SHORT TERM FINANCE
SECOND MORTGAGE FOR SHORT TERM FINANCE
A second mortgage will usually be for a short term, as the goal is to try and reduce this quickly, to either pay it off in full, or consolidate it with your first mortgage. Property improvements and capital gain can also assist when you are looking to refinance and consolidate this with your home loan.
Existing home owners are also able to use a second mortgage to cover a more expensive purchase such as a car, a boat, or to cover say home extension costs, even a deposit on a new home or rental property. In some instances, their Bank will not agree to increase the existing home loan so additional short term finance can be a solution until the sale of an asset allows repayment or an alternative long term finance solution is arranged.
If you are an existing property owner with good equity and you need extra funds to achieve your goals, contact us, as a second mortgage may be the answer.