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Being a Canadian homeowner, you’ve probably heard about second mortgages. Second mortgages are money that you can borrow from a lender against in the equity in your home. Despite being so prominent, many Canadians don’t understand them and aren’t able to use second mortgages to their maximum benefits.  Here are a few things that most Canadians probably don’t know about second mortgages that will help them in making the most of their assets. ·          Second mortgages have different types. Second mortgages come in different forms. For example, with a revolving HELOC, the borrower gets continuous access to equity as they pay off the principal. Or you can get a closed second mortgage meaning that you will be able to get one lump sum of cash from your equity and pay it down gradually.  ·          Second mortgages are mainly used for two purposes. Most commonly, second mortgages are used for paying-off high-interest consumer debt or for renovating or upgrading home

Getting pre-approved is a crucial step in qualifying for a mortgage. Getting a mortgage pre-approval is like getting the green light from a mortgage lender that you are eligible for getting a mortgage. The pre-approval gives you an accurate idea of what the lender will offer you, in terms of your loan amount and interest rate.  If you are confident that you can qualify for a mortgage, you should move ahead with the mortgage pre-approval process. Here are the advantages of getting pre-approved for a mortgage. You will get an estimate of the loan you can qualify for. This can prove to be quite beneficial for you to determine how much house you will be able to afford. On learning that you have been pre-approved, home sellers will take you more seriously. They will see you as a potential homebuyer and will feel more comfortable accepting your offer. You’ll be reassured that you’re likely going to get a full approval. You also get the opportunity to compare interest ra