Second Mortgage in Ontario

Get the most competitive second mortgage options in Ontario. Apply for a second mortgage online and get the best rates. Call our office for approval or apply online today!

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Second Mortgage in Ontario

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Easy Approvals

We have a solution for all situations. Get approved easily
Competitive Rates

Our lending network is so vast that, we are in a position to provide mortgages at highly competitive and low interest rates.
High LTV

Get a loan to value of upto 90% on your home equity.

What Is a Second Mortgage and How Does It Work?

A second mortgage is a lien taken out against the equity available in a property that already has a mortgage on it. On availing of a second mortgage, a lien is taken out against the portion of your home that has been paid off already.

Second mortgages come at a lower interest rate compared to credit card debt. Second mortgages are secured with your home as collateral. Lenders offer lower rates on second mortgages than credit cards because there’s less of a risk that the lender will lose money. There are no restrictions on fund usage.

It makes sense to take out a second mortgage when you need to get away from credit card debt, need help in covering revolving expenses, or when you are unable to get Cash-out refinance.

Consider reaching out to Mortgage Loan Ontario for some unbiased advice on a second mortgage.

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How can you get a second mortgage?

If you wish to not choose the same lender for your first loan, then you should get in touch with the team at Mortgage Loan Ontario for a second mortgage. It is a fantastic idea if you want to negotiate the best rates and terms.

The application process is similar to that of a primary mortgage. The lender will take a look at your credit score and income level, and if it meets their requirements, you can qualify for a second mortgage and utilize as much as 85% of the built-up equity in your property.

Since second mortgage payments are interest-only, the overall monthly payment might be reasonable. Provided you have enough built-in equity, you can borrow as much as you want.

If you are someone with high credit card debt, student loans, car loans, or personal loans, a second mortgage can help. If you are looking to apply for a second mortgage in Ontario, please do not hesitate to get in touch with the team at Mortgage Loan Ontario to schedule an initial consultation.

Get qualified for a second mortgage with Mortgage Loan Ontario

Qualifying for a second mortgage in Ontario is quite straightforward. The process is stress-free and our team of professionals has the experience and knowledge to secure the right mortgage for you.

Since most mortgages are given by private lenders, there is very little importance given to the income level of the borrower and their creditworthiness. The most significant factor to lenders is the asset itself, which will be used as collateral to secure the mortgage. Other factors lenders will consider include, the condition of the property, the overall marketability etc.

Keep in mind, securing a second mortgage is a serious undertaking, as you could potentially end up losing your property if you are not able to keep up with your monthly repayments. Proceed with caution and evaluate the problems that you could experience from taking on additional debt.

Whatever your requirements may be, we have access to several lenders who offer a plethora of second mortgage solutions. We will work with you to get the best rates that are available to you. Our team of licensed mortgage brokers can help you get approved for a second mortgage today.

Simple Steps to avail second mortgage

Get funded for any financial need.

1

Apply for a Mortgage

Provide details for any type of mortgage requirement.

2

Avail Quick Approvals

Our approval process is short and easy.

3

Get cash fast

Cash gets credited within a couple of days.

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Our Client Testimonials

See what our customers have to say about our services.

Gogi Luthra is a great mortgage broker! He was able to secure a good mortgage deal for me. He has a sound understanding of the market and the systems involved... I will definitely go back to him when need arises again and whole heartedly recommend him.

Anand Singh

We had a great experience working with Gogi He is professional, reliable and very knowledgeable. He was able to answer all our questions at anytime of day and helped attain the best rate available.

Waqas Zubair

I was new to Canada and was buying my first home. While banks insisted for a 20% down payment,...I am really impressed with his service and I highly recommend people to contact him for all their mortgage needs.

Mohan Rao

107 reviews

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Frequently Asked Questions

What is Second mortgage and when should one avail it?

A second mortgage is typically offered As a subordinate mortgage to the original mortgage. When there is a need for finance one can avail Second mortgage at lower interest rates compared to Credit card debt.

Can i avail Second mortgage in Ontario, even if i have a bad credit score?

As long as you have enough equity in your home to leverage, bad credit score need not be and impediment in availing a second mortgage.

How to find best lenders for Second mortgage in ontario?

Get in touch with us on +1 416-262-8937. We can provide multiple solutions from best lenders in the market, for your needs, to choose from.

Why should one arrange Second Mortgages through a Licensed Mortgage Agent?

Experienced brokers like us have a good network of lenders. Thus we are able win best and fair mortgage solutions for our clients.To ensure that you're dealing with trusted lenders and that all the right documentation is set up, always arrange a mortgage through a professional mortgage agent.

Why should one avail a Second Mortgage?

If there is a financial situation where one is in need of cash, the second mortgage can be considered as an option compared to credit card debt. As this would save you thousands of dollars as interest expense.