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About a second mortgage!

Here is the place to discuss real estate crowdfunding.
Tracie01
Posts: 1
Joined: Tue Feb 20, 2018 12:10 pm

About a second mortgage!

Postby Tracie01 » Tue Feb 20, 2018 12:14 pm

The second mortgage is a mortgage taken out on a property/home that is already mortgaged. There are several advantages and disadvantages for a second mortgage.

The different forms in which a second mortgage come:
Lump sum
Line of credit
Rate choices

And the advantages are:
Loan amount: Second mortgages allow you to borrow significant amounts.
Interest rates: Second mortgages often have lower interest rates than other types of debt.
Tax benefits (especially Pre-2018): In some cases, you’ll get a deduction for interest paid on a second mortgage.
A second mortgage can be used wisely for home improvement, avoiding PMI(Private Mortgage Insurance), debt consolidation and education. But, it has some disadvantages like the risk of foreclosure, cost and interest costs. So, it is always better to fetch data from a local bank and a mortgage broker, before making a decision. And consult the best second mortgage lenders in Canada for a service.

alex_mercer
Posts: 12
Joined: Tue Feb 20, 2018 5:51 pm

Re: About a second mortgage!

Postby alex_mercer » Tue Jul 17, 2018 6:34 pm

Yeah, I've consulted em'

They are the best.


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