What is a second mortgage

benefits of second mortgages

You can borrow money against your property by getting a second mortgage in Canada. With this second mortgage, you can borrow up to 80% of your home's value (after deducting your first mortgage balance).

Your home will be used as collateral for the loan. To avoid falling behind on either loan, you should keep up with the first and second mortgage payments.

Your home is at risk of foreclosure if you fail to make your loan payments. If this happens, your home will be sold to cover the balance of your first and second mortgages. Initially, your primary mortgage lender will be compensated.

Charges and rates for second mortgage in canada

Second mortgage interest rates are often higher than those for first mortgages since the second mortgage in Canada carries more risk for the lender.

Administrative costs could include, but are not limited to:

  • Appraisal fees
  • Title search
  • Title insurance
  • Legal fees

Simple and quick application

  • Homeowners can get approval quickly
  • Accepted credit types

What are the benefits of a second mortgage

The consolidation of debt is a popular reason for many people to seek out a second mortgage in Canada; nevertheless, second mortgages are regarded as risky and typically come with high-interest rates. You can place all of your concerns in the capable hands of the experienced professionals at Brevity Mortgages. We have a team of seasoned professionals who will cater to and personalize the solutions according to the specific requirements of each unique customer.

In order to successfully apply for a second mortgage in Canada, you need to be fully informed of the interest rates that are currently being offered.

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  • Second mortgages for Low Income

    When applying for a second mortgage in Canada, having poor credit can make things more difficult. However with us on your side, you are able to initiate communication with lenders who will assist you in the application processing. It is in your best interest to keep up to date on the latest market trends and the objectives of lenders.

  • Work history

    When determining whether or not you are eligible for a second mortgage In Canada, your employment history, which is sometimes referred to as your source of income, plays an essential part. If you have a reliable income, particularly from a job that brings in consistent cash flow, you may be able to qualify for a second mortgage.

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Steps & Process

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Why you should choose Brevity mortgages


  • We provide the most reliable mortgage solutions for your dream house
  • We provide curated solutions specific to your mortgage needs based on your qualification
  • Rapid mortgage approvals and fast closings
  • You can save time and Money
  • Best lender discounts and promotional offers for best interest rates
  • Access to experienced and professional Mortgage Agents
  • Brokers in the industry
  • Credit Score privacy

Brokers or and Agents

  • Dedicated team to help you with your clients
  • Veterans who share their industry experience and help you with each step
  • One on One Support and Training
  • Mentors that specialize in residential, commercial and business mortgages
  • Campaigns proven to work for potential leads
  • Online presence with digital marketing techniques
  • VIP access to top-tier compensation and lenders
  • A dedicated professional office space for client meetings and brainstorming sessions


Frequently Asked Questions

Anyone can apply for a second mortgage even a person with a bad credit history there are absolutely no limitations. The lender will see your debt income history and your work history to decide about the amount that can be lent to you .If you take the help of a broker then he will try and reduce your high interest charged by the lender. A broker will also introduce you to many lenders thus making a wider choice of lenders available to you.

Second Mortgage is good for you if you need extra funds for your debts or additional payments. Second Mortgage helps in getting you loan for your house which already has a primary mortgage.

Interest rates are higher on second mortgages as lenders have to safeguard their interest since the property they are investing in is already mortgaged, they will have different rights while recovering the loan.

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Refinancing Your
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