Second MortgagesSecond Mortgages
We arrange second mortgages for a variety of reasons, but potential borrowers may not be aware of some of the advantages that second mortgages can provide. With Steven Porter, Mortgage Architects, the added bonus is speed and flexibility.
Reason 1: Expanding your real estate empire
What’s better than one income property? Why, two income properties. Or three, or four! Once a rental property owner has decent equity built up in an asset, securing a second mortgage against it is an excellent way to fund future down payments and associated costs for another property. Rinse and repeat, and you will have created a fantastic income engine for future years.
Reason 2: Emergency Plan B
We had a situation where a borrower experienced a shortfall on the purchase of a new construction rental home. With a 48 hour deadline looming, we were able to advance an 80% Loan to Value, second mortgage on the borrower’s principal residence to cover them. You never know when you might need a quick injection of cash. With our speed, you have a secret weapon for accessing liquidity—fast.
Reason 3: Speed and Flexibility
Life happens and sometimes there’s a need for immediate cash. In some situations the old cliche, “the bank will always lend you money when you don’t need it but when you do, they won’t” may apply. If you have decent equity in a property, a second mortgage my be the solution. Second mortgages can be arranged quickly without all the hoops to jump through and for a variety of uses.
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Or call/email Steven Porter, Agent with Mortgage Architects. 1-905-875-2582, Steven@1800Mortgages.ca |
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