You’ve worked hard to build equity in your home, so why not use it?
If you’re dealing with rising debt, urgent expenses, or investment plans, a second mortgage in Ontario could be the perfect solution. The best part? You don’t need to sell your home to access this equity.
In this post, we’ll break down what a second mortgage is, how it works, and how to qualify, even with bad credit or non-traditional income.
What Is a Second Mortgage?
A second mortgage is a loan secured against your home. However, unlike your first mortgage, it sits in second position. It doesn’t replace your existing mortgage, it works alongside it.
For example:
If you owe $300,000 on your first mortgage and your home is worth $700,000, you may qualify for a second mortgage of up to $260,000 (based on an 85% Loan-to-Value cap).
Why Choose a Second Mortgage?
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Access up to 85% of your home’s value
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Keep your low-rate first mortgage intact
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Get approved quickly, even with bad credit
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Use the funds for any purpose: debt consolidation, renovations, tuition, or business needs
What You Need to Qualify in Ontario
Even if banks have turned you down, private and alternative lenders often say yes. To qualify, lenders typically assess:
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Home Equity – At least 20% equity remaining
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Property Type – Residential homes, condos, or rental units
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Proof of Income – Employment income, pension, or self-employed earnings
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Documentation – Valid ID and your current mortgage statement
Real Scenario: Second Mortgage for Debt Relief
Dave in Hamilton had $55,000 in credit card debt. Unfortunately, his bank denied a refinance due to his credit score. However, Burke Financial helped him secure a second mortgage using his home equity, and got it approved in just 48 hours. As a result, he reduced his monthly payments by $900 without affecting his first mortgage.
Why Work With a Mortgage Broker?
Second mortgages aren’t available through most banks. A mortgage broker:
- Has access to private and alternative lenders
- Understands Ontario’s equity rules and lender limits
- Gets you approved faster with minimal paperwork
At Burke Financial, we specialize in helping homeowners across Ontario use equity to create financial breathing room, without selling their home.
Final Thoughts
A second mortgage in Ontario is one of the most powerful tools you can use to unlock your equity, whether you’re managing debt, investing in your home, or navigating financial hardship. And you don’t have to sell your house to do it.
Want to know how much equity you can access?
Let our award-winning team help you get approved fast with a second mortgage, tailored for your needs.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
