2nd Mortgage

A second mortgage is a debt registered after a first mortgage has been registered. In most cases, the interest charged on the second is higher than the first, reflecting the higher risk to the lender, but over a short term, still more cost effective than paying the high cost of the CMHC/GE Capital insurance premium. They can be used to finance up to 90% of the purchase price or value of the home.

Second mortgages can be a great borrowing product as they typically offer short terms (from 12 to 24 months), allowing you to keep your existing great-rate 1st mortgage in place. For those with great credit, 2nd mortgages are often just as affordable as your 1st mortgage. For those with poor credit, our understanding lenders will help you get back on your feet so that when your 1st mortgage comes due for renewal, your credit will be repaired and you’ll be able to consolidate the two loans at a fantastic rate!

• Strong Credit Second Mortgages starting as low as 11.99% (up to 85% appraised value)
• Second Mortgages are also available for Poor Credit & Self-Employed
• Open Second Mortgages are fantastic for short-term financing!
• If you are seeking flexible borrowing, Secured Lines of Credit may be for you
• No Income Qualifications and Equity Loans in Major Urban City Centers
• Open 2nd mortgage products are great! It allows you to repay the mortgage in full when you are ready without sale of the home!