Mortgage Brokers Mortgage Broker And Second Mortgage in Toronto | Page 10

ALL YOU HAVE TO KNOW
ABOUT SECOND MORTGAGE IN
TORONTO
• Types of second mortgages
• Lump sum mortgage is the most standard type of second mortgage that helps
you get a single amount of money, which you can use to achieve goal you might
have in mind. You will be making fixed monthly payments to repay the loan over a
set amount of time.
• Line of credit is another option, which provides you with an access to a pool of
money that you can use to receive cash several times over the total duration of
your loan. With this option, you will first have to work with your lender to decide
on a maximum limit. You can receive payouts until that maximum limit has
exhausted.
• Top Benefits
• One of the biggest benefits of taking out a second mortgage in Toronto is that it
allows you to have a significant amount in a reasonably short time. You will be
offering your property as collateral, so there will be much more option to choose
from as compared to when you look for a loan without using any security.
Another good thing about these types of loans is that you can borrow more than
80% of your current home value – you can sometimes get more depending on
your lender. That is the reason why it makes sense to work with an experienced
mortgage broker who could find the most profitable offer.