Trying to decide between a second mortgage and a HELOC? Both let you tap into your home’s equity, but they work very differently. If you’ve been denied a HELOC due to credit challenges, a second mortgage might be your best path forward.
Debt consolidation simplifies managing your finances by combining multiple debts into one loan with a lower interest rate. But here’s the thing: you can’t take on any new debts while you’re paying off the consolidation loan. Understanding the difference between unsecured and secured debts, knowing your loan options, and working with the right lender can make all the difference in getting out from under crushing debt loads.
The bank turned you down. Now what? If you’re an Alberta homeowner with equity in your property, a second mortgage might be your answer. I’m going to share how these financial tools work so you can see if they’re right for your situation.