Are you looking out for refinancing options? Don’t know which mortgage lender to trust? Then Ratedeals.ca can help you with a good refinancing option. Ratedeals.ca is a well-known network of mortgage professionals in Canada. They offer private mortgage, sub-prime mortgage, HELOC and second mortgages. These days there are quite a few refinancing options available in the market. If you have been considering refinancing after your first mortgage, then going for a private second mortgage could be a smart option for you. The refinancing is a good buy, as there are very few lenders in the market who offer private second mortgage. To add to that if you have poor credit scores then your chances of qualifying are reduced.
Should you Refinance your Mortgage or Apply for a Second Mortgage?
Ratedeals.ca has many mortgage lenders across Canada who offer private second mortgages. People generally opt for a second mortgage when they don’t want to try for a refinancing option that has a higher rate than their first mortgage. If you have a good credit score, then Ratedeals.ca does have decent options for you. On the other hand, if you have poor credit, then your options will be limited for a second mortgage.
Should you Plan for a Private Second Mortgage?
You should consult the loan specialists at Ratedeals.ca and they will come up with a suitable option for you depending on your credit score. A private second mortgage is usually a quick and easy way to access equity in your home. It can be a good short-term solution for your immediate financial commitments. But private second mortgages are not a long term solution. You should opt for a private second mortgage with an exit strategy in mind. No investor wants to increase his financial burden unless it is benefiting him monetarily. When you opt for a private second mortgage then you have to do timely payments and finish off all your payments to reduce risk.
Some of the things that you need to be aware of before opting for a private second mortgage are:
1. If you don’t have an exit strategy in place then you must be aware of the rates and costs involved for refinancing your mortgage
2. If you take an interest only payment option, your loan will not go down but may go up depending on the renewal costs or mid-term fees
3. While applying for a private second mortgage, you should know that this is not a long-term solution and that you ought to have an exit strategy
You should also realize that a private second mortgage is a good option only if your first mortgage rate was low. Otherwise, if you have a large penalty of your first mortgage, then you can consider relying on a private second mortgage. Private second mortgages are usually considered as the last resort because of their high rates. However, it is a good short term solution.
Professional mortgage brokers at Ratedeals.ca have many mortgage options that you can choose from. You can contact their experts to help you acquire a private second mortgage at the best rates.