Quick Approval, More Possibilities: Second Mortgages Made Easy!

Whether you’re renovating, consolidating debt, or need funds for a big purchase, a second mortgage can be your solution. Apply now and access the money you require.

Benefits of second mortgage

Access to Home Equity

Access to Home Equity

One of the primary benefits of a second mortgage is that it allows homeowners to access the equity they have built up in their property. They can borrow against the value of their home for various purposes, such as home improvements, debt consolidation, education expenses, or emergency funds.

Second Mortgage Flexible Use of Funds

Flexible Use of Funds

Homeowners have the flexibility to use the funds from a second mortgage for any purpose they choose. Unlike specific-purpose loans, a second mortgage provides the borrower with freedom in utilizing the borrowed money.

Second Mortgage Lower Interest Rates

Lower Interest Rates

Second mortgages often come with lower interest rates compared to other types of loans, like personal loans or credit cards. This makes them a more cost-effective option for borrowing larger sums of money.

Potential Tax Deductions

Potential Tax Deductions

In some cases, the interest paid on a second mortgage may be tax-deductible. Homeowners should consult with a tax advisor to determine if they qualify for tax benefits based on their specific situation and location.

What is Second Mortgage

A second mortgage is a type of loan that homeowners can take out using their home as collateral, in addition to their existing primary mortgage.

If you’ve built up equity in your property, which is the difference between its market value and your primary mortgage balance, you can borrow against that equity through a second mortgage. The amount you can borrow is usually determined by the available equity in your home.

Just keep in mind that a second mortgage comes with its own terms, interest rates, and repayment schedule, separate from your primary mortgage. So, before you decide on a second mortgage, it’s crucial to carefully consider your financial situation and the impact of taking on additional debt. Don’t hesitate to consult with a mortgage professional or financial advisor to get all the details tailored to your specific circumstances and financial goals.

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How can I use my second mortgage?

  1. Home Improvements: Use the funds from a second mortgage to renovate or remodel your home, increasing its value and enhancing your living space.
  2. Debt Consolidation: Consolidate high-interest debts, such as credit card balances or personal loans, into a single, lower-interest second mortgage payment.
  3. Education Expenses: Fund higher education costs for yourself or family members, like tuition fees or other educational expenses.
  4. Emergency Funds: Have a financial safety net in case of unexpected emergencies, medical bills, or urgent repairs.
  5. Investment Opportunities: Utilize the funds for investment opportunities, such as starting a business, purchasing another property, or investing in stocks and bonds.
  6. Vacation or Travel Expenses: Finance your dream vacation or travel plans with a second mortgage.
  7. Paying Off Tax Liens: Use the funds to pay off tax liens or other government-related debts.
  8. Purchase of a Second Property: Put the money towards buying a second home or investment property.
  9. Retirement Planning: Use the funds to supplement your retirement savings or to achieve specific retirement goals.
  10. Big-ticket Purchases: Cover significant expenses like a wedding, a vehicle purchase, or home appliances.

Have Questions?

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FAQ for Second Mortgage

Qualifying for a second mortgage typically requires meeting specific criteria set by lenders. This may include having a good credit score, a stable income, a debt-to-income ratio, and significant equity in the property. Lenders also assess the loan-to-value (LTV) ratio, which compares the amount being borrowed to the home’s appraised value.

The amount that can be borrowed with a second mortgage is determined by the available equity in the home. The maximum loan-to-value (LTV) ratio for a second mortgage is typically lower than for a primary mortgage, often ranging from 70% to 85% of the property’s appraised value. The exact amount will depend on the lender’s policies and the borrower’s creditworthiness.

Yes, a second mortgage can potentially affect your credit score. When you apply for a second mortgage, the lender will conduct a hard inquiry on your credit report to assess your creditworthiness. This hard inquiry can cause a temporary dip in your credit score.

The impact on your credit score will also depend on how you manage the second mortgage. Making timely payments on the second mortgage can have a positive effect on your credit score, as it demonstrates responsible financial behavior. 

In British Columbia (BC), a private second mortgage refers to a type of mortgage loan that is issued by a private individual or a private lending company, rather than a traditional financial institution such as a bank or credit union.

Private second mortgages are often sought when borrowers need access to additional funds, but their financial situation or credit history does not meet the strict criteria set by traditional lenders.

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