Lenders Supply Low Rate 1st and 2nd Mortgages in Cambridge

Canadians have been enjoying lower mortgage interest rates in the past few years. This is great news for first time homeowners, and anyone renewing or looking to take out a 2nd mortgage on their home.

Many are shocked to see how much a minuscule one-percent interest rate shift can net them over time. Lower rates, combined with shorter amortization periods can be a real bonus, and timing is everything!

For many, a 2nd mortgage can be a very wise financial decision. Some use the extra equity from their home to make improvements, or to pay off other higher interest debts.

Those interested in learning more about low interest rates and their benefits should contact a knowledgeable mortgage lender. The best lenders will be able to advise you on the right time to renew or take out a mortgage.
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Benefits of Home Ownership

Home prices in Ontario are booming.  This may mean that your home is your greatest financial asset.  However, it can be frustrating if you find yourself in a situation where you need funds suddenly, or your credit card debt is swallowing you up.  In these cases, it may be possible to tap into the equity of your Cambridge home by taking out a second mortgage.

Debt Consolidation

Many refinance their homes to consolidate their debt.  In some cases, paying off a higher interest loan with a lower interest loan can be a no-brainer.  Mortgage debt is typically considered less damaging that consumer debt, especially as home prices continue to surge.

Home Improvements

In some cases, a major repair will need to be done on your home.  In these situations, borrowing against the mortgage on your Cambridge home may make sense, as most upgrades will add value to the home.
As with all financial matters, it is not a decision to take lightly.  Do research, and consult a knowledgeable expert who can guide you to the best option for you.  


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