Updated over 8 years ago on . Most recent reply
Second mortgage for real estate investment
Hi,
I am interested in real estate investing. I have been doing internet research on this topic for quite a while now. I have some savings which will be enough to pay 30% cost of a property. So I need to take a mortgage loan to buy the property. And this is where the problem is, I have already taken a fixed rate mortgage loan and there are 3 years still remaining in the loan period.
Am I eligible for a second mortgage loan?. If so, What are the procedures? Can mortgage brokers help with the process? I found several mortgage brokers in Edmonton. But most of them seem to be concentrated in new home mortgage loans. Any suggestions for a good mortgage broker will be appreciated.