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Second Mortgages from 7.40% up to 85% LTV

High Ratio Second Mortgages For Refinances or Equity Take-Out Mortgages at Low Rates!

If you are searching the internet for a second mortgage you have come to the right place. We provide 2nd mortgages for Canadian homeowners up to 85% of home value for the purpose of debt consolidation, car or boat purchase, education or wedding expenses, investment purposes (registered or non-registered), etc.

Second mortgage (2nd mortgage sometimes called "Home Equity Loan") is simply an additional mortgage charge, registered in a second position (behind your first mortgage) against the title of your home in the land registry office. You maintain your present payments to your existing first mortgagee and have a new second payment to a second mortgagee.

If you are obtaining your second mortgage to payout existing credit card balances or loans your credit rating will improve drastically.

You see second mortgage lenders do not report your activity to credit reporting agencies and since your balances will be nil - your credit score will increase!

Currently there are over 30 institutional mortgage lenders in Canada, but only a few of them are providing second mortgage loans.

The main reason why you would apply for a second mortgage instead of refinancing your existing one is to avoid paying the penalty to discharge your existing first mortgage which can run into several thousands of dollars especially if you are currently in your first three years of your fixed term contract.

Second mortgages have closing costs, but these are not up front costs and are usually added on top of your requested loan amount and then deducted from the mortgage proceeds on closing. Second mortgages also require an appraisal of your property (cost is usually $200) and it is your only out of pocket cost.

The second mortgage interest rates are much higher than first mortgage rates, however if you can qualify for CMHC (Canada Mortgage and Housing Corporation) second mortgage insurance than your rate will be at bank posted rate + 1%

You will be required to provide the following documents:

  • Income Verification (employment letter and most recent pay-stubs)

  • Copy of Deed of Land

  • Current first mortgage statement

  • Current Property Tax bill/certificate

  • Home insurance policy/coverage

  • Lawyer info (name/address/phone/fax)

  • Void Check

Every situation is different. If you are self-employed and don't show much income or have past credit problems we can help you too!

The second mortgage process takes about 2 to 3 weeks to complete from the application date to your closing date, but if you are in a hurry - we can get it done in 7 days or less!