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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 .