Second Mortgage Solutions in Ontario

    Burke Financial is an award-winning mortgage broker committed to helping homeowners make the most of their home equity. We specialize in finding the best 2nd mortgage rates in Ontario and helping property owners make the most of their investment.

    Second mortgages might seem overwhelming or confusing at first, but they don’t need to be. In fact, a 2nd mortgage is one of the most common borrowing tools among homeowners.

    A quality mortgage broker can help save you a lot of money by matching you with the right second mortgage lender in Ontario. In fact, a mortgage holder could avoid bad credit and save over $1,000 monthly — that’s more than $12,000 a year!

    Our mission is to provide the best possible customer experience for our clients. We help homeowners at every credit level find their best financial footing with options for mortgage loans, mortgage refinancing, and more. Our 2nd mortgage services are available across Ontario.

    Second Mortgage Solutions in Ontario
    2nd Mortgages Home Equity

    2nd Mortgages

    Owning equity in your home is a significant asset to your finances. Most people don’t realize how much home equity they have built up in their years of homeownership, and they would probably be surprised at the kind of funds they can secure through a 2nd mortgage.

    Every month that you pay down your mortgage, you build capital. So when unexpected repairs arise, or an investment opportunity presents itself, you have the advantage of accessing your home’s equity to take that next step. Taking out a 2nd mortgage as a homeowner can be a great way to access your home’s equity at very competitive interest rates.

    For most people in Ontario, their home is their sole real estate investment. Utilizing a 2nd mortgage is a great way to tap into your home equity. This borrowing option is an opportunity to free up capital using the equity you’ve built up in your property. A 2nd mortgage offers homeowners across Ontario the freedom to use the wealth they’ve acquired however they see fit.

    The money you secure from a second mortgage lender, through a broker, can be used towards paying down other debt, which can be paid back at comparatively low interest rates. This is one of the best uses of a 2nd mortgage, and a broker can help you wipe out high-interest debts, as well as other financial burdens.

    Second Mortgages for All Situations

    Homeowners have the freedom to use the capital from a 2nd mortgage however they see fit. When we meet with our clients, we listen to their needs and match them with the right financial solution to help them reach their goals. Accessing a private second mortgage is an untapped opportunity that you may not have thought of, but it could be just what you need to make that investment in your home or for your family.

    Whether you are looking to pursue debt consolidation or a large-scale renovation on your home, a Burke Financial mortgage broker will help lay out all of your options, so you can decide where your money is better spent.

    Consider the convenience of working with a second mortgage broker in Ontario.

    Second Mortgages for All Situations
    Credit Card Debt Consolidation


    The average homeowner can accumulate tens of thousands in debt over their lifetime. Instead of trying to pay off multiple high-interest payments every month, consolidate your credit card debt into a single low-interest payment.

    This offers a more efficient payment method with a fixed rate and payment plan.

    Pay off Lines of Credit


    Juggling multiple lines of credit is an expensive and time-consuming burden that you don’t need,
    especially if you’re a new homeowner.

    Instead of trying to balance your budget with multiple monthly payments, taking out another mortgage on your home is an efficient way to pay off those high-interest lines of credit. From that moment on, you’ll only have one low-interest payment to fit in with the rest of your expenses.

    Fix Urgent Home Repairs


    When a pipe bursts in your home or you find mould in the walls, time isn’t a luxury you have. You need quick capital to tackle significant projects, and you don’t have time to build your credit or wait on a lengthy bank application. A broker can match you with a private second mortgage lender in Ontario, to access the funds you need without making you jump through hoops.

    With a single, sufficient payment at your disposal, you have the ability to repair your home and ensure your safety.

    Invest in Education


    Tuition costs and living expenses continue to rise in Ontario, and if you’re already a homeowner, it’s just another expense to add to your budget. Taking out a 2nd mortgage can provide you with that financial relief you need to invest your time and energy into your studies or secure your family’s educational future.

    Since these loans come with a lower interest rate than a line of credit or your credit card, you’ll have peace of mind knowing you can safely manage the monthly payments.

    Make Car Payments


    Purchasing a vehicle is just as important of an investment as a home. Just like buying property, a car has its own financial responsibilities and can unexpectedly falter. Whether you’re making monthly car payments or dealing with a mechanical issue, having guaranteed cash in your pocket will help prevent any financial setbacks.

    The option of working with a private second mortgage is available to you, and it could be just what you need to keep those wheels on the road.

    Invest in Major Home Renovations


    The investment opportunities don’t end when you purchase your home. The interior and exterior of the house offer numerous possibilities for improvement. When you invest your time and money into making your home more functional, you’re adding to its value.

    A 2nd mortgage is an opportunity for homeowners in Toronto and throughout Ontario to take their earned equity and use it to increase their home’s future profits.

    Purchasing Investment Properties


    If you’ve decided to expand your real estate portfolio but haven’t saved enough for a down payment, there are other options worth considering. Accessing a 2nd mortgage in Ontario is a viable option that gives you the quick cash you need without becoming tied up in the paperwork you’ll find with banks.

    With a singular, low-interest monthly payment, you have the opportunity to build your investments and secure your financial future.

    Why Choose Burke Financial

    While many financial institutions may offer 2nd mortgages in Ontario, finding a lender that fits your personality and your financial needs is easier said than done. That is unless you have a mortgage brokerage specializing in precisely that.

    Burke Financial is an experienced mortgage broker that will help you get the best interest rate for your situation. We access our vast network of private lenders, MICs, banks, and investors to find the right match. We invest our time and resources with as much care as you’ve put into owning and maintaining your home.

    At Burke Financial, we understand that taking out a second mortgage in the GTA and other cities across the province is a big deal, and we don’t take it lightly. We have ample industry experience helping people from all over Ontario get the best mortgage rates and will do everything to make sure you get the best possible deal.

    Our team will help you weigh your options and identify the right type of mortgage product for you. A 2nd mortgage might be the right solution for you!

    We’re always happy to answer questions to help our clients better understand the process. Apply now to get in touch with one of our mortgage broker specialists.

    Top Choice Award Brokerage of the Year 2021
    Better Business Bureau A Accredited Business
    Canadian Mortgage Brokers Association Member

    Contact Us Today

    Feel free to contact us anytime with any questions that you have. We are here to help every step of the way!

    388 Granton Drive (Unit 1)
    Richmond Hill, ON L4B 1H7
    Brokerage # 13111
    Email: [email protected]

      Frequently Asked Questions

      A second mortgage refers to the process of borrowing additional capital against your home, in addition to your original mortgage. This type of loan is typically offered by an alternative lender instead of the bank that holds your current mortgage. It’s considered a second priority should you default on your payments.

      As you make your monthly mortgage payments, you build equity in your home, which you can leverage if you’re looking to consolidate debts or make a significant purchase. Homeowners have a lot of freedom when borrowing from second mortgage lenders in Ontario. Whether it’s an urgent home repair, credit card debts, or you’re looking to pay off your student loans, you can dictate where your money will best serve you. A Burke Financial broker can help you find a private second mortgage lender that can meet your financial goals.

      The amount of capital available to you depends on several factors. The equity you accumulate is directly related to the amount of time and money you’ve put towards your monthly mortgage. The longer you’ve lived in your home, the more equity you’ll have at your disposal. The housing market in your area is also an important variable. If your home’s value has increased since you purchased the property, so should your equity. Burke Financial allows you to access up to 90% of the equity in your home for what you need to accomplish.

      Our detailed access to private second mortgages in Toronto and across Southern Ontario means that you don’t have to wait around for banks or stress about your credit score. With our quick turnaround times, we can put money in your pocket in as little as 48 hours. Burke Financial brokers specialize in finding premium rates without the paperwork or bureaucratic policies you’ll often find with traditional lenders.

      We’re proud to help homeowners all across Toronto, Hamilton, Kitchener, Ottawa, and throughout southern Ontario to access the capital they need swiftly and without hassle. Whether your credit score sits above or below 650, our brokers will find second mortgage lenders in Ontario that can meet your needs. We have the experience and know-how to help your application get approved and put your best financial foot forward.

      You have the freedom to spend your money in whichever way serves you. For some homeowners, taking out a 2nd mortgage in Toronto or in any Ontario city is a tool to consolidate their debt and streamline their budget. For others, they use the capital to invest back into their home and elevate its market value. We help get you the money you need when you need it.

      A second mortgage is considered a type of home equity loan. The difference between a 2nd mortgage and a home equity loan, however, is that a 2nd mortgage is an additional loan taken against a homeowner’s property with an existing mortgage. Homeowners put up their homes as collateral, and their lender offers a single lump-sum payment with a fixed interest and payment plan.

      No matter where you stand financially, you’re entitled to your home’s equity so you can make a strategic plan for your future. We help borrowers take advantage of second mortgages in Ontario at every credit level. We take pride in working with homeowners invested in their financial future and want to make smart spending decisions.

      If your credit falls below the 650 average and you’re worried you won’t be able to pay off your line of credit or fix the plumbing in your home, we can help. At Burke Financial, we have the experience and network to help even the most complex applications get approved.