Ontario Second Mortgage
I can arrange a second mortgage in Ontario for up to 95% of the equity in your home
The second mortgage money can be used for any purpose:
- Debt consolidation
- Down payment for an investment property
- Vacation
- A new car
- Investments
- Renovations
A second mortgage can also be used when primary lenders refuse to fund up to 95% of the value of the home, such as in bad credit scenarios. A first mortgage from a lower rate lender can be obtained up to 80% (eliminating CMHC fees) and a second mortgage from a private lender can be used to top the remaining amount required for the purchase of the home.
Second mortgage rates depend on how high of an LTV of the combined first and second mortgage as well as the credit of the borrower. For more information on a second mortgage in Ontario or for second mortgage rates, call today or apply online.