Mortgage Broker Licensed in British Columbia

Second Mortgage Financing

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.

Some of the benefits to a Home Equity Line of Credit (HELOC) are as follows;

  • Obtaining the best interest rate: Since the loan is secured by the property that you already own, you could be offered excellent interest rates.
  • Options: If you have been approved for a home equity takeout loan, you can choose between a lump payment or an open-ended line of credit.
  • Using the HELOC: You are able to carry out any home upgrades or consolidate debit.

To qualify for this, you must have at least 20% equity in your current home and a SOLD credit score.

Mortgage Services:

Nancy Tychowski Mortgage Consultant offers Second Mortgage Financing Services to clients across Vancouver, Surrey, Burnaby, Richmond, Abbotsford, Coquitlam, Delta, Langley Township, New Westminster, North Vancouver, Port Coquitlam, Port Moody, White Rock, West Vancouver, Maple Ridge, Chilliwack, Squamish, Belcarra Area, Anmore, Mission, Kelowna, Kamloops, Victoria, Nanaimo and the surrounding areas of British Columbia.

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