What is a 2nd Mortgage?
A second mortgage is essentially a lien on a property that is subordinate to a more senior mortgage or loan. The second mortgage falls behind the first mortgage. Over time, you build up equity in your house, as you pay off your mortgage and market inflation occurs. A second mortgage allows homeowners to access funds by tapping into the equity of their current mortgage, also known as a first mortgage.
The term “second” indicates that the loan does not have priority on your home in case you default. Instead, your current mortgage has priority and is repaid before any funds go towards your second mortgage.
How we can help
If a borrower finds that they don't fit with a traditional lending institution, they can turn to a private lender for alternative mortgage solutions, such as the ones that we offer at Canada West Mortgage. We consider individuals of all credit backgrounds for financing, including bad or no credit.
Apply Online
Easily apply for financing online
Submit Documents
Review, sign and deliver application documents
Get Approved
Receive approval today
How you can qualify
Property - The most important factor we look at is if you own a residential property, a commercial building or land.
Equity - Equity is the total value of your property minus the liabilities, such as the amount owing on a mortgage. In order to access funds you must have equity in your property.
Credit Score - A good credit score is not required to be approved with us at Canada West Mortgage.
Call UsEmail UsFrequently Asked Questions
Why should I consider a second mortgage?
Common uses for second or third mortgages can include cash take-out for home renovations, vehicle purchases, tuition for the kids, consolidation of credit card debts, pay property or income taxes, or make investments.
How do I apply?
Applying is simple and easy, simply fill in the form above and hit submit.
How soon will I be approved?
Approvals are the same-day for your convenience.
I don’t own a property. Can I still apply?
Second mortgages require that you own a property with a first mortgage to access its equity.
When will I receive the funds?
As soon as we receive your signed documents, funds are typically paid out within two business days.
How does repayment work?
Repayments are made on an amortized schedule. To determine your repayment plan, we look at your financial circumstances to make up a plan that works for you.
