For people looking to cover expenses such as renovations and tuition fees, getting a second mortgage in Toronto is an increasingly popular option. A second mortgage is a loan secured by a piece of real estate that already has an existing first mortgage. A house or property can have a number of mortgages placed on it by lenders. The first mortgage holder has first claim to any proceeds from the sale of the property. The second mortgage holder can be paid off once the first mortgage holder is paid off. If there is a third mortgage then that lender must wait until the first and second mortgages are paid off before they can get paid.

Second Mortgage Brokers

A Toronto second mortgage broker will look for the best mortgage for your situation. The main factors to consider when getting a second mortgage are interest rate and any fees associated with the mortgage. In Toronto many lenders will provide mortgage loans up to a maximum loan to value ratio of 75%. Once the loan to value ratio passes the 75% mark, the chances of getting a second mortgage in Toronto is low.

Bad Credit Second Mortgages

If you have a bad credit rating you can still get a second mortgage in Toronto since the loan is based on the property’s home equity.  Most second mortgages are funded by private lenders with specific market knowledge. Since a second mortgage is base on the properties’ equity, lenders will still provide the funding even with a bad credit score

Toronto Private Lenders

Private mortgage lenders are an alternative source of financing. Private mortgage lenders can provide the money you need when other lenders have turned you down. Private mortgage lenders have a more flexible set of criteria for loans than most lenders.

We have specialized private mortgage brokers in every province including Ontario. They can quickly assist you in getting the money you need. Our private mortgage brokers can tell you within a matter of minutes if you qualify for a loan.

Second Mortgage Appraisals

In most cases the lender of the second mortgage will require an appraisal of your property. The value of your house is determined by the recent selling price of similar homes in your area. The rapid prices increases in the Toronto housing  market means that an appraisal from even 6 months ago may no longer reflect the present value of your home. The higher the appraisal value the more money you will be able to borrow.

Toronto Mortgage Refinancing

In simple words, when you refinance a home mortgage loan, you pay off existing loans in exchange for a new home mortgage loan.

Since your home is your most valuable asset, it is important to be well-informed before you choose to work with a private refinancing lender. Working with a qualified mortgage specialist will help you understand all the pros and cons of your individual situation before you make that final decision.

When you are considering refinancing it is prudent to make a well-informed decision and work with a trusted name. is a trusted team of mortgage professionals who are equipped to provide you with all the assistance and knowledge for your refinancing needs.

Toronto Information

Toronto, Ontario’s provincial capital is an ethnically diverse city with a population of 2.615 million as of 2011. It is Ranked as the fifth most populous city in North America. Toronto is the largest international centre for business, finance, arts and culture. It is also a major hub for theatre, music, motion picture production and television production. Canada’s major national broadcasting networks and media outlets are headquartered in Toronto. The city has nearly 600 schools and over 250,000 students and the Toronto District School Board (TDSB) is the largest board in the country. A few of the best schools in Toronto include Deer Park Junior and Senior Public School and Hillmount Public School.

Toronto Real Estate Market

Toronto is a large city with many different neighborhoods. The main areas are Scarborough, North York, East York, Downtown Toronto and Etobicoke.

East York

East York  has great beaches and parks such as Greenwood Park, Ashbridges Bay. The smaller communities within East York are, The Beaches, East Danforth, Little India, Greektown, Leslieville, Playter Estates and Riverdale. Queen Street, Gerrard Street and Danforth Avenue are the main east and west routes. Broadview Road, Pape Avenue, Greenwood Avenue, Coxwell Avenue and Woodbine are the main north-south routes.


Scarborough is a large part of the City of Toronto. Scarborough is made up of many smaller areas including Agincourt, Birch Cliff, Dorset Park, Eglinton, Golden Mile, Guildwood, Milliken, Rouge, Wexford and Woburn. The Scarborough Bluffs are an impressive sight along Lake Ontario. There are many different places to shop including the Scarborough Town Centre.

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