Is a second mortgage more expensive than refinancing?

Second mortgage rates are typically higher than first mortgage rates. However, when you factor in the penalty cost of breaking your first mortgage to refinance, a second mortgage can often be the more economical choice.

How much can I borrow?

You can borrow up to 80% of your home's value minus your existing first mortgage balance. For example, if your home is worth $800,000 and you owe $500,000, you could potentially borrow up to $140,000.

Can I get a second mortgage with bad credit?

Yes, there are private lenders who specialize in second mortgages for borrowers with credit challenges. Rates will be higher, but it can be a valuable solution when you need access to funds.

What is the difference between a second mortgage and a HELOC?

A second mortgage provides a lump sum with fixed payments, while a HELOC is a revolving line of credit you draw from as needed. A second mortgage has predictable payments, while a HELOC offers more flexibility. We help you choose the right option.

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Second Mortgages

Access additional funds without breaking your first mortgage

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Overview

Second Mortgage Options in Ontario

A second mortgage allows you to borrow against the equity in your home without modifying your existing first mortgage. This is ideal if you have a great rate on your primary mortgage but need additional funds for renovations, debt consolidation, or other purposes. Second mortgages can be structured as a lump sum or a line of credit.

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Benefits

When a Second Mortgage Is the Right Choice

Keep your existing first mortgage rate and terms
Access equity without refinancing penalties
Lump sum or line of credit options
Short-term or long-term solutions available
Competitive rates from multiple lenders
Quick approval process

A second mortgage allows you to borrow against your home equity without breaking or refinancing your existing first mortgage. This is particularly valuable if your current mortgage has a great interest rate that you want to keep, or if the prepayment penalty to refinance would be too costly. Second mortgages are registered behind your first mortgage on the property title.

Second mortgages can be structured as a lump-sum loan with fixed payments or as a revolving line of credit. The interest rate is higher than a first mortgage because the lender takes on more risk, but it is still significantly lower than credit card or unsecured loan rates. You can typically access up to 80% of your property value minus your existing first mortgage balance.

Common uses include home renovations, debt consolidation, covering a down payment on an investment property, or bridging a short-term financial need. We work with both institutional and private lenders to find the best second mortgage solution for your situation across Brampton, Toronto, and all of Ontario.

How It Works

How to Get a Second Mortgage in Ontario

We have streamlined the mortgage process to make it as smooth and stress-free as possible.

Equity Review

We assess your current mortgage balance and available equity.

Solution Design

We recommend the best second mortgage structure for your needs.

Lender Matching

We match you with the right lender offering the best terms.

Funding

Once approved, funds are typically available within 2-3 weeks.

Areas We Serve

Second Mortgage Services Across the GTA

We provide second mortgages services to clients across the Greater Toronto Area and all of Ontario. In-person and virtual consultations are available.

Find Your Nearest Office

Brampton

Toronto

Mississauga

Vaughan

Markham

Richmond Hill

Oakville

Burlington

Hamilton

Oshawa

Whitby