A second mortgage is an additional loan taken out by the borrower secured by real estate. From the borrower’s point of view, it is very similar to the first mortgage on the same piece of real estate. The second mortgage sits in second position behind the first and is second in priority.

Why Consider Taking Out a Second Mortgage?

• A second mortgage is generally a less expensive method in which to finance debt.
• With the loan being secured by real estate, the interest rate is generally lower than those charged through personal unsecured loans or credit cards.
• As well, with payments being interest only or amortized over a longer period of time the monthly payments may be lower. This would increase monthly cash flow.

What Kind of Rates and Costs Can I Expect?

Consultation with one of our Mortgage Planners is absolutely free.

Depending on the borrower’s credit history and total loan-to-value ratio, rates can be as low as our best available rates.

There are also the usual costs associated with mortgages such as appraisals, surveys, and legal fees. Sometimes, these costs are paid by the lender.

For many applications, our services are at no cost to you. The lender will be paying us a finder’s fee for bringing them a new valued client.

In situations where the lender does not pay us we would charge a compensatory fee for our services but only with prior written consent of the client.