Mortgage Brokers Mortgage Broker - The Ultimate Home Buyer's Guide | Page 8

 There
are some important points and tips
you should take into consideration.
 Second
mortgages are considered a high risk
loan, which means slightly higher interest rates.
 You should have a good credit score to ensure
paying the lowest interest rates.
 Second mortgages are usually provided by private
lenders and small financial institutions.
 Second mortgages tend to be interest only.
 One year terms are typical for private lenders in
Toronto, but at the end of the year you may be
able to renew the loan.