Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия

Second mortgage of march 2024

Apply for Second mortgage loans from companies verified by our specialists. On 19.03.2024 you have access to 18 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 18
Updated
01.02.2023
12:01
Scotiabank
Long-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
i

Loan term for the financial product

10 years
Scotiabank
Short-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
i

Loan term for the financial product

2 years
Scotiabank
Open-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Scotiabank
Closed-term mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Scotiabank
Variable-rate mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Scotiabank
Fixed-rate mortgag
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Royal Bank of Canada
Vacation Home Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Royal Bank of Canada
Investment Property Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Royal Bank of Canada
Variable Rate Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1 000 000
Rate
i

Effective interest rate on the product

6.280% APR
Term
i

Loan term for the financial product

25 years
Royal Bank of Canada
Fixed Rate Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1 000 000
Rate
i

Effective interest rate on the product

5.690%
Term
i

Loan term for the financial product

25 years
Second mortgage calculator
Calculation of a mortgage loan at any bank
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Loan amount
i

Loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
90
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

1 %
30 %
Type of payments
i

Specify the type of payment for calculating

Mortgage Application Online of March 2024
Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years

You are able to get mortgage with discount. You can receive money in: 15m

Mortgage Application Online of March 2024Mortgage Application Online of March 2024Mortgage Application Online of March 2024Mortgage Application Online of March 2024Mortgage Application Online of March 2024
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
i

Here is the average Mortgage overpayment on 19.03.2024 from lenders in Canada.

40 383 C$
More
Royal Bank of Canada
4.4
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.
Review
MDG
1
Removed money from my bank account, to apparently verify my bank account. Then denied my application because I live in a unorganized township that does not have a physical address...
Review
Money Mart
1
Bad customer service they can never fix your problems...
Review
GoDay
1.6
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review

A second mortgage in Canada is a loan that is secured by the equity in a borrower's property, and is in addition to the primary mortgage on the property. It is also known as a "home equity loan" or "home equity line of credit".

A borrower can take a second mortgage in Canada to access the equity they have built up in their property and use it for various purposes such as home renovation, debt consolidation, or to purchase a car, boat or other big-ticket items.

The interest rate on a second mortgage is typically higher than the interest rate on a primary mortgage. The lender will also look at the borrower's credit score and the value of the property to determine the loan amount and terms.

It is important to note that if the borrower is unable to make their payments on the second mortgage, their property may be foreclosed on and sold to repay the loan. Additionally, having a second mortgage will increase the overall debt of the borrower, which may impact their credit score and future borrowing capacity. Therefore, it's important to weigh the benefits and risks before taking a second mortgage.

How does second mortgage works?

A second mortgage works by allowing a borrower to access the equity they have built up in their property and use it as collateral for a loan. Here's a step-by-step explanation of how a second mortgage works:

  1. The borrower applies for a second mortgage with a lender. They will need to provide information about their income, credit history, and the value of their property.

  2. The lender will evaluate the borrower's application and determine the amount of the loan and the interest rate. This will depend on the borrower's creditworthiness, the value of the property, and the lender's risk appetite.

  3. The lender will conduct a property appraisal to determine the value of the property. The borrower will be required to pay for this appraisal.

  4. If the loan is approved, the lender will prepare a mortgage agreement, which the borrower will have to sign. The agreement will include details such as the loan amount, interest rate, and repayment schedule.

  5. The lender will register a second mortgage on the property. This means that the property will have two mortgages: the primary mortgage and the second mortgage.

  6. The borrower will begin making payments on the second mortgage, which will typically have a higher interest rate than the primary mortgage.

  7. If the borrower is unable to make the payments on the second mortgage, the lender may foreclose on the property and sell it to repay the loan.

It's important to keep in mind that having a second mortgage will increase the overall debt of the borrower, which may impact their credit score and future borrowing capacity. Therefore, it's important to weigh the benefits and risks before taking a second mortgage.

Types of Second Mortgage

There are two main types of second mortgages: home equity loans and home equity lines of credit (HELOC).

A home equity loan is a lump sum loan that is disbursed to the borrower at the time of closing. The borrower repays the loan over a fixed period of time, usually with a fixed interest rate. This type of loan is best for borrowers who need a specific amount of money for a one-time expense, such as home renovation or debt consolidation.

A home equity line of credit (HELOC) is a revolving line of credit that is secured by the equity in the borrower's home. The borrower can borrow up to a certain limit, and make payments on the outstanding balance as needed. The interest rate on a HELOC is typically variable and is based on the prime rate. This type of loan is best for borrowers who need access to a line of credit for ongoing expenses, such as home renovations or college tuition payments.

In both cases, the interest paid on the second mortgage is tax deductible if you itemize your deductions on your tax return.

It's important to keep in mind that with both types of second mortgages, the lender will have a lien on the property and if the borrower is unable to make the payments, the lender may foreclose on the property and sell it to repay the loan. Therefore, it's important to understand the terms of the loan and to be sure that you can afford the payments before taking out a second mortgage.

What are the benefits of a Second Mortgage?

A second mortgage in Canada can provide several benefits, including the ability to:

  1. Access additional funds: A second mortgage allows homeowners to borrow against the equity in their property, providing them with additional funds for things like home renovations, debt consolidation, or investment opportunities.

  2. Avoid refinancing: In some cases, homeowners may not want to refinance their primary mortgage, but still need additional funds. A second mortgage can provide an alternative solution without disturbing the terms of the primary mortgage.

  3. Get a lower interest rate: A second mortgage typically has a higher interest rate than a primary mortgage, but it may still be lower than other forms of borrowing, such as credit cards or personal loans.

  4. Take advantage of tax deductions: Interest paid on a second mortgage may be tax-deductible, which can provide additional savings for homeowners.

  5. Keep equity in your property: A second mortgage allows you to borrow against the equity in your property without having to sell it.

It's important to remember that a second mortgage is a loan that must be repaid, with interest, and it increases the amount of debt you have against your property. It's also important to review the terms and conditions of any mortgage loans carefully, including the interest rate and fees.

Pros and Cons

The pros and cons of a second mortgage in Canada can include:

Pros:

  1. Access to additional funds: A second mortgage allows homeowners to borrow against the equity in their property, providing them with additional funds for things like home renovations, debt consolidation, or investment opportunities.

  2. Avoid refinancing: In some cases, homeowners may not want to refinance their primary mortgage, but still need additional funds. A second mortgage can provide an alternative solution without disturbing the terms of the primary mortgage.

  3. Lower interest rate: A second mortgage typically has a higher interest rate than a primary mortgage, but it may still be lower than other forms of borrowing, such as credit cards or personal loans.

  4. Tax deductions: Interest paid on a second mortgage may be tax-deductible, which can provide additional savings for homeowners.

  5. Keep equity in your property: A second mortgage allows you to borrow against the equity in your property without having to sell it.

Cons:

  1. Increased debt: A second mortgage increases the amount of debt you have against your property, which can be a risk if you are unable to make the payments.

  2. Higher interest rate: Second mortgages typically have a higher interest rate than primary mortgages, which can make the loan more expensive in the long run.

  3. Risk of foreclosure: If you are unable to make the payments on your second mortgage, you may risk foreclosure on your property.

  4. Risk of losing your home: If you're unable to make payments, you risk losing your home as the lender can foreclose on it.

  5. Additional fees: Second mortgages may come with additional fees, such as closing costs, appraisal fees, and legal fees.

It's important to weigh the potential benefits and risks carefully before taking out a second mortgage, and to review the terms and conditions of any mortgage loan carefully, including the interest rate and fees. It's also important to consider your current financial situation and long-term goals to ensure that a second mortgage is the right choice for you.

Who provides Second Mortgage?

In Canada, second mortgages can be provided by a variety of lenders, including:

  1. Banks: Many of the major banks in Canada offer second mortgages, including Royal Bank of Canada, TD Canada Trust, and Scotiabank.

  2. Credit unions: Many credit unions in Canada also offer second mortgages, and they may have more flexibility in their loan terms than larger banks.

  3. Mortgage brokers: Mortgage brokers work with a variety of lenders to find the best mortgage products for their clients, including second mortgages.

  4. Private lenders: In some cases, homeowners may turn to private lenders for a second mortgage, although these loans typically have a higher interest rate and more restrictive terms.

  5. Online Lenders: There are also online lenders that offer various mortgage products including second mortgages.

It's important to shop around and compare offers from multiple lenders to find the best terms and rates for a second mortgage. It's also important to review the terms and conditions of any mortgage loan carefully, including the interest rate, fees and the length of the loan.

Second Mortgage lenders: Step-by-Step application

The process for applying for a second mortgage in Canada can vary depending on the lender, but generally, it involves the following steps:

  1. Determine your eligibility: Before applying for a second mortgage, it's important to determine whether you meet the lender's eligibility criteria. This may include factors such as your credit score, income, and the value of your property.

  2. Gather required documents: Lenders will typically require a variety of documents to process your application, such as proof of income, proof of employment, and proof of property ownership.

  3. Choose a lender and product: Compare rates and terms from multiple lenders to find the best second mortgage product for your needs.

  4. Submit an application: Once you have chosen a lender and product, you will need to submit an application, which may be done online, in-person or by mail.

  5. Property appraisal: The lender will conduct an appraisal of your property to determine its value and the amount of equity you have.

  6. Underwriting: The lender will review your application and supporting documentation to determine whether to approve your loan.

  7. Closing: Once your loan is approved, you will need to sign loan documents and provide any additional information or documentation requested by the lender.

  8. Funding: After all the paperwork is done, the lender will release the funds, and you can use it for the intended purpose.

It's important to remember that the process of applying for a second mortgage can take several weeks to complete, and that the terms and conditions of a second mortgage can be different from a primary mortgage, so it's important to review them carefully before signing. It's also important to be mindful of the risks of taking a second mortgage, such as the risk of losing your home if you are unable to make the payments.

Fees

In Canada, there are several fees that may be associated with a second mortgage, these include:

  1. Appraisal fee: A lender will typically require an appraisal of your property to determine its value and the amount of equity you have. The fee for this service can range from $300 to $500.

  2. Legal fees: You may be required to pay legal fees for services such as drafting and reviewing mortgage documents. These fees can range from $500 to $1000.

  3. Title search fee: Some lenders may require a title search to ensure that you are the legal owner of the property and that there are no outstanding liens or judgments against it. This fee can range from $100 to $200.

  4. Mortgage broker fee: If you choose to use a mortgage broker to help you find a second mortgage, you may be required to pay a fee for their services. This fee can range from 1 to 2% of the mortgage amount.

  5. Administration fees: Some lenders may charge an administration fee to cover the cost of processing your application and disbursing the funds. This fee can range from $50 to $200.

  6. Interest Rate: Second mortgages tend to have higher interest rates than first mortgages, and the rate will vary depending on the lender, the loan amount and the borrower's credit score.

  7. Early payment penalty: Some lenders may charge a penalty fee if you choose to pay off your mortgage early.

It's important to be aware of all of the fees associated with a second mortgage and to factor them into your overall cost of borrowing. It's also important to compare the fees and rates of different lenders to find the best deal for you. Make sure to read the fine print, before signing the mortgage agreement.

Second Mortgages Rates

The interest rates for second mortgages in Canada can vary depending on a number of factors, including the lender, the loan amount, and the borrower's credit score. Generally, second mortgage rates are higher than rates for first mortgages because they are considered to be a higher risk for the lender.

Typically, rates for a second mortgage can range from prime plus 2% to prime plus 4%, depending on the lender and the borrower's credit score. It's important to note that prime rate is the rate that banks charge to their most creditworthy customers and it's subject to change.

For example, if the prime rate is 2.45%, a second mortgage rate of prime plus 2% would be 4.45%, while a rate of prime plus 4% would be 6.45%.

It's also important to note that many second mortgages come with adjustable rates, which means that the interest rate can change over time. This can make it more difficult to predict how much your mortgage payments will be in the future.

It's important to shop around and compare rates from multiple lenders to find the best deal for your second mortgage. It's also important to review the terms and conditions of any mortgage loan carefully, including the interest rate, fees and the length of the loan before signing.

How to compare Second mortgage offers?

Comparing second mortgage offers in Canada can be a complex process, but by following these steps, you can make an informed decision and find the best deal for your needs:

  1. Determine your needs: Before you start shopping for a second mortgage, it's important to determine how much money you need to borrow and what you will use the funds for. This will help you to narrow down your options and focus on lenders that offer the type of loan you need.

  2. Check your credit score: Your credit score is one of the most important factors that lenders consider when determining your eligibility for a second mortgage. It's important to check your credit score and address any issues that may be negatively impacting it, before you start shopping for a loan.

  3. Compare rates and terms: Compare the interest rates and terms offered by multiple lenders. Make sure to compare the annual percentage rate (APR), which takes into account not only the interest rate, but also any fees associated with the loan.

  4. Review the fine print: Be sure to review the terms and conditions of each loan offer carefully, including any prepayment penalties or other restrictions.

  5. Consider the lender's reputation: Consider the reputation of the lender and read online reviews or check with the Better Business Bureau to see if they have any complaints.

  6. Compare fees: Compare the fees associated with each loan offer, including appraisal, legal, and title search fees.

  7. Consider the loan length: Consider the length of the loan, a longer loan will mean lower payments but it will cost more over the life of the loan.

  8. Seek professional help: If you are unsure about anything or need more guidance, consider seeking the help of a mortgage broker or a financial advisor.

By carefully comparing the rates, terms, and fees of multiple second mortgage offers, you can make an informed decision and find the best deal for your needs. It's important to remember that a lower rate or fee doesn't always mean a better deal, so make sure to review the terms and conditions carefully and consider the overall cost of the loan.

How to payoff Second mortgage?

Paying off a second mortgage in Canada can be done in a few different ways, including:

  1. Making extra payments: One way to pay off your second mortgage more quickly is to make extra payments on top of your regular monthly mortgage payments. This will reduce the amount of interest you pay over the life of the loan and help you to pay off the mortgage faster.

  2. Refinancing: Another way to pay off your second mortgage is to refinance the loan. This involves taking out a new mortgage with a lower interest rate and using the proceeds to pay off your existing mortgage. This can help you to save money on interest and reduce your monthly mortgage payments.

  3. Consolidation: If you have multiple loans and credit card debts, you may be able to consolidate your debts into one loan, which is usually a mortgage. This can make it easier to manage your debts and may help you to pay off your second mortgage faster.

  4. Selling the property: If you are able to sell the property for more than you owe on your first and second mortgages, you may be able to pay off both mortgages in full with the proceeds.

  5. Negotiating a settlement: You can negotiate with your lender to see if they are willing to accept a lump sum or a payment plan that allows you to pay off the second mortgage in a shorter period of time.

It's important to consider the long-term financial implications of each option and to consult with a financial advisor or mortgage broker before making a decision.

It's also important to note that paying off a second mortgage can have tax implications, you should consult with a tax professional before making any decisions.