Second mortgage
A second mortgage sits behind your first. Use it to access more equity without refinancing your existing mortgage, or when you need extra funds for a specific purpose—renovations, debt consolidation, or investment.
Because the second lender takes more risk, rates are often higher than a first mortgage—but the process can be faster and you keep your current mortgage intact. We’ll explain the trade-offs and get you a quote. Call us to see if a second mortgage fits your situation.
Call us: +1 (905) 232-1259
How a second mortgage works
Your first mortgage has priority over the property. A second mortgage is registered behind it. Lenders will look at the combined loan-to-value (first + second) and your ability to pay both. Terms and rates vary by lender and your situation. We work with multiple lenders and can help you find a competitive second mortgage when refinancing isn’t the right option.
When to consider a second mortgage
A second mortgage can make sense when you want to access equity but don’t want to break your current first mortgage (e.g. to avoid prepayment penalties), or when you need funds quickly and a refinance would take too long. It’s also an option when the first mortgage is with a lender that doesn’t offer a competitive refinance or HELOC. We’ll help you compare a second mortgage to refinancing so you can decide.
Things to consider
You’ll have two mortgage payments (first and second). Defaulting on either can put your home at risk. We’ll make sure the combined payment fits your budget and explain any fees (e.g. appraisal, legal, lender fees) so you know the full cost before you proceed.
Get a second mortgage quote
Call us to see rates and how much you could borrow.
Call us: +1 (905) 232-1259