Second Mortgage

Second Mortgage

Sometimes a second mortgage is needed to help clients through financial stress. A second mortgage is an additional charge on title to your property in second position, meaning the first mortgage gets priority if you default and the property is sold. As long as you have equity in your home a second mortgage can be arranged.

Second mortgages come with higher interest rates and associated fees, but they can be a practical solution in urgent or short-term financial situations. Whether you're consolidating debt, addressing a cash flow challenge, or tapping into your home’s equity, a second mortgage may be the right option. We're here to guide you through the process and help you make informed decisions every step of the way.

Some reasons why borrowers consider a second mortgage:

• Debt consolidation – Credit cards and other consumer debt come with high interest rates so combining those debts into a second mortgage can actually save you money and make your finances more manageable.
• Quick access to funds – If you find yourself in a financial pinch and need funds quickly, a second mortgage can offer a quick solution. Whether it be for tax arrears, life events, or unforeseen costs, a second mortgage with our brokerage can be easily arranged.
• Access equity for renovations – Renovations can be costly but can greatly improve the value of your home and the functionality for your family. A second mortgage will allow you to tap into the equity in your home without having to break your first mortgage and incur a pre-payment penalty. Once the renovations are complete you can get your house appraised and consolidate both mortgages into one.

Bax Mortgage has been arranging second mortgages in London Ontario and surrounding areas for the past 30 years. Get in touch with us today and we will gladly walk you through the process.