Is A Second Mortgage Right For You? | Hamilton, Ontario

Understanding Second Mortgages

A second mortgage is a mortgage taken out on a property that already has a mortgage associated with it. You can use a second mortgage to finance things such as:

What are the pros and cons of a second mortgage? 


A second mortgage on your home in Hamilton (or in Ontario) are as follows:
  • Tax Deductions – The interest you pay on a mortgage – whether it is a first, second or third mortgage – is tax deductible. This allows you to lower your taxable income. If you decide to get a personal loan or use a credit card to buy what you need, there are no tax advantages.
  • Lower Interest Rates – Interest rates are lower on a second mortgage than on personal loans or credit cards, because the mortgage is secured by your property. Keep in mind that interest rates on second mortgages will generally be higher than on first mortgages.
  • Access To A Large Pool Of Money – As long as you have equity in your home and a decent credit profile, you can pull a significant amount of wealth out of your home. This access can be used in emergency situations, or used in renovation situations. 

Have you been looking into a 2nd mortgage on your home in Hamilton, Ontario? Chances are that you have, so why not find out more? Contacting a mortgage specialist at Canadalend can equip you with the information you need to make a wise and informed choice to take out a second mortgage on your Hamilton home. 


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