Mortgage Brokers Mortgage Broker And Second Mortgage in Toronto | Page 15

TWO THINGS TO UNDERSTAND
BEFORE OPTING FOR A SECOND
MORTGAGE IN TORONTO
• Know the Options
• Even when you are interested in the second mortgage, you have to
understand that there may be different types of loans available. You
can opt for a home equity line of credit or you can simply move to
a home equity loan. Both options have their own pros and cons
that you have to understand before making a choice.
• Know the Fees
• Whatever the choice, you need to understand that you will have
to pay something to your lender as well. Many people do not
realize that using this option involves several fees and closing costs.
You may also be entitled to pay an appraisal fee. It is also important
to mention that the competition second mortgage lenders have to
face often compels them to reduce or eliminate certain fees.
Therefore, it is important to discuss all your concerns with your
mortgage broker and ask them clearly about the total amount of
money you might need to pay before you could secure some
money.