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Yes, that’s right…we now offer second mortgages provided by Canada First Mortgage! We have aligned ourselves with several private lenders that want to lend YOU money based on the equity position of your home.
Let’s discuss what “equity” is. Equity is like your home “working” for you while you sleep. It is the difference between the value of your home, and the balance left owing on your mortgage. Example; your home is worth $250,000 and your mortgage owing is at $150,000. You have $100,000 worth in equity in your home. Herein lays the power in ownership. As time goes by, typically the value in your home will go up. This is not a rule written in stone, however over time it should work to your benefit. Ownership x Time = Equity Gains. Whether or not you decide to do anything with your equity is up to you.
Some of the reasons you may be looking for a second mortgage may be:
- Renovate your home
- Emergency funds
- Travel
- Behind on bills
- Pay off Canada Revenue Agency
Whatever the reason - contact us today to find out more about 2nd mortgages on your home!
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