Mortgage Solutions · Second Mortgages
A second mortgage sits behind your existing first on title. You keep the low rate you're locked into, skip the penalty to break it, and access a fixed lump sum against the equity you've built.
▍ Combined loan-to-value calculator
In Ontario, your first mortgage plus a second can't exceed 80% of your home's appraised value. Set your numbers and the stack shows what's already used, what's available for a second, and what's locked above the cap.
An estimate only. Your actual amount depends on the appraisal, your income, and credit support. Private lenders sometimes stretch to 85% CLTV, and we'll tell you what's realistic for your file.
A fixed sum, the first untouched
A second mortgage is the right tool when you have a one-time, fixed need and don't want to disturb the first mortgage you already have.
Keep the great rate on your first and skip the IRD penalty you'd pay to refinance and pull out equity.
Paying off cards and unsecured loans, where even a higher private second rate is far cheaper than 19–29% credit-card interest.
A renovation with a known budget, tuition, a divorce settlement, or an investment opportunity with a clear payback.
Covering a down payment on a new property while you wait for your current home to sell.
Four ways to reach your equity
Whether a second mortgage is the right move depends on the math against your alternatives. We run the all-in cost on each and recommend the cheapest path for your situation.
Keep your existing first untouched and pay a premium rate on the second-position debt only.
Break the first and roll everything into a new, bigger mortgage, and pay the prepayment penalty.
A revolving line you draw on as needed, paying interest only on the balance you use.
Access equity with no required payments, repaid when you sell or pass the home on.
What it costs
A second mortgage carries a higher rate than your first, but no penalty on your first, which matters a lot if you're two years into a five-year fixed.
Institutional B-lenders sit in the high-single digits; private seconds run 9–14%.
Usually one year, renewable. Short by design, with an exit in mind.
Typically interest-only, which keeps monthly cash flow predictable.
Lender fee 1–3%, broker fee 1–2%, plus legal and appraisal.
No commitment to start. Send us your value, balance, and what you need the money for, and we'll run a second against a refinance and a HELOC.
Common questions
Tell us about your situation. We'll match you to the right product and lender.
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