Unlock the equity in your home without breaking your current mortgage. Access funds for renovations, debt consolidation, investments, or major purchases.
Both options let you borrow against your home's equity, but they work differently. Here's how to choose:
Ideal for: Major renovations, debt consolidation, investment property down payment
Ideal for: Ongoing expenses, investment opportunities, emergency fund access
Access equity without breaking your existing mortgage or paying penalties.
Choose between a fixed second mortgage or flexible HELOC based on your needs.
Use funds for renovations, debt consolidation, investments, or emergencies.
Options available even with challenged credit through alternative lenders.
You can typically borrow up to 80% of your home's value, minus what you owe on your first mortgage. For example, if your home is worth $600,000 and you owe $300,000, you could potentially borrow up to $180,000.
No, your first mortgage remains unchanged. A second mortgage is a separate loan that uses your home's equity as collateral.
Second mortgage rates are typically 2-5% higher than first mortgage rates because they're in second position. HELOCs usually have lower rates if you have good credit.
In Canada, mortgage interest on your primary residence is generally not tax-deductible. However, if you use the funds for investment purposes, the interest may be deductible.
Get a free consultation to learn how much equity you can access and the best option for your needs.
Pick a time that works best for you
