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What is a Second Mortgage?

A second mortgage can be ideal for situations where you want to access the equity in your home but don’t want to reconfigure your first mortgage.

This mortgage product can be an instrument used for home renovations, college or university tuition, debt consolidation, or investing in other properties and is handy when you have a financial goal or obligation that small lines of credit or credit cards can’t handle.

Oceanvale Mortgage & Finance can secure reasonable secondary financing to help you use your equity as a tool. A second mortgage is similar to a HELOC but is an installment loan, meaning that it is repaid over time with a set number of scheduled payments.

A second mortgage can be more favorable than unsecured debt (credit cards, lines of credit etc.) due to the fact that they generally come with lower rates than the latter.

To find out more about how second mortgage work and to see if it is the right fit for your particular situation, call us to discuss!

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