Key perspective
The best option is not always the product with the lowest advertised rate. The correct comparison includes qualification, total cost, available amount, speed, flexibility, risk and exit strategy.
Bank, alternative and private lending
Banks generally offer lower pricing when a borrower and property fit their rules. Alternative lenders may accept broader income or credit scenarios at higher cost. Private lenders focus heavily on property security and the exit, usually for shorter terms.
Refinance, HELOC or second mortgage
A refinance replaces or increases the existing first mortgage. A HELOC provides revolving access to equity. A second mortgage leaves the first mortgage in place and adds another registered charge. Penalties, qualification and the required amount can change which structure is preferable.
Compare total outcomes
A sound comparison calculates net proceeds, payment impact, total fees, interest over the expected holding period, flexibility and the cost of the planned exit.