If you are searching the internet for a second mortgage you have come to the right place. We provide 2nd mortgages for Ontario homeowners up to 100% 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 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.

Currently there are over 30 institutional mortgage lenders in Canada, but only handfull of them are providing second mortgage loans up to 90% of your home value and only two up to 100% of home value!

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 $250) and it is your only out of pocket cost, but if you can qualify for CMHC Insurance - YOUR APPRAISAL IS FREE!

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% 

Every situation is different. Maybe you are self-employed and don't show much income or have past credit problems and can't qualify for CMHC insurance. Whatever your situation - feel free to contact us for your quote - 416-484-1000