Get a in Ontario
with an Award-Winning Mortgage Broker
Rates updated Aug 20, 2025
Rates updated Aug 20, 2025
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Since 2015, more than 2,000 homeowners in Ontario have given us 5-star reviews.
360Lending is an award-winning mortgage brokerage helping homeowners across Ontario get better rates on home equity loans, HELOCs, and mortgage refinancing.
Understanding Second Mortgages
From $40,000 to $250,000
A second mortgage is a loan secured against your home, taken in addition to your existing mortgage. It’s popular in Ontario for debt consolidation, home improvements, or accessing equity without breaking your first mortgage. Our team can help you understand the different types of second mortgage products, interest rates and costs, and Ontario-specific considerations when comparing mortgage options or starting the application process.
FAQs about second mortgages:
1
What do I need to qualify?
Eligibility for a second mortgage include at least 20% home equity. With traditional banks, stronger credit and income may improve interest rates and costs, while private lenders have no income or credit requirements.
2
Typical second mortgage rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. If you don't want to break your current mortgage, second mortgage rates in Ontario start at 6.99%.
3
Are personal loans better?
Personal loans are not secured against real property, so they are usually smaller, more expensive, and harder to get.
4
Reasons to obtain a 2nd mortgage?
Using second mortgages for debt consolidation and home improvements is common, but they’re also great for covering large expenses, investing, or avoiding prepayment penalties.
5
Regulations and tax implications?
Lenders can go up to 80% of your home’s value minus existing mortgages. Interest may be tax-deductible if funds are used for investment—speak to a tax advisor to confirm.
Approved for $80,000as a second mortgage
Saved $12,000in prepayment penalties
Get More Without Refinancing
Josh is a financial advisor who owns an investment property in Barrie, Ontario. He has about 3.5 years left on his $475,000 mortgage, which he locked in at a very low rate.
Josh recently came across a lucrative business opportunity that required an $80,000 upfront investment. However, taking out a second mortgage made more sense than refinancing his first mortgage—he didn’t want to give up his low rate or pay thousands in prepayment penalties.
When Josh called our team, we walked Josh through the pros and cons of 2nd mortgages, helping him understand how a second loan could be layered onto his current mortgage without disrupting it. We also showed him how to use our second mortgage calculator to estimate monthly payments and evaluate the cost of borrowing over 3.5 years.
How 360Lending helped Josh get his capital
Because Josh had 3.5 years remaining on his first mortgage, our team of licensed mortgage professionals recommended applying for a second mortgage that would match the same term. This strategy allowed him to avoid breaking his existing mortgage—saving him from costly penalties while still accessing the funds he needed.
Josh’s mortgage application with a strong employment history, good credit, and low debt-to-income ratio made him a likely candidate to get an approval from traditional banks. We gathered his T4s from the past two years, along with his most recent pay stubs, to help him apply for a second mortgage through a competitive 2nd mortgage lender.
Our mortgage specialists also helped Josh compare second mortgage rates from multiple lenders, taking into account both interest rate and fees. Because of his profile, we were able to secure favorable terms that aligned with his investment timeline. This gave Josh confidence to move forward without disrupting his long-term mortgage strategy.
Results
Josh was approved for an $80,000 second mortgage in Ontario with a 3.5-year term, perfectly aligned with his existing mortgage maturity. This allowed him to invest in his business opportunity immediately while maintaining his low original rate. The second mortgage gave him quick access to capital without the delays and penalties that come with refinancing. Our team made the process seamless from end to end—helping him compare offers, understand repayment terms, and choose the best structure. This case highlights how second mortgages can be a smart, strategic option for homeowners who want to preserve their existing mortgage and still leverage their home equity. Whether you're investing, consolidating debt, or funding renovations, second mortgage products can offer the flexibility you need with the right guidance.
Get an estimate of your monthly payment:
What you'll need to apply for a second mortgage in Ontario, Canada
We recommend getting the following documents ready to ensure a seamless experience:
2 valid IDs (i.e. passport)
Direct deposit (or void cheque)
Home insurance
Mortgage statement
Property tax bill
T4s from the past 2 years & pay stubs (salaried or hourly)
Bank statements (self-employed or retired)
360Lending empowers families with tools for better decisions and prioritizes client care for success.
9040 Leslie St, Unite 215
Richmond Hill, Ontario, L4B 3M4
Mon-Wed9am-8pm
Thurs-Fri9am-5pm
Sat-SunClosed
