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A second mortgage is a secondary loan taken out on a home after the first mortgage is already in place. So when getting pre-approved for a second mortgage, know that the first mortgage will always be paid first. If the payments for a second mortgage are outside of your monthly budget, you could be putting your home at risk. Do some research and go through your finances before a final decision to see if a second mortgage is right for you. Also consider the equity on your home. If your property has little to no equity, you are unlikely to get approved for a second mortgage.
Find the best possible interest rate, and decide what type of second mortgage is best for your monthly budget. Consider your finances. Most secondary mortgages can vary from one to five years, usually at a fixed rate. There are many online applications and mortgage calculators where you can enter in your personalized information and find out what kind of monthly payments you would be looking at. There are also many brokers in the greater Toronto area. They can provide the information you need on purchasing, renewing your mortgage, and refinancing your mortgage. Mortgages can be nerve-racking. These are big financial commitments that could potentially benefit you in tremendous ways in the long run. Get the best advice to obtain the most suitable mortgage for your financial situation.