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Second Mortgage in Canada

The second mortgage loan in Canada is the form of a home equity loan where you will receive a lump sum of cash against the property that is already mortgaged. You can use Loans Geeks to apply for the second mortgage loan at a fixed repayment period and you will be provided with a choice of up to five top-rated 2nd mortgage lenders in Canada and their most competitive offers. After you decide which financial provider suits your particular needs and secure the second mortgage, you can spend the funds the way you like unless you have taken out a loan under some particular conditions. Most of the second mortgage loans in Canada are paid back in monthly instalments that are predetermined. Bear in mind though that if you make late payments or miss payments, not only is your credit rating likely to suffer, but you will also risk foreclosure. When planned well and with all factors taken into consideration, applying for a second mortgage loan through Loans Geeks can be an excellent solution for your financial needs.

What can a Second Mortgage Loan in Canada be used for?

When applying for a second mortgage loan via Loans Geeks (and also anywhere else), you will be required to state in your application the reason why you need the second mortgage loan.  While people generally think that lenders don’t care about the reasons, they actually do. Here are some of the incentives for which loan lenders in Canada generally approve second mortgage loan applications:

  • Home improvements
  • Medical emergency
  • Home remodelling
  • Consolidation of debts
  • Investments
  • Transportation
  • Bail bond security
  • Education
  • To provide care for a dependent relative

Assuming that you will responsibly dispose of the loaned money, a second mortgage loan can be highly beneficial. Especially if you have a reliable source of income and you know that you can pay off the loan in due time. In addition, second mortgage loan in Canada has low tax-deductibility and low-interest rates, making it an efficient solution for the borrowers. Typically, second mortgage loan borrowers use it for larger expenses like paying for education, medical bills, consolidation of debts, etc.

When you apply for a second mortgage loan via Loans Geeks you might be tempted to ask for more funds than you actually need. However, it is recommended to approach the loan wisely, as it is given against your own property.

Choose from the Best Home Equity Loans Offers

With different loan options available in the Canadian market, it can get difficult to choose the best one for your needs. If you are looking to set a monthly repayment schedule for a definite period to pay off the loan, the second mortgage might be right option for you. It is also a good solution if you are looking to remodel your home and want to determine the exact cost of the whole process. Remember though that second mortgage loans can lower your credit score if you happen to be late on the repayments.  If you are considerably late, or if you default on the loan, it will result in foreclosure. All things considering, it is best to carefully assess your financial situation and your needs to ensure that you can make payments on time.

With Loans Geeks you do not have to contact multiple lenders, bother with paperwork and waste precious time on physical visits. On our platform, you can fill in an application for a second mortgage loan online, from the comfort of your home. You will get to choose among up to the five most competitive loan offers from top-rated loan lenders in Canada that we have partnered with.  After you submit your application, you only need to wait from 1-2 business days to receive a reply whether your application has been approved or if a lender needs some additional information.

Second Mortgage Fees and Interest Rates

When you take a second mortgage loan, it basically means that you are taking on more debt, so it is very important that you understand all the risks involved and that you are financially able to make due payments regularly and on time.

Second mortgage loans in Canada might involve costs such as property appraisal, application and other fees.  When you use Loans Geeks to get matched against most competitive offers, make sure that you also check what kind of penalty fees are involved for missed or late payments. People often disregard those fees, while you should keep those in mind as well and settle for a lender who has reasonable penalty fees if any.

Also, make sure to get familiar with the lender’s general closing cost, and request the list of all their other fees that might be involved, to avoid unpleasant surprises.

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Since the risk of a second mortgage is higher than the first one, it tends to be about 2% to 5% more than the first mortgage products. The interest rates will also vary depending on factors such as adjustable or fixed rates, total loan value, type of property, credit score and other important factors.

If you are making application for the second mortgage loan against a home equity, you need to disclose if you are currently occupying the home or not. While you do not have to occupy the home to be eligible for a second mortgage, you might have to pay higher interest rate if it is an investment property. If you are renting out the home, they will treat it as an investment property.

The second mortgage will not affect the terms of the first mortgage. In case you decide to refinance your first mortgage at a later stage, you will first have to pay off your second mortgage to be eligible for refinancing.

Most of the lenders charge three-month interest penalty for early second mortgage repayment, but the terms differ from lender to lender. It is best to speak to your lender well in advance to ensure that you know about the penalties in case you are looking to close the second mortgage before it is due.

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