Best Refinance – Toronto Second Mortgage Brokers

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Second Mortgage Toronto, 2nd mortgage

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A second (2nd) mortgage is a loan taken on a property that is a subordinate mortgage to an original first mortgage that is still on charge on the respective property. Given, its secondary status, the interest on the 2nd mortgage is generally higher than the first mortgage rate, because in the event of mortgage default, the first mortgage is paid out first, ahead of the second registered mortgage.

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