Private Mortgages

SERVING Ottawa and Surrounding Area, Quinte West, Prince Edward County, Kingston, Oshawa, Toronto, GTA - MOBILE

Jenna Weekes Mortgage Broker C P (613) 242-1503 Email jennaweekes@jjmortgages.ca

WHAT IS A PRIVATE MORTGAGE? IS IT BENEFICIAL?

The difference between a 1st and a 2nd mortgage is based on which mortgage is registered against the property 1st and which one is registered 2nd. Simply put, it's called a 2nd mortgage because it is registered in 2nd place after the 1st mortgage has already been registered. Typically a 2nd mortgage is taken out for a 1 year term and is then consolidated into the 1st mortgage. This is to save on interest, as rates for a 2nd mortgage are generally higher than that on a 1st.

2nd mortgages can be beneficial if you are looking to consolidate accounts that your current 1st mortgage lender will not allow. ex. property tax arrears, income tax arrears, creditor accounts that are in collections, etc... 2nd mortgage lenders allow you to pay off and consolidate any type of creditor account.

CONSOLIDATE AND GET CASH BACK

There are can be many benefits to taking out a 2nd mortgage.
It allows you too:

- avoid paying a penalty
- access the equity in your home
- pay off collections
- consolidate and reduce high interest debt
- complete home renovations
- take out cash back for unexpected bills
- pay income tax arrears
- pay property tax arrears

With access to multiple lenders Canada Wide, we ensure that you are being offered the lowest 2nd mortgage rate available.

Contact Jenna to discuss your options today! Free Consultations. 613-242-1503

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