Why you should get a second mortgage
What is a second mortgage?
A second mortgage is a loan that lets you access up to 85% of your home’s equity. The lump-sum amount received can be utilized for home renovations or capital to invest in a business. They are an ideal option for individuals who have been rejected for loans from traditional lenders because of their poor credit score. Below-mentioned is four reasons why you should get a second mortgage.
1. Quick turnaround time
Are you in need of quick money to make a down payment on your dream vacation home? Or do you need money to go to your dream college or university? Or do you need to pay off your outstanding bills or debts because you lost your job due to COVID-19? Getting a second mortgage is a quick and easy solution. Regardless of having a bad credit score, the turnaround time for a second mortgage usually takes a few days. By choosing 1ONEFUND in Oshawa, you have a better chance of getting a second mortgage at the best interest rates.
2.Interest rates lower than unsecured loans
The interest rate for a second mortgage is comparatively lesser than unsecured loans. Because of the interest rates being so high for unsecured loans, many individuals fail to keep up with their monthly payments. Second mortgages are secure because they are issued against your home, which is used as collateral. With interest rates for these loans being relatively low, you have peace of mind paying the loan off with more ease than many unsecured loans. So, if you’re looking for a second mortgage in Oshawa, look no further than 1ONEFUND.
3.Constant money source
If you need additional money but are unsure how much you exactly want, you should consider getting a second mortgage. Unlike a personal loan where you pay interest for the entire amount even if you don’t use all of it. With a second mortgage, you can withdraw the money you require and only pay interest on the amount that you have withdrawn at any given time, not on the entire line of the credit limit.
4.Use it to pay off your debt
In most cases, loans are a great financial tool to help you sort out your finances. But at times, it can be a bane for some. For example, if you take out a car loan, the interest rates can be high, which will impact the borrower’s credit score negatively. In situations like these, a second mortgage can help combine all these high-interest payments into one smaller manageable monthly payment.
Contact 1ONEFUND today to book your appointment
You should never get a loan from an unreliable source. You must do your due diligence and consult experts like 1ONEFUND so that you do not get taken advantage of. Get in touch with our professional team if you’re looking for a second mortgage in Oshawa and the surrounding areas. Give us a call today on 1-833-201-3863 to schedule a consultation or for further enquiries. We are more than happy to help educate our clients on their options, the terms, and the pros and cons of taking out a second mortgage.