When looking for a second mortgage Alberta residents have a lot of options. First & Second Mortgages has been providing mortgages, bridge financing and other financial aid to Albertans since 2000. We’d be happy to discuss your individual needs and goals.
Why do people need a second mortgage in Alberta? There could be any of these reasons:
- You’ve found your perfect home but you want to keep the first one to rent out for income
- You need to do some renovations on your home
- You need to pay for the kids’ education
- You want to consolidate other loans
- … or so many more!
No matter the reason, a second mortgage can get you the extra cash you need.
A second mortgage, or a home equity loan, is a simple-interest loan placed in second position on your property title. It is secured by real estate that already has a primary or first mortgage on it.
The maximum amount of the second mortgage is determined by the equity in the home or property. Equity can be easily estimated by taking the value of your home and subtracting the total amount of outstanding loans or mortgages currently registered on it.
The interest rate for a second mortgage is typically fixed with a choice of term lengths ranging from five to 20 years.
There are so many advantages of a second mortgage Alberta:
- Be the first step to climbing out of debt
- Get financing when you need it, even though you’ve already mortgaged your property once
- Allows you to purchase a second asset
- Buys time if you need it … you may have trouble making your first mortgage payments. You can take up a second mortgage to help you make those payments
- Use it as a Home Equity Line of Credit to make improvements on your home, allowing you to increase the property’s value
- Lower interest rates possible
- Tax-deductible interest rates possible
Call us to discuss your second mortgage Alberta needs, or use the contact form on the right to get in touch
Calgary (403) 543-0927
Edmonton (780) 428-1222