Second Mortgage Refinancing

Many Canadians are using second mortgage refinancing to consolidate high interest debts, renovate their homes or pay for unexpected expenses. A second mortgage does not replace your existing first mortgage. It is a second position mortgage which is advantageous if you currently hold a favorably low rate first mortgage and do not want to discharge due to penalties, fees, etc. Second mortgages can also be arranged with greater ease due to the amount of lenders available both institutionally and privately.

• Second mortgage interest rates begin at the prime rate and up
  
  
• Borrower qualifications are usually based more on home equity rather than credit and income
  
  
• Most second mortgages are interest only payments and 1 year terms
  
  
• Up to 100% of Home Value can be used to arrange a second mortgage