If your first mortgage has a great rate locked in, refinancing it just to access cash can cost you thousands in penalties. A 2nd mortgage lets you pull equity out while leaving your existing mortgage exactly as it is.
A second mortgage is a separate loan registered behind your existing first mortgage, secured by the same property. It allows homeowners to access home equity in cash without discharging or renegotiating the first mortgage, avoiding prepayment penalties and preserving a low locked-in rate.
Breaking a first mortgage early can cost tens of thousands in penalties. A second mortgage sidesteps that entirely.
Your 1st mortgage's rate, term, and amortization stay untouched — no IRD or three-month interest penalty.
Renovations, debt payoff, a down payment for a second property, or covering a temporary cash-flow gap — no restrictions.
Because it's secured by real equity, underwriting focuses on the property, not months of income documentation.
A second mortgage registers behind your existing one, in a matter of days rather than weeks.
We subtract your 1st mortgage balance from 85% of your home's appraised value to find your borrowing room.
Borrow exactly what you need — from a small equity draw to the full available limit.
A quick appraisal and title review confirm the property supports the combined loan amount.
The 2nd mortgage is registered on title behind your 1st, and funds are released to you or directly to creditors.
If you have real equity and a manageable combined loan-to-value, a second mortgage is usually straightforward to arrange.
What Ontario homeowners ask before taking equity out in second position.
Share your property value and current mortgage balance for a fast equity estimate.
