Private and Second Mortgages

Life isn’t one-size-fits-all. Learn about lending options tailored to you.

Is a second mortgage the first thing on your mind lately?

Second mortgages have taken a bad rap over the years, but the fact is that second mortgages are simply another tool. As with any tool, it comes down to using the right one for the right job.

One of the key benefits of using a mortgage broker is the fact that you get an experienced, dedicated team whose only job is to help you make your life happen, and hey – sometimes life happens.  If you’re thinking private and second mortgages might be the right options for you, let’s connect.

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Private and Second Mortgages  FAQs & Action Plan:

What is a second mortgage?  Aren’t they expensive?

Second (or even third!) mortgages get their names by the simple fact of the order in which they were registered against the property in question.  The order in which they were registered is also the order in which the mortgages are entitled to recoup any available repayment in the event of a default.  This added layer of risk for the holder of the second or any subsequent mortgage is what will drive the interest rate up somewhat in most cases.

Why would I need a second mortgage?

A second mortgage is a tool that more and more people are using to access additional equity in their homes above the government-regulated 80% of its total value.  Often, this tool is less expensive than, say, breaking an existing mortgage.  Another reason people might go with a second mortgage is in the event that they are looking to access private money in the form of a private mortgage.  Both parties are aware of the heightened risk for the second lender, which drives the specific terms of the second mortgage or private mortgage, especially the rate.


We’re here to help and ready when you are.