CMI Specializes in all types of Second Mortgage Loans

Second Mortgages are an increasingly popular way to achieve financial goals

Now is the time to consider a second mortgage. Canada has rarely seen second mortgage rates lower. With Canadian mortgage rates this attractive, homeowners need to consider how to utilize equity in their homes and second mortgage loans are a great option.

What is a Second Mortgage?

Second mortgage loans are a home equity loan that allows homeowners to borrow from their home’s equity without refinancing their existing mortgage. The amount borrowed on a 2nd mortgage is based on available equity – i.e., the difference between appraised value and the amount owed on the first mortgage.

Second mortgages make sense for homeowners who have paid down much of their first mortgage and/or whose home has appreciated in value. When second mortgage rates are low – as they are today – homeowners should consider a 2nd mortgage. Canada may not see better conditions for home equity loans again.

Benefits of a Second Mortgage

Secured against your home, 2nd mortgage rates are among the lowest available. Therefore, second mortgages are useful tools for personal and professional financial planning. For example;

• Use a 2nd mortgage to consolidate high interest debt into a single monthly payment.
• Use second mortgage loans for debt consolidation and credit repair.
• Second mortgages can be used for major purchases and home improvements.
• 2nd mortgage rates offer a cost effective way to finance a small business.
• College Funding can be done with a second mortgage. Canada has a first rate selection of universities. Use home equity to assure your child gets a degree.

As a homeowner, you have accumulated wealth in your home. Use a second mortgage to invest in other financial goals – your family, your business, home improvements, etc. Record low Canadian mortgage rates make this an ideal time for a 2nd mortgage.

CMI Mortgage Brokers can help

There are a range of options to consider with a home equity loan:

• How much of your home’s equity should you borrow against?
• How long should you amortize a 2nd mortgage loan?
• Would a second mortgage or a HELOC work better for you?
• Which debts should you consolidate on a 2nd mortgage?

CMI Mortgage Brokers will help you answer these questions. And with access to hundreds of second mortgage lenders, we’ll find the best 2nd mortgage product for you. We simplify the process for you.

Use our on-line application to start. With some details, we can give you complimentary advice. There’s no obligation. We’ll just see if a second mortgage makes sense for you.