There are two ways of obtaining a second mortgage. It can be obtained through a traditional second mortgage or it can be obtained through an Equity Line Visa card. Depending on the cases, it may be cheaper to refinance your whole mortgage or to obtain the Equity Line Visa.

In order to get a loan against a second mortgage, you need to have Home Equity. Home Equity is the value of your home; subtract any debts owed against it.

I.e. Bobs home is worth $500,000. He has a mortgage of $200,000.

As a result, the Equity of his home is $300,000.

Second mortgage lenders do not lend more than 85-90% of your home’s value. The rates on your second mortgage may often be higher than the rates of your first mortgage, although they may vary depending on your situation. It is best to work with a mortgage expert to help you understand a second mortgage and let them apply their knowledge to your benefit. Contact Denikings Insurance and Investment Broker today!

Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.