What Is A Second Mortgage And Is It Right For Me?

What Is a Second Mortgage, and Is it Right for Me?

Financial issues are personal and private matters, but they can take a toll on your well-being.

If you’re a homeowner in North America today, you might be over budget on current home renovations, behind on your mortgage payments, drowning in student debt, or struggling to consolidate debts in other areas of your life. These situations can make life a stressful journey to bear on your own, but you no longer have to suffer with debt weighing you down.

If you relate to the feeling of stress or the financial burden and worry, then you might be the perfect candidate for a second mortgage.

How does a second mortgage work?

A second mortgage is a sum of money that can be borrowed based on the equity that you have in your home, or the difference between the value of your property and the amount that is owed. Second mortgages are one way to wisely consolidate multiple debts, and Canadalend.com offers ways for clients to do so.

Sample Case Study

Samantha and her husband, Jeremy, have been struggling financially for years, and they can’t seem to get themselves back on their feet and out of debt. They have a mortgage on their current house but are behind on their payments. They’ve been racking up credit card debt over the years and don’t know what they’re going to do next. Lucky for Samantha and Jeremy, there is a financial solution.

Step 1: Samantha and Jeremy call Canadalend.com for financial advice.

Step 2: Canadalend.com introduces Samantha and Jeremy to the option of taking out a second mortgage, which is a loan at a lower rate of interest than conventional credit card loans.

Step 3: Samantha and Jeremy have plenty of equity in their current home and are able to take out a second mortgage.

Step 4: With the immediate cash, Samantha and Jeremy are able to pay off the urgent debts that were completely ruining their lives.

Step 5: With monthly payments they can meet, at a fixed interest rate, Samantha and Jeremy are on track to financial freedom!

If you are out of options and struggling with debt, we’ll take a look at the equity in your home and determine if a second mortgage is the right option for you. Contact Canadalend.com today, and start yourself on the path to financial freedom.

 

Sources: http://www.mortgagecalculator.org/helpful-advice/second-mortgage.php

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