Second Mortgage


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Second Mortgage Info

Second Mortgage Hamilton

The housing market in Hamilton is witnessing an upsurge in demand for houses. With the rates at an all-time low, this may be the best time to take a second mortgage if you have some equity in your property.

What Is A Second Mortgage?

A second mortgage is an additional mortgage taken on a property with an existing mortgage. The rates of a second mortgage are usually higher than the first mortgage because the second lender stands a greater risk of not getting paid. In case the borrower defaults and a foreclosure is needed to pay back the loans, the first lender will be paid first, but the second lender might not be paid in full.

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Where To Get Second Mortgage?

ot all lenders offer a second mortgage because of the higher risks involved. For individuals with a high equity on their property and a good credit score, it is easy to get a second mortgage from a conventional lender. Second mortgages in the form of a home equity loan are the cheapest, but if you have a low equity in your property or a bad credit rating, you would need a private lender or trust company for a second mortgage. The reason for this is that conventional lenders won’t borrow a person with a bad credit score loans, more so the second mortgage. Meanwhile, private lenders and trust companies are not as strict in their requirements as they only need to be sure of your ability to pay back and the value and marketability of your property.

Why Take A Second Mortgage?

There are many reasons for taking a second mortgage, but the most common are for debt consolidation. You can use a second mortgage to consolidate debt and clear other financial obligations because their rates are usually lower compared to unsecured lines of credit and high-interest credit cards. A second mortgage can be taken to finance the home renovation, repairs, fund your child’s college, and go on a vacation, make your credit card debts and so on. Apart from providing cash for settling your pressing financial needs, a second mortgage can help to boost your credit rating and increase your chances of getting credit from the traditional lenders.

Qualifying for a Second Mortgage

In Hamilton and other places in Canada, the lender will assess four areas before giving you a second mortgage. These include:
Equity: The larger your equity in the property, the easier it is to qualify for a second mortgage.
Credit score: The higher your credit rating, the lower your interest rates.
Property: Lenders check the market value and marketability of your property in case you are unable to pay back the loan. Factors such as income and credit score can change with time, but the property can still be foreclosed if the borrower defaults.
Income: Lenders check your source of revenue to be sure you have the financial capability to repay the loan.

Should You Take A Second Mortgage?

Going by the low rates of mortgages in the Toronto housing market, taking a second mortgage can look attractive. But not everybody needs a second mortgage. Ensure you seek the advice of an experienced mortgage broker who will explain the details and the best time to take a second mortgage.

Hamilton’s housing market is booming, and you may be motivated to take on more loan, but consider the implications for your future. The undertaking can be risky for both the borrowing and lending parties, but due diligence can save you a lot of trouble.


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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

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!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

Hamilton Mortgage Frequently Asked Questions

What is a Mortgage Term?

The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.

You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.

What is a Down Payment?

A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.

But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.

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