Second Mortgages
Access your home equity without breaking your current first mortgage. Keep your existing rate and terms.
A second mortgage is a loan secured against your property in addition to your existing first mortgage. It allows you to access equity without refinancing or breaking your current mortgage, which can be especially valuable if you have a low rate on your first mortgage that you want to keep. Second mortgages can be structured as a lump sum or a line of credit.
Who Is This For?
- Homeowners who want to access equity without breaking a favourable first mortgage
- Those facing large prepayment penalties on their existing mortgage
- Homeowners needing funds for a specific purpose (renovation, investment, emergency)
- Borrowers who may not qualify for a full refinance
Common Goals
- Access home equity while keeping your existing first mortgage intact
- Avoid paying large prepayment penalties to break your first mortgage
- Fund home renovations, education, or other major expenses
- Consolidate debt without changing your first mortgage
- Bridge a financial gap while waiting for your renewal date
How It Works
We review your existing first mortgage details, property value, and how much equity you need to access.
I determine the best second mortgage structure: term loan, HELOC, or private second.
I shop multiple lenders to find competitive rates and terms for your second mortgage.
The second mortgage is registered behind your first, and funds are advanced to you.
Important Considerations
- *Second mortgage rates are higher than first mortgage rates due to the subordinate position.
- *Combined lending (first + second mortgage) typically cannot exceed 80-90% of property value.
- *Legal fees apply for registration of the second mortgage.
- *Consider whether refinancing your entire mortgage might be more cost-effective.
Second mortgages are subject to lender approval and property appraisal. Rates are typically higher than first mortgages. O.A.C. Legal fees apply.
Ready to Get Started?
Free consultation, no credit check. I search 65+ lenders and 7,000+ solutions to find your best fit.
Subject to lender approval. O.A.C.
Typical Documents Needed
- Current first mortgage statement
- Property tax bill
- Proof of income
- Government-issued photo ID
- Bank statements
- Property appraisal (may be arranged)
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Advertising Disclosure: Michael Noble Green, Mortgage Agent Level 1 (Licence #M21002443) at 8Twelve Mortgage Corp. (Brokerage Licence #13390). All mortgage products and services are subject to lender approval. O.A.C. Rates and terms are subject to change without notice. This page is for informational purposes and does not constitute a commitment to lend.