Mortgage Brokers Mortgage Broker And Second Mortgage in Toronto | Page 14

THINGS TO KNOW WHEN
GOING FOR A SECOND
MORTGAGE IN TORONTO
• Keep in mind that lenders are also going to consider how stable your
income is. If you have a stable employment status, your lender might
agree to a higher maximum loan value. So, be sure to check exactly
how much you can borrow to determine if going for a second
mortgage will provide you with enough money to deal with your
financial problems.
• It is important to express your overall financial goals while
communicating with your selected mortgage lender. Your mortgage
lender should also have information about your spending habits, your
monthly budget, and the overall time you need to stay in your current
home. You have to understand that taking a second mortgage is not
going to be a feasible option if you plan to relocate within the next
few years. In this situation, the better option would be to have your
current mortgage modified to suit your needs. It will help lower your
monthly loan payments and make it easier to sail through tough
financial times. You have to discuss it with your lender and ask them
about whatever options they have available as per your budget and
lifestyle.