Mortgage Brokers Mortgage Broker - The Ultimate Home Buyer's Guide | Page 7

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Remodel your home
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Pay off debt
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According to a regional sales manager of a Vancouver mortgage broker,
high-interest debt, high-interest rate especially credit card debt, can
be alleviated by being transferred to a lower interest debt, like a
second mortgage. This helps to consolidate your debt and perhaps
clear your loan if the property appreciates.
Buy something big
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By taking out a second mortgage you can finally have the opportunity
to renovate or remodel your home.
Some people take out second mortgages to pay for their children’s
higher education. Other homeowners take out a second mortgage to
buy a second home. Having two pieces of valuable property, like the
property appreciating in Canada right now, could leave you set for life.
Make an investment in your life
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There are so many more reasons, even than those mentioned here, to
take out a second mortgage than not to these days with more foreign
money flowing real estate market in Canada and real estate becoming
more valuable.