July 17, 2018

The Stigma Attached To 2nd Mortgages

I had a very interesting conversation with a client.  She happened to overhear 2 people at work openly discussing obtaining a 2nd mortgage.  She was telling me that as a child, she remembered her parents discussing friends that had to get 2nd mortgages and her parents being very judgemental.  Comments like “how could they get so far behind in their payments” or “they must be horrible money managers” that they would need to have to get a 2nd mortgage.

How many of us still hold onto these limiting beliefs that we would rather suffer through financial difficulties and just keep going further into the deep debt hole due to the embarrassment of getting a 2nd mortgage and worrying about what people would say.   The other option would be to clean up our debts or pay for our children’s education or do necessary home renovations by getting a 2nd mortgage.  There are many reasons why are finances could suffer.  It could be illness, job loss, spending just getting out of control or just the high cost of living.  What is more important, taking care of our financial house or being influenced by what other people say.

I have worked with many people to help them make informed decisions on how to move forward with their finances.  It is hard to know how to proceed without having the various options available to you on whether you should refinance your mortgage, get a 2nd mortgage, potentially sell your home or even considering bankruptcy or it may be as simple as doing a detailed budget.

If I can help you with an unbiased confidential discussion, please call me.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406