Second Mortgages

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A second mortgage is an additional mortgage that is placed on a property that already has a 'first mortgage'. Second mortgages are also referred to as '2nd mortgages', are considered somewhat riskier than first mortgages since if the property goes into default, the first mortgage holder must be paid first. Due to this increased risk the interest rates for second mortgages are typically higher than those for first mortgages.

If you own at least 20% of the equity in your home, you will likely be approved for a second mortgage. A second mortgage is ideal when you need money to renovate your home or even make cash available for your business.

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Our Trusted Lenders

  • Alterna
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  • Home Trust
  • ICICI bank
  • Industrial Alliance
  • ING
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  • Optimum
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  • Scotiabank
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  • TD Canada Trust
  • Valley First
  • Vancity
  • Wealthline
  • Westminster Savings
  • XCEED
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Leading Mortgage Broker in Guelph and surrounding areas since 1986. Paul Gazzola and the Guelph Mortgage Architects Team specialize in purchases, renewals, refinances, investment properties, first time home buyers, new to Canada, debt consolidation, those going through a separation or divorce, bruised credit repairs, second homes, vacation homes and all other financing needs. This team has access to over 50 mortgage lenders and institutions, including the big banks, credit unions, trust companies and monoline lenders. At Paul Gazzola - Guelph Mortgage Architects, the best and lowest mortgage rate with a tailored product to your unique situation is always prioritized and explained so that clients can make a well-informed decision about their financing needs.