Mortgage Broker licensed in British Columbia
If your goal is a vacation home or an investment property, secondary properties are an incredible venture. I will make sure this is a smooth process and the best financial outcome. Let me help you achieve your dreams today!
What is a second mortgage? Well, its an additional financing that would be in second priority to the already registered mortgage on the same property. This is referred to as Home Equity Line of Credit (HELOC) is a typical choice for a second mortgage. If you have built up equity in your home and you need a lump sum of money, then this is an option you may want to consider. Considering this option, you will be able to carry out much-needed repairs upgrade to your current home or even make a down payment on a new piece of property.
How does this work, when you make payments towards your mortgage and the property continues to go up in value. You have incurred quite a bit of equity, which is potential for borrowing. With an equity takeout loan, you are essentially borrowing against the total percentage of your home that you currently own.