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What Is a Second Mortgage?

A second mortgage is a secured loan that sits behind your existing mortgage — which means your first mortgage will be left untouched — but lets you extract equity from your property. At CMI, we can help you borrow a second mortgage on residential as well as commercial properties.

If you’ve got some equity built up in your property, then we can help you tap in to your existing dormant equity, whether your credit is excellent or blemished.

Benefits of a second mortgage

A second mortgage can help you get rid of high-interest debt and improve your credit score. But second mortgages are also widely used to help with a whole range of other financial needs. The possibilities are unlimited — and with a second mortgage, your dreams are powered by an asset you already own.

We specialize in second mortgages for the following reasons:

  • Home Renovation and Construction
  • Working capital for your business
  • Debt Consolidation and Credit Repair
  • Short term / bridge financing
  • Collections, judgements, and personal debts
  • …and more!
  • Property, personal tax, or mortgage arrears

We work with hundreds of private mortgage lenders across Canada, ensuring that regardless of income or credit, provided that you have equity in your property, we can help!

We also work with institutional lenders who can offer attractive rates on second mortgages for you, if you have strong credit and a good income.

Choose a mortgage option

CMI cuts through the clutter of one-size-fits-all mortgage terms, to offer you a second mortgage that's tailored for your needs. We can select the right terms for you — including a variety of different mortgage lengths, and options like interest-only mortgages or bridge loans with no pre-payment penalties. We can even set you up with a revolving home equity line of credit, if you have good credit and live in an urban area.

Quickly get your funding!

You’ll have funds in your bank account in no time, so you can pay off that debt, launch that project, and make your dreams happen. While other lenders are pushing papers back and forth, we're making deals and printing cheques. From fast decisions to fast funds, CMI gives you the fastest turnaround in the mortgage business.

Second mortgage rates

Whether you’re making an investment or buying a vacation property, a second mortgage can get you there. CMI has some of the best rates in the industry. Second mortgages are no longer very expensive, or necessarily a last resort.

We offer second mortgage rates that vary depending on your income and credit, as well as overall home equity. The better your overall situation, the more attractive the financing options that we can provide to you.

Whether you’re looking to complete home renovations, consolidate debt, send the kids off to college, or set up a vacation retreat for your family, a second mortgage can help turn those dreams into realities.

Schedule a FREE consultation using the form below, and let us show you what we can do for you.

Debt Consolidation, Settlement, and Credit repair

We’ll help you clean up your credit, clear your current debts, and get you back on track!

Many good people run into credit trouble. The good news is that if you’ve got some equity in your home, a second mortgage can help bring a healthy glow back to your credit report.

If you've got excess equity in your home, you can borrow up to 85 percent of your property’s value and turn it into cash for paying off debts — and we'll show you exactly how. We can help you pay down your debt, repair your credit score, and stabilize your financial situation.

All it takes is a few seconds of your time — so fill out the form below and get your FREE consultation today!

Debt Settlement – Save up to 50% off of what you owe to your creditors!

If your credit is already badly damaged and you have defaulted with your creditors, we may be able to help arrange a reduction in your debts as part of your credit repair and debt consolidation process.

When you schedule a FREE consultation with our mortgage experts, we’ll walk through your situation with you, so we understand the credit problems you’re facing. Then we’ll present you with credit repair advice, absolutely free. We’ll help you replace your multiple payments, crushing interest rates and creditor phone calls with a single affordable monthly payment.

Renovation financing

Are you doing some work around the house? A second mortgage can cover the cost!

A second mortgage is a perfect way to put some life back into an aging home — and our team of experts makes the process easy.

From start to finish, our mortgage professionals will be by your side, making sure you get the funds you need to move forward with your dream renovation project. Whether you’re revamping the kitchen, putting down wood floors, or creating a beautiful new backyard, we’ll help make it happen for you.

And since our mortgage experts bring a personal touch to every deal, you can be sure they’ll negotiate the best rate available for your second mortgage.

Mortgage for a second home

Do you own more than one home, or are you looking to acquire a second property? We can help with that too. Multiple properties can be a challenge for some lenders and brokers, but at CMI, we specialize in complex mortgages.

Just fill out the form below to get started. Your FREE consultation is just an email away!