Second mortgages

For whatever you need, whenever you need it. Second mortgage rates start at 5.99%.

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Simply put...

Second mortgages are loans taken out against a home that has already been mortgaged. They can be an effective tool if you’re in need of financial assistance from second mortgage providers.

They can raise funds for whatever you need the money for, whether that’s paying off credit card debt or starting a small business.

A second mortgage is the main alternative to refinancing your first mortgage, which enables you to increase the size of your loan by withdrawing more equity against your home.

If this is the right solution for you,  our team of second mortgage brokers are more than happy to guide and advise you every step of the way.

A second mortgage can be used for

  • Paying off any outstanding bills

  • Quickly getting cash on hand

  • Covering your home renovation

  • Buy a secondary property

  • Stop a power of sale

  • Funds to help with temporary needs

  • Plus much more!

A second mortgage broker can help you cut your monthly payments by up to 50% by using a second mortgage product!

How much can you borrow?

To qualify for a second mortgage Ontario, a second mortgage lender will look at four main factors, which include:

  • Equity

    As long as you own a property in Ontario or Toronto with equity, you may be able to qualify for a 2nd mortgage Ontario or 2nd mortgage Toronto. We offer second mortgages of up to 85% loan to value. This being said, the more equity your home has available, the higher your chances are of qualifying for a second mortgage. If you will be purchasing a house, having a larger down payment will decrease the risk a second mortgage lender takes on, leading to lower rates. Lenders tend to look at equity as one of the most important factors when qualifying you for a second mortgage rates Toronto.

  • Property

    Your property is the second most important factor that lenders look at when qualifying you for a second mortgage. This is because a second mortgage lender in Ontario, will want to secure their investment in case you are unable to keep up with your 2nd mortgage Toronto payments.

  • Don't Let Your Income Or Credit Slow You Down

    There are many different products available for a variety of income levels and credit scores. As a top company for second mortgage Ontario and second mortgage Toronto, Canadalend has access to a wide variety of second mortgage rates through our lenders who do not require income or credit score calculations. Don't let your credit score or income hold you back - contact Canadalend today to learn more about your second mortgage Toronto options.

Second mortgage or refinance?

Depending on your circumstances, it could be more cost-effective to refinance your existing loan rather than take out a second mortgage online due to lower interest rates.

However, there are a few situations where taking out a 2nd mortgage Ontario could be more cost-effective for you. For one thing, your first mortgage may be locked with a fixed period, which would mean you’d have to pay a significant penalty to close the deal prematurely. Secondly, your first mortgage may be locked in at a good rate. This is why a second mortgage rates Ontario or a second mortgage rates Toronto could help.

Deciding what’s right for you should be simple. That’s why Canadalend.com and our team of second mortgage providers will guide you through your options, based on your personal circumstances.


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We offer a range of solutions for all your second mortgages needs!

With years of experience, our second mortgage providers have seen it all. We’re used to fine-tuning our services to unique financial needs and providing our customers with second mortgage online. We understand that for most people their home is the most valuable asset they will ever own, so it’s vitally important that they get the service they need - especially when it comes to affordable second mortgage rates Ontario.

At Canadalend.com we are dedicated to five-star customer service. Get in touch with us and a second mortgage lender specialist will help set up an appointment for a free personal consultation. We will help you review your mortgage options and find a second mortgage rates Ontario solution that fits your needs!

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Resources:

Mortgage repayment terms are 6 months (minimum) to 300 months (Maximum). This is an example of what we can do for you. On a $60,000 home equity loan the total cost of the loan including all fees would be $14,152.16 which would result in APR of 23.78%. Subject to the verification and review of the information provided on the credit application. Some conditions apply. Rates and terms subject to change without notice.