If you’re thinking of getting a second mortgage in Hamilton, you will want to get one that saves you money. There are several main reasons why you might need or want a second mortgage. The most popular reasons include making major home renovations such as adding on extra space or upgrading the kitchen. Other reasons could include getting money to finance your children’s college or university costs. You might be dreaming of getting that dream cottage where you can get away, or even to buy a second home to get rental income and make a profit when sell it later down the road.
A second mortgage allows you to use your home’s equity. So instead of having money tied up in your home, you can use that money for current expenses.
Second mortgages can offer a great benefit, but they can also create more debt.
There are several reasons why you would consider taking out a second mortgage. Some of these include:
You may also apply for a second mortgage to avoid paying the penalty to discharge your existing first mortgage.