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Second Mortgage

A second mortgage is simply the second loan you place against your home. A second mortgage is used to access a chunk of your available home equity, considering this it is important to have available home equity to borrow.

Borrowers use additional mortgage financing to consolidate debt into a single payment and lower rate, they also use it for financing big projects like a home renovation or a big step in their lives. A second mortgage can also be used to borrow your down payment for a second home, an investment property or a cottage getaway. There are a variety of ways to use a second mortgage, along with various type of mortgages for a variety of situations. 

At Mortgage for Less we have the experience and knowledge to guide you through the mortgage process, shop for your best rate and mortgage, advice on your mortgage options and get you approved for financing. At no cost to you have a mortgage broker work for you and your financial benefit.

How you can use a Second Mortgage

You need to access some of your home equity for your financial needs and goals

A second mortgage is the most common way  to access available equity in Canadian homes. Another mortgage can provide you with funds for a variety of reasons from helping you in a financial rut to funding some dreams and goals.

Although a second mortgage offers the advantage of accessing a chunk of home equity it usually carries a higher interest rate compared to a first mortgage, for reference a first mortgage is the one used to purchase a home.

The reason a second mortgage carries a higher interest rate is because the lender's security in the property comes second to the lender of the first mortgage. In the case that a mortgage defaults and a home must be sold to repay the mortgage, the lender of the second mortgage gets paid second to the lender of your original mortgage, therefore the second lender charges a higher rate of interest to offset the risk associated with lending on a second mortgage.

You want to borrow your down payment for another property

A second mortgage can provide you with enough financing to cover the down payment of an investment property purchase, a second home, a condo for one of your kids or a vacation property. It is highly advised that you have enough available equity to borrow to ensure that it's a financially sound move that will get approved. A lender will likely reject your application if you have too little home equity to borrow a property down payment.

Use a second mortgage as a Home Renovation Loan

A second mortgage can be used for home renovations.

A lender will be more than willing to fund your ambition to improve your home. A home is security for your loan and given that you plan to add value to that home is an added security for a loan in the case of default.

Though a lender will not likely fund or approve a renovation that involves extreme changes or additions to a home.

A big project like adding another level to your home is a risky move for a lender, as such a project given unfinished or complications could harm the value of the home that a lender is using as security for your debt.

Consolidate your debt with a second mortgage

Having multiple debts is a burden and is difficult to payoff, a second mortgage can  consolidate that debt and simplify your life. Rolling your debts and loans into your mortgage can be financially strategic and beneficial.

Consolidating your debt is simply repaying debts with mortgage proceeds. Consolidation is when a debt is paid by another debt. The advantage to consolidation is that it brings a gross owed amount under one repayment and a single lower interest rate.

A second mortgage allows you to strategically target high interest debt and amounts with a payment through a replacement mortgage debt that consolidates debts under one repayment and interest rate.

Required documents for a Second Mortgage


Why is it required?

Important things to note

Income Verification

Why is it required?

Important things to note

Current Mortgage Statement

Why is it required?

Important things to note

Property Appraisal

Why is it required?

Important things to note

Property Tax/Bill Statement

Why is it required?

Important things to note

Heating Bill and/or Condo Fees

Why is it required?

Important things to note

Void Cheque

Why is it required?

Important things to note

Need extra funds?

A second mortgage is not the only way to obtain extra funds. Have you considered a Home Equity Line of Credit?

Have a question?

Feel free to send us an email with any questions you may have about the required documents for a second mortgage.

We'd be happy to help!

How to get started with a Second Mortgage

Read our mortgage guides

We have a variety of useful guides that are essential and helpful for all your mortgage needs and questions. We cover everything from basic mortgage concepts to the functions and components of a mortgage to in-depth mortgage guides and strategies.

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We have a variety of informative and useful pages. Take advantage of the free resources we offer with convenient bookmarks for all your mortgage information needs.

Determine what you can afford

We have a few excellent options to determine what you can afford to borrow. We offer an easy to use Mortgage Qualifier Calculator. Simply input the required information and let our calculator give you an idea of how much you can afford to borrow.

If you want to get the most accurate idea of how much you can afford to borrow, contact us or fill out our online mortgage assessment form.

Get a mortgage assessment

Get your mortgage assessed by professional mortgage brokers. We'll assess and advise on a mortgage product right for your financial needs an goals.

Decide on a mortgage loan

There are a variety of mortgage types and purposes. Deciding on the best mortgage for you is essential to getting the most logical loan for your financial needs, goals and future.

If you don't know what you want or need in a mortgage, we can assess your finances and  in consideration of your financial needs and goals, we'll provide the best mortgage and rate for you.

Contact us for advice

We can assess your situation and advise on a mortgage product that will meet your financial goals and needs into the future.

Contact us for mortgage consultation

We can be contacted by phone, email or directly through our website. We do consultations through email, phone and meetings. To begin a consultation fill out a form pertaining to your mortgage needs.

We've been helping Canadians obtain financing at the best terms and rate for 30 years and we'd be happy to help you get the best mortgage.

Fill out an online form

We have a variety of forms and applications at your disposal. We do everything from mortgage applications to mortgage assessments to helping to improve credit ratings.

How getting a Second Mortgage works

Fill out our online mortgage application

We assess your financial information

We chat about your mortgage financing options

We collect your required documents

We shop for your best mortgage and rate

We submit your application to a lender

You get approved for mortgage financing

We continue to advise and standby to guide

Determine your home equity 
with a free Ontario property assessment

A summary of our mortgage service

We navigate the mortgage market for you. As professionals we shop for you and in doing so we provide proficient service and advice.

Nick and his staff were very efficient and helpful. Nick in my opinion went above and beyond what was required in arranging my new mortgage.  This has been my experience over the past 25 years when dealing with Mortgage for Less and Nick specifically.

Steven Hensman

Google Review

Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!

Sylvie Leung

Google Review

At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.

We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.

Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.

David Lowcock

Google Review

I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.

Rob Taniwa

Google Review

We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.

We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.

What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.

Much appreciated !

Danny Phillips

Google Review

It's always been a pleasure to work with you. Everything was made very easy for us even though you are in a different province. I believe I always got a great rate without me having to negotiate with several different banks. All the work was done for me. Thank you.

Mary Tiberio

Google Review

We provide a continued service of advice to strategically save tens of thousands over the life of a mortgage.

Access your home equity with a Second Mortgage 

Apply online

Our mortgage application and pre-approval are simple, straightforward and don't require much information to begin consultation.

Want a consultation?

We've been advising on mortgages for 30 years and we've helped thousands of Canadians get approved for their mortgage financing needs. We'd be happy to help you with your second mortgage.


120 Eglinton Avenue East, Suite 500 TorontoON M4P 1E2 Canada

Phone: 416-572-7655


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