Why Vancouver Homeowners Are Considering Second Mortgages
If you are a homeowner in Vancouver, it is very likely that you have seen an increase in the value of your property. Because of this increase in home values, many people have built equity (which is the market value of your home relative to any loan balances). Our real estate notary public knows that as a result of this, many Vancouver homeowners are choosing to tap into that equity they have built by getting second mortgages.
There are two types of second mortgages, lump sum and line of credit.
A lump sum is the more typical second mortgage, whereby your lender will loan you an agreed upon “lump sum” of money that is provided to you immediately, to be used for whatever purpose you want. You will repay this lump sum over a predetermined amount of time, often with a fixed, predetermined monthly payment.
Line Of Credit
A line of credit acts more as a pool of money that you can draw from, if and when you choose to draw from it. The maximum amount of your line of credit is agreed upon between you and your lender, and you can continue drawing from that pool until that maximum amount is reached. You can also pay into your line of credit lowering your balance, then draw from it again as the need arises.
At Morris Notary, we are lawyers and notaries public who handle all different types of mortgages for our clients. If you are looking to get a second mortgage, we will act quickly to work with both you and your lender to access the equity in your home as diligently and pain free as possible.
Our accessible downtown Vancouver location makes it very easy for our clients to come in and sign all necessary documentation, and we can even arrange for a mobile signing appointment at your home or office.
We pride ourselves on our excellent client satisfaction track record, which is evident by our nearly 100 5 star Google reviews.
If you have any questions about second mortgages, or would like to access the equity in your home as quickly as possible, please contact our notary public office at 778-819-8553 or send us a message below.