From the desk of Nitesh Kumar...


From the desk of Nitesh Kumar...		April 9, 2007

There are so many reasons why you might want a second mortgage. You might be moving to a larger home and may already have a first mortgage with most of the money you need at a great rate. So it makes sense to get secondary financing to save that rate.

Or, you may need more than the 75% of your home's value that's available from a conventional first mortgage. To avoid paying expensive mortgage insurance premiums for the full amortization period, you choose a small second mortgage that you can pay off as quickly as you want.

Perhaps you're not moving at all, but you do want to use the equity you have in your home for renovations, a child's education or to consolidate high-interest debt into your mortgage.

In this issue

	Renovation Nation: Canadians use their home equity to feather their nests i second^TM: A variable or fixed-rate second mortgage with competitive terms

Renovation Nation: Canadians use their home equity to feather their nests

More than a decade ago, trendspotters began to tell us about the future trend of “cocooning”. They predicted that decorating magazines, home renovation businesses and luxury home fashions and furnishings would see a big boom. But in 1991, we continued to look outside the home for our entertainment, and the idea of nesting at home seemed unlikely.