Mortgage Brokers Second Mortgage in Toronto - Why And How | Page 6

ARE YOU THINKING OF A SECOND
MORTGAGE?
• Housing Markets
• When houses are selling at a low price, that is usually the best time
to get a second mortgage if it is needed. Why? Because with
lower pricing on houses the better the rate, the lower the
payments and this all goes with your credit rate. The market goes
crazy when prices are low, which makes it easier to obtain this
loan.
• Why get a Second Mortgage Loan?
• There are many reasons a person may consider getting a second
loan. First, renovations. Once something happens in a house,
something we can’t exactly pay for it out of pocket. Sometimes, it
is better just to renovate than to pay to have something fixed.
Secondly, to invest in a property that can earn you a second
income. Some people have requested a second mortgage loan,
so they can purchase, renovate, and rent a space for a fantastic
price and have a source of income.