Need Extra Funds? A Second Mortgage Could Be Your Solution.
If you're looking to access cash without breaking your current mortgage, a second mortgage might be the right move. With interest rates still elevated, many homeowners are exploring ways to tap into their home equity—without triggering pre-payment penalties.
A second mortgage lets you borrow against your home's value while keeping your original mortgage intact. It’s a flexible alternative that avoids a full refinance and can offer better rates than credit cards or unsecured loans.
So, why get a second mortgage?
You might want to:
- Access equity without touching your existing low-rate mortgage
- Fund renovations, investments, education, or business ventures
- Consolidate high-interest debt into one manageable payment
- Avoid breaking your term and paying large penalties
- Align repayment terms with your financial timeline or first mortgage renewal
Things to keep in mind:
- Second mortgages usually come with higher rates than a first mortgage
- Additional fees may apply: legal, appraisal, and administration
- You'll need enough equity in your home—usually up to 80-85% loan-to-value
- Not all lenders offer second or third mortgages (especially big banks)
Still, it can be a powerful tool when used strategically—and we’ll help you structure it right.
How it works:
A second mortgage is secured by your property but separate from your primary mortgage. It has its own rate, term, and repayment conditions. Because it sits behind the first mortgage on your home’s title, lenders face higher risk—so qualification depends on your equity, credit, and income.
We work with a range of lenders—including ones that allow second or third positions—so we can find the best fit for your unique situation. We’ll explain the process, crunch the numbers, and handle the paperwork from start to finish.
Is a second mortgage right for you?
If you need access to funds but don’t want to refinance your current mortgage, let’s talk. We’ll walk you through your options and help you secure the right solution—quickly, clearly, and cost-effectively.
