There are times in life when money may be tight. There are also times when homeowners may suffer from poor credit. Any host of reasons can lead to a lowered credit score. A job loss, reduced income, sudden and unexpected expenses that may be hard to cover, or an expensive divorce can all lead to a dip in credit score.
Regardless of the reason that leads to poor credit, Ontario homeowners still have choices. Ontario homeowners can also turn to lenders who may be able to negotiate secured mortgage loans to help ease short-term financial difficulties.
Although we have been clawing our way out of a prolonged pandemic, 2020 defied all logic when it came to the developments in the housing sector across Ontario and the country as a whole. In some areas of Ontario, primarily the extremely robust GTA and surrounding areas of Hamilton and Burlington, 2020 and the first quarter of 2021 have seen gains in housing appreciation in the double digits territory.
In May 2021, the price of a single-detached home in the GTA rose by 28.4% as compared to May 2020. This dramatic year-over-year increase puts that average selling price at $1,108,453…
Top Reasons to get an Ontario Second Mortgage
If you need money but aren’t sure which loan product is best, look into second mortgages as they are a cost effective loan type.
Investopedia defines second mortgages as subordinate mortgages made with an initial loan in place. To get these loans the homeowner must have some home equity as they are secured by real estate properties. Home equity can be created from the initial down payment, the appreciation of property’s value and from principal paid down on the mortgage . …