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Second Mortgage - Get Approved Quickly

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If you need funds and you don’t qualify to refinance your mortgage,
a 2nd mortgage is a great alternative.

If you have less than 20% equity in your home or if your credit score is not great the mortgage add-on could be for you, it can give you access up to 90% of the equity in your home.

Getting a 2nd Mortgage

You don’t need to break your current mortgage to get the second one

Second Mortgage | HELOC


If you have more than 20% equity in your home and good credit score the most affordable option is the Home Equity Line of Credit or HELOC.

The HELOC is a revolving form of credit rather than a lump sum payment.

HELOCs are very popular as they are flexible allowing you to use the credit as required.

They are interest-only loans and you pay interest only on the amount that you have borrowed. With a HELOC you may borrow up to 65% of the equity in your home.

Getting a Second Mortgage | Risks

Higher Risk Higher Interest

Second loans do incur various costs and they do attract higher interest rates than first mortgages. 

This is to compensate the lender for the higher risk. Second loans are subordinate to the first mortgage. 

This means that in the event of foreclosure the second lender will receive payment only after the first mortgage has been settled. 

The second lender could, therefore, lose out if insufficient funds remained to cover his mortgage.

Second Mortgage Barrie | Unsecured Debt

Less Expensive Than Unsecured Debt

Despite the additional costs, second loans are secured. They are therefore less expensive than unsecured debts. 

They offer a viable option for lenders who want to settle the expensive unsecured debt and save on interest. 

A mortgage add-on can also help you to improve your credit score through the payment and consolidation of debt. 

If instead, you wish to use this new mortgage for investment purposes you can claim the interest on the loan as a tax-deductible expense.

A second mortgage is a good option when you don’t wish to incur penalty costs by breaking your current first mortgage to access your home equity. This types of mortgages are offered almost exclusively by private mortgage providers since the traditional banks consider them too risky.
Consult your broker
We'll save you thousands and yet we cost you nothing!

Get Qualified for a Second Mortgage

To qualify for a 2nd mortgage, you will require

Credit score

The higher your credit scores the lower the interest rate


Secures the loan


You will have to satisfy the lender that you can repay the loan


The higher the equity in the property, the less the risk to the lender

Know the risks

You should have a financial strategy
Second mortgages do come with risks, not least of all the risk of losing your home if you become financially distressed and cannot make repayments. For this reason, you should have a financial strategy, this should not be a short-term plan to get out of trouble. Taking a second home mortgage is not a simple matter. They come with costs, and borrowers must understand the terms and conditions before they sign. This is why it is important to consult your broker in advance.


And make the right choice

Certified Mortgage Brokers has helped thousands of clients to make the right choices when it comes to making financial decisions.

We have the experience and the contacts to save you time and money.
Catch Your Opportunity!
We can help you get pre-approved!
Call us or request a call back.