telephone +1 416 800 4284

Second Mortgage Mississauga

Award winning customer service to each and every single client!


Understand the Risks, Costs and Benefits

People get a second mortgage or even third, typically to consolidate debt without disrupting their first mortgage. There are many of other reasons however as well.

Many homeowners who bought their properties several years ago now have substantial equity in their homes as rapidly rising property prices have increased the market value. If you are one of these property owners and now require funds to make home improvements, consolidate expensive unsecured debt, or to pay for your daughter’s college education, you could use that equity to secure a second mortgage.

There are risks and costs associated with second mortgages so you should understand the fundamentals before committing yourself to a second mortgage. It could be the best and cheapest financial solution under the right set of circumstances.

If you live in the Mississauga area and you are thinking of taking a second bond feel free to contact our certified mortgage brokers in Mississauga for advice before you take the plunge.

Call Us Today +1 416 800 4284

Questions? We’re here to help!


$1000 Cash Back or Free iPad

When You Close With Us!

To learn more

contact us

You have questions. We are here to help!


How do Second Mortgages Work?

A second mortgage like the primary mortgage uses your home as collateral. The second mortgage is taken in addition to the first and you will be responsible for making payments for both every month.

Because there is more risk to the lender the interest on the second mortgage will, without doubt, cost more than the interest on the primary mortgage. The higher interest rates, reflect the higher risk.

The first mortgage holder has the first claim on the property should the homeowner fail to pay. The second lender, therefore, has a much higher chance of not receiving full payment.

What do you Need to Qualify for a Second Mortgage in Mississauga?

  • Property – the lender secures the loan against your property
  • Equity – the more you have the more likely you are to qualify. The equity in your home is the market value less the mortgage.
  • Income – a regular, verifiable flow of income will convince the lender that you can afford to pay the loan back
  • Credit score – if you have a good credit score you should be able to negotiate a better interest rate

The Advantages of a Second Mortgage

  • A second mortgage is fairly easy to arrange and you don’t have to pay up your first mortgage before you take the second
  • The amount involved – if you have substantial equity in your home, you can make a large loan using the house as collateral
  • Depending on the lender up to 80% of the value of the property can be used to calculate the sum of the two mortgages
  • Any mortgage holder with a good credit rating can apply for a second mortgage

The Disadvantages of a Second Mortgage

  • The interest rate will be higher than that paid for the first mortgage but are a lot cheaper than other unsecured debt.
  • The homeowner runs a higher risk of foreclosure if he is unable to service his debt. If this happens the family could be left without a home.
  • Second mortgages attract fixed costs such as legal fees and appraisal fees.

A Second Mortgage may be the Best Choice for You

A second mortgage can offer you the chance to improve your home or to take advantage of opportunities as they arise. As long as you understand the risks and benefits, a second bond may be the right financial choice for you. If you are a resident of Mississauga and needing financial assistance we will answer any questions you may have.


Certified Mortgage Brokers
powered by
Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Davin Mills

There are a lot of mortgage brokers in toronto to choose from, I was a bit intimidated by that. Don't regret I picked CMB, they took the lead and made sure to cover all the bases

Tracy Wilhoite

I was renting an apartment for a long time and finally decided to take a big step - get a mortgage instead. Team at certified Mortgage Brokers laid out various options for me. The actual process went smooth and quick, happy with my new home.

Ryder Turcotte

My wife and I decided to refinance our mortgage and started looking for a mortgage broker in Toronto. There were so many options, so you can imagine how overwhelmed we got! After talking to Leon we decided to proceed with Certified, didn't regret that decision once. They always gave useful recommendations, were attentive, and constantly in touch. And most importantly (for us) they helped us to save some money!!

Lucy Zimmerman

Vita was great. Helped my son with all the paperwork and got him very good interest rate. On the closing date called to follow up if everything went fine. Quite a pleasant experience. I would recommend this firm for anyone who is looking a mortgage broker.

Contact Us