If you’re a Barrie homeowner dreaming of a kitchen upgrade, finished basement, or new backyard deck, the cost can add up quickly. A second mortgage can give you access to the funds you need, without disturbing your current first mortgage rate or term.
What Is a Second Mortgage?
A second mortgage is a loan secured against your home that sits behind your first mortgage in priority. It’s a popular option for homeowners who:
- Want fast access to funds
- Don’t want to break their first mortgage
- Have built equity in their property
Why Barrie Homeowners Choose a Second Mortgage for Renovations
In neighborhoods like Holly, Allandale, and Ardagh Bluffs, property values have risen significantly. That means more equity to work with, and more potential return on investment for home upgrades.
Benefits include:
- Fast Funding – Approvals often in 24–48 hours
- Flexible Approval Criteria – Based on equity, not just credit score
- Potential Property Value Increase – Well-done renovations can boost resale value
How a Mortgage Broker Can Help
A local Barrie mortgage broker can:
- Arrange competitive rates from alternative lenders
- Help you borrow the right amount without overleveraging
- Guide you through the process from application to funding
Real Barrie Success Story
Mike and Jennifer from Barrie wanted to renovate their outdated kitchen and add a home office. Using a second mortgage arranged through Burke Financial, they accessed $65,000, completing both projects and increasing their home’s value by over $100,000.
Steps to Get a Second Mortgage for Renovations
- Assess Your Home Equity – Determine how much you can borrow
- Decide on Renovation Plans – Get quotes and set a realistic budget
- Contact a Mortgage Broker – Explore lender options and approval timelines
- Secure Funding – Get your second mortgage and start the renovations
Final Tip: In Barrie’s growing real estate market, strategic renovations funded by a second mortgage can increase both your home’s comfort and its resale value.
Ready to renovate your Barrie home? Let’s unlock your equity with a second mortgage.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
