I am a self employed person doing a small scale business. My business was started with the mortgage finance I secured with my house. Now, I wish to grow my business and I have already bought the land for it. But I need more money for further procedures.
I am now thinking of a second mortgage. I have heard that a mortgage broker in toronto is providing all the services for people those who need a second mortgage. But, as I don’t have any previous experience with them, I want to know more about it.
What are the formalities to apply for a second mortgage? As I already have a mortgage payment, what all related documents should I produce before them? I doubt whether it is a secured lien and I am not clear about the interest rates. Does anyone have an experience with second mortgage? Please help me by sharing your experience.
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