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A second mortgage is simply another mortgage or home equity loan that is registered on title to your home at the Land Registry Office. You can add a second mortgage to your home by making payments on to separate mortgages each month.

Currently we have over 50 Lenders in Canada but most do not offer second mortgages. “Your Durham Mortgage Solutions Team" can find you a second mortgage or home equity mortgage that suits your current needs saving you a great deal of leg-work.

Uses of Second Mortgages:

Debt Consolidation
Car, Boat or Motorcycle purchase
Higher Education
Renovations for Home or Cottage
Financing Special Events
Investment- Stocks, RRSP, Mutual Funds,
Rental Property
Funding a new Business
Vacation Homes

Why a Second Mortgage?

One of the most common reasons to apply for a second mortgage is to avoid paying a penalty to refinance an existing mortgage or if you have a very low interest rate at this time and do not wish to lose it by refinancing.

Second Mortgage Costs:

There are costs to arranging a second mortgage and many can be added into the loan so that they are not paid up front or out of pocket. Second mortgages almost always require an appraisal of your property. The cost can be from $250-$400 depending on the size and location of the property.

Second Mortgage Rates:

Second mortgage rates typically start at the bank posted rate + 1%, but a private second mortgage will likely start at 10% and go up from there depending on the loan to value and the property location and overall application. The best advice is always to speak to ‘Your Durham Mortgage Solutions Team” member for individualized assistance.