Mortgage Broker

2nd Mortgage

Second Mortgages in Ontario

You may want to unlock the power of your home equity with a second mortgage as an alternative to higher interest consumer debt.  Only after carefully comparing the costs associated with adding a second mortgage vs refinancing your first mortgage can we determine which option is best for you.

Whether you need funds for home renovations, debt consolidation, or other financial goals, 
a second mortgage can provide the capital you need.

How a Second Mortgage Works

A second mortgage uses your home’s equity as collateral, sitting behind your first mortgage. With competitive interest rates and flexible terms, it’s a great option for those with sufficient equity. Choose between:

Home Equity Loan: Receive a lump sum.
HELOC: Access a revolving line of credit.

Qualifying for a Second Mortgage

Eligibility factors include:
  • 20%-30% equity in your home.
  • Your credit score
  • Debt-to-income ratio
  • Proof of stable income.

Benefits of a Second Mortgage

Lower Interest Rates

Cheaper than credit cards or personal loans.

Flexible Usage

Use the funds as needed for large expenses or investments.

Accessible Terms

Easier approval, even with moderate credit.

Explore Your Options With Mike

I offer independent advice, tailored solutions, and access to competitive rates from top lenders. Contact me today to discuss your second mortgage options!

Mike Boniferro
Mortgage Broker
Originator Licence #M18001301

TLC Mortgage Group
Independently Owned and Operated