Do you know what a second Mortgage is? If not, know about it and its benefits. Unless you are planning on purchasing a second property, many people don't understand how a second mortgage actually works. For details call 416 697-5443 or visit http://aminas-ms.ca/

1. Aminas Mortgage Services, 61 Highland Avenue, Newmarket, ON Ph: 416 697-5443, Fax: 1-289-809-
3467 Email Id: amina@aminas-ms.ca Website: http://aminas-ms.ca/
Amina Mortgage Services
The Benefits Of Using A Second Mortgage
Many people consider their mortgage the biggest financial commitment which they
will likely have in their lifetime. However, a second mortgage can be ideal for
homeowners struggling to service debts, as well as those who for whatever reason
need access to their home's equity. But what is a second mortgage?
Unless you are planning on purchasing a second property, many people don't
understand how a second mortgage actually works. A second mortgage however, is
essentially a home equity loan. Moreover, a second mortgage is always subordinate
to the first mortgage on a property, meaning that if the loan goes into default the
first mortgage will get paid off first before any proceeds go towards paying the
second. This being the case, a second mortgage is much riskier from the perspective
of many lenders, and as such most second mortgage solutions are offered by private
lenders and investors.
When you apply for a second mortgage you can therefore expect to be looking at
interest rates of anything between 8 and 14%. As a mortgage professional with
access to over 47 different lenders, I can therefore benefit you by scouring the
market for the best possible deals suited to your specific situation.
Maybe you want to consolidate high interest debts. Maybe you are seeking a second
mortgage because you need access to your home's equity. Either way, I will not only
strive to find you the best deal, but make sure that you aren't burdened by excessive
set up fees.

2. Aminas Mortgage Services, 61 Highland Avenue, Newmarket, ON Ph: 416 697-5443, Fax: 1-289-809-
3467 Email Id: amina@aminas-ms.ca Website: http://aminas-ms.ca/
The Benefits Of Using A Second Mortgage:
What is more, a second mortgage isn't just a way to gain access to your home's
equity or consolidate high interest debt. Rather, second mortgages often present
favorable alternatives to overall refinancing. How? Because the interest on second
mortgages, (if the mortgage itself is used to gain access to equity so that you can
invest in business or added real estate) can be tax deductible. Likewise, a second
mortgage is definitely something to consider if you want to refinance but are
deterred by penalties involved with breaking your original mortgage contract.
Of course, there are costs involved in securing a second mortgage as you as the
borrower will typically pay for the following closing costs.
• Home appraisal fee
• Legal fees – for both the private lender and you the borrower
• Title search
• Title insurance
• Lender Fees
• Mortgage Broker Fee
Having a mortgage professional like me on your side is therefore essential in finding
and securing not just a second mortgage deal with the most favorable rate of
interest, but one where the associated costs have been carefully compared against
those of other lenders.
Thinking of trying to secure a second mortgage? Call or drop me a message today and
let's start discussing how to secure you not just the best rate, but also the best long
term solution to whatever you might need it for. Ready To Get Started? Great. Give
me a call today on 416-697-5443 FREE or click here in order to schedule a free, no
obligation appointment and let’s start talking about it. Call 647.668.9363 or write to
her on amina@aminas-ms.ca