MortgagebyAmit

A second mortgage may provide access to equity: but approval is not the same as suitability. ✅

Consider this hypothetical Ontario example:
🏠 Home value: $800,000
✅ First mortgage: $500,000
✅ Requested second mortgage: $80,000
📊 Combined mortgage debt: $580,000
📊 Combined loan-to-value: 72.5%

Before proceeding, review:
✅ Payment capacity today
✅ Available equity and CLTV
✅ Term, interest rate and fees
✅ The source of repayment
✅ A written exit plan

Your exit plan should be specific: not an assumption:

🟡 NOW: Confirm the purpose, payment fit and total cost.
🟡 6–12 MONTHS: Track income, equity and refinance options.
🟡 PRE-MATURITY: Plan to refinance, sell, repay or renew before the deadline.

Second mortgages can be useful in the right circumstances, but pricing and terms depend on the lender and your complete financial situation. A strategy should fit your broader goals: not just solve today’s cash-flow need.

Need clarity on whether a second mortgage fits your plan? Let’s review the numbers and the exit strategy together.

Amit Bhatnagar, Mortgage Agent Level 2
Phone: 437-776-5148
Email: mortgagebyamit15@gmail.com
FSRA License 10530

#OntarioMortgage #SecondMortgage #MortgageAdvice #HomeEquity