can arrange your Toronto, Brampton, or Mississauga second mortgage to cut your monthly payments by more than half of what you currently pay. Why pay minimum payments towards car loans, credit cards and other unsecured debt when your payments are only paying off interest?

Second mortgages are useful for:

Here’s an example of how we can help:

Credit Card – $50,000 minimum payment is $ 1,500/3% of the balance
Car Loan – $25,000 minimum payment $533/Rate of 5%, 60-month term)

Total Debt Load = $ 75,000

At, your payment will be $479.41 a month based on a 5.99% interest rate. These savings can be used to pay down the original principal. In two years, you will pay off an additional $41,000 in principal.

What is a Second Mortgage?

A mortgage in Canada is a “claim” on a property that is given by the owner of the property to a lender as security for money that he or she borrows. Strictly speaking, you never go to a lender or a bank to “get a mortgage” — you go there to “give a mortgage” and in return for this, you “get money”. So think of your Toronto, Brampton, or Mississauga mortgage as a document that you “give” to the lender, for which you “get” money from the lender.

A typical Canadian homeowner will most likely borrow money from a financial institution or a private lender to purchase or finance their home. As such, the owner (or borrower) will have at least one mortgage registered against the home. The borrower promises to pay back the money to the lender in small installments, at regular intervals over a set period of time.

A property may have one, two, three, or even four mortgages registered on it (although the latter two are rarer). The date order in which the home owner borrows money determines the “RANK” of the mortgage. So you would have a first mortgage, followed by a second mortgage, followed by a third mortgage, and so on. Should the borrower fail to pay the amounts as agreed upon, the loan falls into default.

If all legal processes to get the borrower to bring the payments on the loan back to good standing have failed, the lenders have a right to repossess the property and sell it to pay off the outstanding mortgages. The rank of the mortgage determines the order in which the mortgages are paid off. Depending on the equity in the sale of the property, the second mortgage, and others that follow, have a higher risk of being paid out. As a result, higher-ranked mortgages generally come with a higher interest rate than first mortgages.

Second mortgages are loans that are made against the equity in your home. At we offer second mortgage solutions for debt consolidation, investing in your small business, higher education for your children or even unexpected expenses that come up from time to time.

How Much Can I Borrow?

The amount of money you can borrow generally depends on the equity that you have in your home. Home equity is the amount of money you have already paid against the value of your home. To calculate the equity in your home, look at the following example

Let’s assume your home is valued at $500,000 and you have borrowed $300,000 against this. This leaves you with an equity of $200,000 which provides the ability to provide a second mortgage solution of up to $150,000, which is 90% of the appraised value of the home.

Low-Rate Second Mortgages for Financial Aid

One of the attractive features of second mortgages is that they come with a fixed rate of interest that is typically lower than the interest that you pay on high-interest credit cards. Therefore, instead of overspending through credit cards, this kind of mortgage helps to keep your spending in check while allowing you to meet your expenses in a more controlled manner. This kind of a mortgage is beneficial to people who are currently paying multiple debts or are in immediate need of ready cash. Here are some of the ways by which a second mortgage can ease your financial situation:

Consolidating Multiple Debts Through a Second Mortgage

At, we have helped a large number of homeowners across Ontario who have used our second mortgage solutions to wisely consolidate all of their debts into a single loan. If you are trying to sort out multiple debts and are overwhelmed by a large number of bills every month, getting a second mortgage might be a good idea for you. This will allow you to cut down on the total amount of your monthly payments, which will give you more cash flow as well. On the other hand, opting for one consolidated loan will decrease your rate of interest which in turn will help you save a large amount of money in the long term!

Using a Second Mortgage for Home Improvements and Renovation

Ever heard someone say to you “there is too much month left after the bills?” Sometimes your monthly bills leave you very little “disposable” cash for those long-awaited home renovation projects. This puts you in a very tough spot, as it becomes difficult to put aside money for renovation work to improve the condition of your home, which becomes more and more urgent with the passage of time.  Taking out a second mortgage works very well in this case, as you are able to invest in your home by using its own equity for its renovation! In this way, you are able to increase the value of your home without stretching your monthly budget. By using the right second mortgage solution, your monthly payments will be at much lower rate of interest than conventional credit loans.

Meeting Educational or Emergency Expenses Through Second Mortgages

If you are a homeowner who is in need of an educational loan to pay off university fees or support a child’s upcoming education, then opting for a second mortgage, rather than taking out a new education loan, possibly makes for a much better solution. A second mortgage will come with a much lower rate of interest and will take care of the educational expenses as long as they are within the equity of your home. This kind of a loan is also very handy in case you are in urgent need of cash. While second mortgages allow you to spend a set portion of the equity of your home, you won’t get into a situation where you overspend the amount of money that you have on hand. A second mortgage solution therefore eliminates all the dangers of overspending and debt accumulation that come with the use of credit cards as a means of meeting emergency expenses.


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