There might be a lot of reasons why you want to suddenly expand your home. You might be blessed with a surprise pregnancy. Your parents might be in need of a place to stay when they can no longer cope on their own. You might want to start a home business and need office space or you simply may want to increase the living space of your home. Home alterations can be expensive and with all the high cost of living it can be tough to save up for renovations of that size. If you really have your heart set on expansions and simply cannot find the financing for it then it is time to consider a second mortgage.
What is a second mortgage?
Your senior mortgage is the original mortgage or loan that was taken out to buy your home. The second mortgage is a lien onto the senior mortgage and is added to your monthly mortgage payment and creates a payout with which you can finally afford that needed expansion.
Is a second mortgage worth it?
Second mortgages are often risky because it comes at a higher interest rate than the first mortgage. You will be paying a lot more for the second mortgage than the first depending on the amount of the second mortgage. If you cannot cope with both mortgages then you might end up losing your property altogether. Most mortgage firms are willing to create a second mortgage because it secures you as a client for much longer and most people will take the risk since it is the only way they can afford that sudden needed expansion in their homes.
Where to get a second mortgage
One of the best mortgage firms is Mortgages for Contractors. They do extensive research on your current financial situation and needs and they consider more than just your current income. They will even consider a potential extra income if you were to create a home business or an extra room for rental when you take out the second mortgage and thus they are much more likely to grant you the loan. You can visit http://www.mortgages4.contractors to find out more about Mortgage Contractor’s terms, conditions, deals and to contact them to see if they are perhaps willing to assist you.
When a second mortgage is a must
If your home size is becoming an inconvenience to you and your family then it is much better to take the risk and get a second mortgage because home discomfort can cause a lot of family issues and disputes. Your home is also a steady investment that is very unlikely to decrease in value and an added room can increase your property value. If you are planning on getting extra office space then the added space will definitely be greatly beneficial to the entire family when you start earning a valuable extra income from your added space. Second mortgages have to be considered thoroughly but are definitely worth the risk if you think of all the peace of mind and happiness that the home extension will bring.