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Tuesday, March 29th, 2016 | By LoanOwl 3 Ways BC homeowners are using their second mortgage

Second Mortgages are a great way to free up cash while maintaining complete ownership of your property. With the recent Vancouver equity boom, many residents are finding themselves 'equity rich' and seeking second mortgages to free up these funds. A second mortgage is in "second" position to an existing first mortgage or traditional mortgage. A first mortgage is a loan that is used for buying a property. Based off of the equity you have in your home, LoanOwl is issuing Vancouver and BC residents second mortgages, a loan that is typically used for a large variety of expenditures. Here we take a look at the way some BC residents are using their second mortgages.

Home Improvement
With housing prices soaring, even small home improvement efforts can have a huge impact on the value of a Vancouver property. From new flooring to living room additions, home improvements can have a lasting impact on the value of property. Whether they are thinking about selling in the future or just want to enjoy their home to the fullest, for BC residents, this spring is upgrade season!

Debt Consolidation
BC residents are seeking debt consolidation loans for a number of reasons. Having your debt scattered around can get quite overwhelming. With calls coming in from collectors, each trying to offer their own repayment terms, seeking to streamline and consolidate your debt is a great option. Once debt is consolidated and regular payments are made, you can sit back and watch your anxiety and stress level decrease while your financial security and credit score increase.

Business Capital
Starting a business is no easy task. There are many costs involved, like securing a store front, purchasing initial goods or even just purchasing the basic equipment for your employees to start operations. 2016 is an amazing time to be an entrepreneur, but it does take quite a bit of work. With enough initial capital BC residents are able to hit the ground running.

There are literately unlimited reasons why a second mortgage could be right for you. From paying off unexpected expenses, starting a renovation project, consolidating credit card debt, or taking a much needed vacation; the good news is, LoanOwl does not place any limitations on what you do with your loan.

Oh and by the way ... a second mortgage from LoanOwl is a great way to finance your next project!

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