Second Home Mortgage
The risks of a second home mortgage:
Simply put, taking out more than one home mortgage can be dangerous because you may not be able to afford monthly bills. The totals will add up. This is especially the case because second mortgages come equipped with a higher interest rate than initial loans.
Make sure you do the math properly and plan out your future before applying.
Benefits of a second home mortgage:
These resources free up funds. College tuition is expensive, so is a new car, so is an unexpected illness. It’s comforting to know that you can use the equity in your property to elicit extra money when needed.
When it comes to refinancing or taking out a second home mortgage - anything that involves interest rates and long terms - sit down with our brokers. Go over every aspect of the loan. Never feel in the dark about either mortgage and what each entails every month.
Also remember: while rates are higher on this product, your credit score is still taken into account. If you have a history of timely, full payments, you can find a reasonable second home mortgage deal.
We’re here to make sure of that.


