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A second mortgage is a type of loan that lets homeowners borrow money based on the value they've already paid into their home, while keeping their first mortgage the same. This is really helpful for people who need extra cash but don't want to change their current mortgage or deal with big fees for ending their first mortgage early. With a second mortgage, you can use the value you've built in your home for different needs, like paying off other debts, fixing up your house, or putting money into new projects. It's a flexible option that gives homeowners a chance to use their home's value in a smart way.

Some Benefits to a Second Mortgage

Thinking about a second mortgage? Here are six good things about getting one:

Easy to Qualify

Second mortgages are pretty flexible with things like how much money you make, your credit score, and how your income compares to your debts.

Debt Consolidation

Consolidate high-interest debts (like credit cards or personal loans) into one mortgage payment. This simplifies your budget and improves cash flow.

Access Equity

Borrow money based on the part of your home you already own (equity) without changing your original mortgage. This is really helpful if your first mortgage has a low interest rate.

Access More

Lenders usually allow you to borrow up to 100% of your home’s appraised value, minus the balance of your first mortgage.

How you want it

Use the money from a second mortgage for many purposes, like home improvements, debt consolidation, or as a down payment for another property.

Tax Benefits

If you use your second mortgage to invest, like buying another property,  you might get to deduct the interest you pay on your taxes. Please confirm with your accountant

We believe everyone deserves a chance to improve their financial situation. That's why we work with a range of lenders, from well-known banks to near-prime lenders who offer solutions regardless of your credit score. Your financial past shouldn't dictate your future, and we're here to ensure it doesn't.


With a few quick questions we can have you well on your way to securing a comfortable future



With our questionnaire complete we will send you a list of documents required.


With all paperwork in hand we can provide you lender options for you to choose from.


You will sign the approval paperwork with us and the lawyer representing you.


At closing the lawyer will disburse the funds where necessary.

How is a second mortgage different from refinancing?

How is a second mortgage different from refinancing?

A second mortgage means you get a new loan in addition to your first mortgage. Refinancing is when you replace your current mortgage with a new one, often with different terms.

Can I get a second mortgage if I have bad credit?

Can I get a second mortgage if I have bad credit?

Yes, you can still get a second mortgage even if your credit isn't great. If you've paid off a good part of your home, lenders will look at that and your overall financial situation. Some second mortgage lenders have no credit or income requirement.

What risks come with a second mortgage?

What risks come with a second mortgage?

Like any mortgage using your home as a guarantee, if you can't make the payments, there's a risk you could lose your home. It's important to think about how you will manage the extra mortgage.

Are there any upfront costs for a Second Mortgage?

Are there any upfront costs for a Second Mortgage?

The only upfront cost you should expect with a second mortgage is an appraisal fee, generally around $500. All other potential fees or closing costs will be paid from proceeds of the refinance at closing time. We'll discuss all potential costs upfront, so there are no surprises.

What does the process of getting a second mortgage look like?

What does the process of getting a second mortgage look like?

Process is very similar to a traditional mortgage but with different qualifications. You should still expect to complete an application, supply some supporting documents, get an appraisal done and choose a lender.

What if the homeowner has an existing mortgage?

What if the homeowner has an existing mortgage?

The great thing about a second mortgage is that it lets your first mortgage stay just as it is, without any changes.
How much money can I borrow with a second mortgage?

How much money can I borrow with a second mortgage?

This usually depends on how much of your home you own (your equity). Lenders often let you borrow up to 80-85% of what your home is worth, minus what you still owe on your first mortgage. However, there are select few that will lend up to 100% of the value.
Can I use the funds from refinancing for anything?

Can I use the funds from the Second Mortgage for anything?

Yes, the funds from the second mortgage can be used for debt consolidation, home improvements, investments, or other personal uses.


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Don't just take our word for it. Our Google Reviews showcase stories from countless satisfied clients who've transformed their financial lives through refinancing. Plus, our accolades, including being in the top 50 for mortgages funded monthly nationwide and in the top 3% of Dominion Lending Centres, are a testament to our commitment to excellence.

Your journey to a more secure financial future is just a click away. Whether you're consolidating debt, planning renovations, or pursuing new investments, we're here to make refinancing straightforward and stress-free.


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Saturday and Sunday - CLOSED


157 Bridge Street

Carleton Place, ON K7C 2V6


Office: 613.714.9499 |  Toll Free: 1.877.230.8872

Fax: 613.714.9488 

Dominion Lending Centres The Mortgage Source is independently owned and operated. #FSRA 10145. Brad Plummer is an independent mortgage broker that places business with various mortgage providers. DLC is compensated for placing your business with a particular lender or will have to charge a fee for their services which will be disclosed well in advance. Not all products or services are shown on this page. If you would like to find a better suited solution it is best to speak to Brad Plummer about your unique situation and secure the best suited product for you. You can book a meeting HERE
Mortgage amounts and rates to be determined based on clients application, credit score, equity in the property and the location of the property. Rates are subject to change without notice. Other monthly fees and costs may apply depending on the lender. All costs will be disclosed once the application is approved and the client has an opportunity to decline the offer. Brad Plummer only handles the application process.
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