Using 2nd mortgages in Ontario can help ensure you can accomplish what you want.

Yes, your home’s mortgage is a type of debt, but as you pay on it, you build equity in your home. Essentially, this is the percentage of the home that you own outright. As the years pass and you make payments, the percentage the lender owns shrinks, and your own grows. After a certain point, 2nd mortgages in Ontario can help you leverage that ownership and provide you with the cash you need for many other things.

With 2nd mortgages in Ontario, homeowners are able to achieve many different things. Some of the more common reasons our clients seek out a second mortgage include paying for their child’s college education, renovating their home and purchasing a vehicle. Others use the money to help start a business, or to buy a vacation home elsewhere. There are many other possibilities, as well.

When considering a second mortgage, it is crucial that you work with the right lender and that you scrutinize the language of the loan. Some lenders will attempt to change the term end date, which can lock you in with that lender for the duration, making it much harder to change if you find a lender with better terms or lower interest rates at a later date.

At Mortgage Captain, we can help you maintain the flexibility you need in your mortgage. Call us today at 613-296-3892 for more information or to speak with one of our brokers about our network of lenders and your options when it comes to 2nd mortgages in Ontario.