Second Mortgage Toronto

As an example, if your home is worth $500,000 and you still owe $300,000 on your first mortgage, you can get $100,000 ((0.8*500,000)-300,000).
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Looking for Second Mortgage in Toronto?


Second mortgages are necessary because first mortgages often eat into most of your resources for between 15 and 30 years. A second mortgage allows you to do such things as expand your business, to deal with a medical emergency, to consolidate your high-interest debts, or to renovate your home. Other than helping you meet your financial needs, second mortgages are also important because the interest rates are lower compared to those of credit cards and unsecured credit cards, they help improve your credit score when you use the money to consolidate your debt, you can negotiate for flexible payment terms, and you avoid paying the CMHC (Canadian Mortgage and Housing Corporation) fees.
To qualify for a second mortgage in Toronto, you must own at least 20% of your property’s equity and you must prove you have a reliable income that is enough to cover the monthly interest payments. At Approved Mortgage Broker, we assist clients in Toronto and North York get second mortgages.


Mortgage Offers
pick the one thats right for you.
  • get
    $ 2,000
    on purchase over
    $500, 000
  • Receive
    $ 1,400
    when you transfer
    your mortgage of over $500,000
  • complimentary
    12 months
    Home service plan
    fint out more

Why Hire Us for a Second Mortgage Toronto?


Reasonable Interest Rates: Interest rates on second mortgages tend to be higher than in first mortgages. This is because the lender of a second mortgage takes on a greater risk than the lender of a first mortgage given that they are in the second position on your property’s title. In other
words, the lender of the first mortgage would be paid off first in case of a default and the lender of the second mortgage second. Factors like the loan to value ratio (lenders prefer a ratio of 65% or below) and the location of the property (lenders prefer locations in cities and towns) all affect the interest applicable. We will negotiate with the lender on your behalf to ensure you get the lowest interest possible. Mortgages even with weak credit and little equity in the property. Most second mortgages are in the form of home equity lines of credit. Those with poor credit scores and little equity in their properties can get their second mortgages through private lenders or trust companies. Our team has long-standing relationships will all types of lenders, which ensures you get your second mortgage, no matter your needs or circumstances. Avoiding Hefty Fees -Second mortgages attract different fees. The most common administrative fees from Toronto lenders are appraisal fees, title search fees, legal fees, and title insurance fees. Some lenders waive some of these fees to attract clients. We will help you bag the best deals.


Featured Rates
Fixed
  • Lender
  • Rate
  • Term
  • Toronto-Dominion
    3.04%
    5 years
  • Scotiabank
    3.04%
    2 years
  • MCAP
    2.99%
    5 years
  • CMLS
    2.84%
    3 years
  • RFA
    2.64%
    5 years
  • First National Bank
    2.74%
    5 years
  • DUCA
    3.84%
    1 year
  • B2B
    3.19%
    2 years
  • Meridian
    2.79%
    5 years
  • RMG Mortgage
    2.69%
    5 years
Variable
  • Lender
  • Rate
  • Manulife Bank
    2.74%
    5 years
  • Home Trust
    3.00%
    5 years
Other
  • Type
  • Rate
  • Secured line of credit
    4.45%
  • Private mortgages
    5.99%
Questions?
We Are Here to Help

Searching for, and negotiating with lenders for a second mortgage is time-consuming and it can interfere with your work and social life. At Approved Mortgage Broker, we take care of all the negotiations with lenders.

Purchase or Refinance
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What our CLients Say
Approved
  • Avatar gilles veilleux ★★★★★
    Masoud and his team are truly focused and result driven. I did my refinancing with them, it went smooth from start to finish.
  • Avatar Roosevelt Freeman ★★★★★
    I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
  • Avatar Linda Howard ★★★★★
    After some unfortunate interactions with my previous mortgage broker trying to close the deal I was recommended Approved by a friend of a friend. I didn't have my hopes high to be completely honest, however decided to give it a go and called Masoud. He was quite reassuring over the phone, and after our meeting I finally felt like I'm in the right hands. Long story short, we closed the deal and most importantly I got a much better rate than expected. I already recommended Approved to my colleague, and I'm sure there'll be more referrals from me when the time comes
  • Avatar Juan Pearson ★★★★★
    Nick gave me great advice and fair rates to process my mortgage. Marianela, his assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys.
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Across Toronto
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