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You guys are great and thank you for understanding my credit problems and helping me finance my home, most other companies I’ve seen do not offer the level of service as you guys do. I had an excellent home buying experience, and will definitely recommend you to my friends and family.

    -Jeffrey Grove, Hamilton

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Second Mortgages from 7.40% up to 85% LTV Print E-mail

Looking for a second mortgage? We provide 2nd mortgages for Canadian homeowners up to 85% of the home value for the purpose of debt consolidation, car or boat purchases, education, wedding expenses, investment purposes, etc.

A second mortgage, which is sometimes called a "Home Equity Loan", is an additional mortgage charge, registered behind your first mortgage against the title of your home. You will still maintain payments to your first mortgagee, and will also have a second payment to a second mortgagee. If you are obtaining your second mortgage to help dig yourself out of debt, your credit rating will improve significantly.

There are over 30 institutional mortgage lenders in Canada. Out of this, only a few of them provide second mortgage loans. Second mortgages have closing costs. These are usually added into the requested loan amount and then deducted from the mortgage proceeds on closing. Second mortgages also require an appraisal of your property. The cost of this is usually around $200 unless you can qualify for CMHC (Canada Mortgage and Housing Corporation) Insurance. If so, then your appraisal is free. The interest rates for a second mortgage are much higher than first mortgage rates. If you can qualify for CMHC second mortgage insurance, then your overall rate will be the bank’s interest rate plus an additional 1%.

Typically, the second mortgage process takes about 2 to 3 weeks to complete. You will be required to provide documents such as:

  • 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
  • Void Check

Are you self-employed or not bringing in much income? Do you have past credit problems and can't qualify for CMHC insurance? Not to worry, we can help you too!


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