Taking Out 2nd Mortgages in Cambridge

What are 2nd Mortgages in Cambridge?

A 2nd mortgage is a mortgage taken out on a property that already has a mortgage associated with it. Like a 1st mortgage, a 2nd mortgage is a loan secured by your home, and if you fail to make payments, the lender can seize your home and sell it to repay the loan.
2nd mortgages in Cambridge can be used in many ways, for example: to make home improvements, pay for tuition, or purchase a vehicle or a second home.

When Do 2nd Mortgages Make Sense?

With a 2nd mortgage, homeowners can translate the value from their home into a larger bank account. Instead of having home equity tied up, the funds can be spent or invested however the homeowner desires.

A few of the reasons 2nd mortgages in Cambridge are worth considering, include:
  • They’re Easy to Obtain – Many homeowners run into trouble refinancing their mortgages because of personal finance problems. 2nd mortgages are based more on your property’s equity than your financial situation, and approval is much easier than a standard loan or refinance.
  • Unlimited Uses for Money – Rather than having your home's equity just be a number on paper, taking advantage of a 2nd mortgage is a way to put that money to work. Funds can be used for home repairs, investment, or to pay down debt.
  • They Keep Your First Mortgage in Place – With interest rates beginning to increase, many Canadians are holding back from refinancing their loans because they do not want to lose out on favourable rates and terms. This prevents many people from cashing out on their home’s value. By taking a 2nd mortgage on your property, you are able to retain low monthly payments on your original loan and still access your property’s equity.
The possibilities are endless with 2nd mortgages in Cambridge and more homeowners are discovering the many benefits.


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