wanted or earn a certificate. Use a second mortgage to start the business youve been dreaming about. Upgrade your kitchen with new countertops and appliances, or just put the money in the bank for a rainy day. A second mortgage can provide you with access to a lifestyle that would otherwise be unattainable.
If youre behind on a few bills, use a second mortgage to catch up or even better; pay those bills off completely. One of the best ways to use a second mortgage is to consolidate debt. By taking out a second mortgage and using the money to pay off those credit credits, that personal loan, or that car loan, you will still pay that money back, but at a much lower interest rate than what the credit card and other banks will cost. Plus, youll no longer have those debts, those things will be yours paid off in full all paid for with money thats already yours.
Maybe youve been up at night, staring at the ceiling and worrying about paying for your kids college educations. Or about the braces the dentist said they need. Or the new hockey equipment they need for the upcoming season. A second mortgage can pay for those things, too.
Regardless of poor or middling credit, intermittent or low income, joblessness, or any other bump in the road, talk to a mortgage professional today about receiving a second mortgage. If you need more money, would like more money, or are just interested in knowing your options, just see what a second mortgage can do for you. Because its your own money, and youre using the equity you already have in your home, and because youre going to pay it back, a second mortgage could be just the answer youve been looking for; and it really can put cash back in your pocket!
