Zoo Mortgage (http://www.ZooMortgage.ca), the
According to a recent survey, a growing number of homeowners say they are more comfortable with debt than their parents were; four in 10 homeowners are more comfortable with debt compared to their parents, versus just 13% who say they feel less comfortable. The growing comfort comes as stock markets flirt with record highs and rising real estate prices help make homeowners in the
"Property owners are more comfortable with debt, thanks in part to an improving economy and the current low interest rate environment," says
Giustini explains that despite the improving economy, many homeowners are "house rich" and "cash poor," or have come up against unexpected expenses. If that's the case, it might be a good idea to consider a second mortgage, says Giustini. A first mortgage refers to the primary loan, while a second mortgage allows homeowners to tap the equity they've built up in their home.
He adds that since 2008, the Canadian government has tightened the country's lending rules for home buyers with less than a 20% down payment. One such rule is setting the maximum amount at which a mortgage can be refinanced at 80%; those that purchased a property with more than the 20% down payment can refinance up to 85%, according to Giustini.
"There are many benefits to refinancing in an ultra-low interest rate environment, including consolidating high interest debt into low interest ones, helping pay for college tuition, and home renovations," Giustini concludes. "Homeowners looking to take out a second mortgage or those wondering how much they might qualify for should contact the independent agents at Zoo Mortgage. We review our client's options and help them maximize their borrowing power at the lowest possible interest rates available."
Zoo Mortgage is one of the most trusted private mortgage agents in the
Read the full story at http://www.prweb.com/releases/great-time-to-consider-a/second-mortgage/prweb11965849.htm
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