Second Mortgage

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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.

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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.


I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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