Mortgage Brokers Second Mortgage in Toronto - Why And How | Page 5

ARE YOU THINKING OF A SECOND
MORTGAGE?
• Rates
• When you think about a second mortgage, you should
automatically think of this part of the loan. What will your rate be?
When you speak with a professional about what kind of mortgage
rate you can get, try to get a rate that would help you for
whatever the reason behind the second mortgage. Don’t accept
the first one presented to you; there may be a better option out
there for you. Also, if you have a significant other to decide with,
include them, and both of you need to decide which option fits
both of you.
• Terms of the Mortgage Loan
• Well, not only does the rate of your second mortgage loan
changes things but so does the terms of the loan. When I say
conditions, I am referring to years to pay back the investment, how
much each payment should be and all the tiny details.