Second Mortgage Broker in the GTA
Keep your first mortgage and tap your equity. A second mortgage gives you access to capital without breaking your current rate or paying a big prepayment penalty.
★★★★★ 5.0 from 100+ Google reviews
How it works
A precision tool for your equity.
A second mortgage sits behind your existing first mortgage and gives you access to your home’s equity without breaking your current rate. For homeowners locked into a low rate from a few years ago, it’s often the smartest way to raise capital without triggering a large prepayment penalty.
I’m Kevin Singh Dhaliwal, a licensed mortgage broker in Ontario, based in the GTA with over 12 years of experience and access to private lenders and mortgage investment corporations (MICs) that specialize in second-position lending.
Second vs refinance
When a second mortgage beats a refinance
- Your first mortgage has a low rate and breaking it triggers a large penalty (IRD)
- You need funds on a tight timeline and can’t wait for a full refinance approval
- You only need the money short-term (12 to 24 months)
- Your credit or income has changed and you no longer qualify for bank refinance pricing
- You’ve already used your HELOC, or you don’t qualify for one
The details
What to expect with a second mortgage
Rates change with the market and depend on your equity, credit and property, so every file is quoted individually.
My process
Four clear steps
Questions
Second mortgage FAQ
How much can I borrow with a second mortgage?
Most second mortgage lenders allow up to 80% combined loan-to-value, meaning your first and second mortgage together, with some going higher on strong files. Your maximum is based on your home’s current value minus your existing mortgage balance.
What are second mortgage interest rates?
Rates change with the market and depend on your equity, credit, property and lender. They are higher than first mortgage rates, which is why second mortgages are usually short-term. Every file is quoted individually, and all costs are explained before you commit.
Are there fees on a second mortgage?
Yes. Second mortgages usually include lender and broker fees, plus legal and appraisal costs. All fees are disclosed upfront, in writing.
Is a second mortgage better than refinancing?
It depends on the penalty for breaking your first mortgage, your current rate and how long you need the funds. If your first mortgage has a low rate and a large penalty, a second is often cheaper overall. I’ll run both numbers for you.
Can I get a second mortgage with bad credit?
Often, yes. Many second mortgage lenders focus mainly on your equity and your exit plan rather than your credit score alone.
Related services
You might also need
Need capital without breaking your first mortgage?
A 15 minute call is usually enough to know your options.