Second Mortgages

A second mortgage is a loan which is secured against your property. This mortgage is registered as a second position lien on your property behind your existing first mortgage (which has a first position lien). One major advantage of a second mortgage is that you can avoid the penalties of breaking your first mortgage in order to use the equity in your home.

The term is usually shorter than for a first mortgage and the loan may be interest-only or it may be amortized (depending on the lender).

With an interest only loan you are required to pay only the interest on the mortgage over the term of the mortgage. The principal amount of the mortgage does not decrease or increase but remains the same for the term of the mortgage.

The term, interest rate and monthly payment are fixed. The proceeds of the loan are paid out as a one time lump sum and you are not allowed to borrow money on the loan in the future. If you require more money in the future, you will have to re-apply for a new loan.

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