In Ontario, a second mortgage can help you tap into your home's equity.

For the most part, home loans are expenses, not assets. Your home is an asset, but you don’t start out owning very much of it. However, that changes over time. As you pay down the principal of the loan, you begin to own more and more of your home. This percentage of ownership is called equity, and it can be a powerful financial tool for residents in Ontario. A second mortgage can allow you to tap into that money and use it for almost anything you might want.

With a second mortgage, you can tap into the value in your home and use that money for a wide range of needs. One of the most common uses is for college tuition – education is costly, and this can help you offset your child’s future debt. Another reason many people seek out an Ontario second mortgage lender is to afford renovations to their current home, or even to purchase a new vehicle.

When considering a second mortgage, it is important that you work with the right lender. You want to keep the same loan term end date, and you want to make sure that you maintain flexibility throughout the entire loan. We can help.

At Mortgage Captain, we’ve been helping Canadians get the mortgage they need for decades. We work with a wide range of leading lenders, and can help ensure that you’re getting not only a good deal, but the right deal for your needs. Call us today at 613-296-3892 to learn more.