Just like a regular mortgage, a second mortgage has several different options that are available to you. You have options both with how you can take the money as well as how you can repay it.A second mortgage is essentially when you borrow the equity that you have built up in your home. Most lenders will allow you the option to take out as much as 95% of the equity you have in your home in the form of a second mortgage or home equity loan.
Lump sum: if you have a large sum of money that you owe, this may be your best option. This makes sense if you owe a lot of money all at once, but need a lower interest rate than what you would have with say, a credit card. In this instance you would repay the loan much like a regular mortgage: with fixed payments paid at regular intervals for a set period of time.
Line of credit: If you don’t need all the money at once, you can instead take it out in the form of a line of credit. This will allow you to take as much or as little as you need at a time, or, if you prefer, take nothing at all. This works as an emergency fund of sorts. If you choose to take out the money in this way you will pay it back similarly to a credit card, wherein you will have minimum monthly payments, but also have the option to repay an amount above that in order to pay off the loan faster.Whatever you choose, a second mortgage or home equity loan through Matrix Mortgage is a great option.
Matrix Mortgage also specializes in first time mortgages.
Regardless of your situation: new to Canada, bad credit, or even if you have previously declared bankruptcy.
Our mortgage brokers can work with you to ensure that you are approved as a first time home buyer. At Matrix Mortgage our years of experience and customer-focus put us ahead of the game.
Call us for all of your mortgage needs.
Located to the north of Toronto, Aurora Ontario is a small down that continues to grow. Founded in 1853, it was the childhood home of former Prime Minister Lester B Pearson. As on 2011, Aurora’s population had risen to just over 50,000 people and with an average household income of $155,000 in 2010, it is also one of Canada’s most affluent towns.
While Aurora is a small town, it has seen significant growth over the last decade, at a rate of approximately 11.7 per cent between 2001 and 2006. By the year 2020 it is forecasted to have a population of almost 70,000 people. It’s not such a small town anymore!
Since Aurora is a small town, the amount of available real estate can be quite small. As a result, it is important as a homebuyer to move quickly, and work with vendors you can trust when it comes to securing your mortgage. A mortgage broker can help you get your mortgage quickly, freeing up your time for house hunting!
