A home is vital equity that families can use to help “fund themselves” if needed! How? By taking out a second mortgage for a number of financial needs and giving folks a leg-up on poor credit situations.
A second mortgage is powerful leverage that helps those with less than stellar credit…
- Pay off outstanding loans they are struggling to keep up with – especially high-interest debt
- Get low interest rate credit cards once high-interest cards are paid off
- Finally, get some — or all — of that long-awaited home renovation work done
- Invest in solid, wealth building opportunities
- Make a down payment on a second home (which, among other things, can be made into a rental property for steady, incoming cash flow)
- Pay for a child’s college tuition
What Exactly is a Second Mortgage?
Homeowners across Canada have likely read, heard, and discussed a second mortgage Toronto-based. In a nutshell, a second mortgage is a loan secured by a family’s owned property. Essentially, the longer a family has been in a particular home the more the home equity has been built upon.
When a second mortgage is acquired, it is the home itself that is used as collateral for the lender, and interest rates are considerably lowered. The caveat here is that if the second mortgage payments are not made, the bank can foreclose on the house to recoup as much of its money as possible.
Don’t Stop Growing! Next Step: A Small Business Loan
Smoothing out financial bumps with a second mortgage feels like an amazing life-changer. Next step on the life-changing ladder rung: getting a small business loan!
Those who own a business – whether it has been around for years or whether it’s a shiny new startup – will benefit substantially with a financial loan designed to propel them to their absolute potential.
There are a number of solutions that suit the specialized needs of every unique business; solutions that can be attained with a business loan.
Why Get a Small Business Loan?
Who wouldn’t want to secure the future of their business? A small business loan is built for success in the long run:
- Be prepared for opportunities as well as downtimes
- Make necessary business purchases from inventory to office chairs
- Make any store or office improvements that need to be made
- Ensure your business is still competitive – perhaps introduce a new product line!