Pros and cons of a second mortgage<\/strong><\/h2>\n\n\n\nPros:<\/strong><\/h4>\n\n\n\n\n- Tapping into your home equity gives you flexibility. You can use a second mortgage for anything, including debt repayment, home renovations or unexpected expenses.<\/li>\n\n\n\n
- You can access potentially large amounts of cash \u2014 up to 80% of your home\u2019s appraised value.<\/li>\n\n\n\n
- Some lenders may allow you to qualify even if you have bad credit.<\/li>\n\n\n\n
- Because a second mortgage is secured by your home, interest rates may be lower than an unsecured loan.<\/li>\n<\/ul>\n\n\n\n
Cons:<\/strong><\/h4>\n\n\n\n\n- Your home becomes collateral for another loan, which means a higher risk of default and the loss of your home if your financial situation worsens.<\/li>\n\n\n\n
- You could pay a significantly higher interest rate compared to your primary mortgage.<\/li>\n\n\n\n
- Fees can be expensive.<\/li>\n<\/ul>\n\n\n\n
Second mortgage: Definition and example<\/strong><\/h2>\n\n\n\nSecond mortgages are based on your home equity<\/a>, which is the value of your home minus whatever you owe on your current mortgage.<\/p>\n\n\n\nFor example, say your home\u2019s current market value is $500,000. If you still owe $300,000 on your mortgage, you have $200,000 of equity ($500,000 home value – $300,000 outstanding mortgage = $200,000 home equity).<\/p>\n\n\n\n
You can\u2019t borrow 100% of your home\u2019 equity, though. The most you can unlock is 80% of your property\u2019s value, minus what you owe on your current mortgage. In the example above, you\u2019d be able to borrow up to $100,000. Here\u2019s the math:<\/p>\n\n\n\n
\n- $500,000 (home value) * .8 (80% maximum) = $400,000<\/li>\n\n\n\n
- $400,000 (equity maximum) – $300,000 (outstanding mortgage) = $100,000 available to borrow<\/li>\n<\/ul>\n\n\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\t
Best Mortgage Rates in Canada<\/h5>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\tCompare Canada\u2019s top mortgage lenders and brokers side-by-side and find out the best mortgage rates that will meet your needs.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t
Explore Now<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t![\"Ad](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Mortgage-32-1.svg\")
\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\nTypes of second mortgages<\/strong><\/h3>\n\n\n\nHome equity lines of credit<\/a> (HELOCs) and home equity loans<\/a> are the two main types of second mortgages. <\/p>\n\n\n\n\n- Home equity loans <\/strong>provide a lump sum amount upfront. <\/li>\n\n\n\n
- HELOCs <\/strong>are a form of revolving credit, similar to a credit card. That means you can borrow different amounts at any time, up to a set limit. <\/li>\n<\/ul>\n\n\n\n
Many major financial institutions offer HELOCs<\/a>, but, if you\u2019re interested in a home equity loan, you\u2019ll likely have to go to a private lender<\/a> or consult with a mortgage broker<\/a>.<\/p>\n\n\n\nFees and interest rates on second mortgages<\/strong><\/h3>\n\n\n\nThe fees you\u2019ll pay for a second mortgage are often the same as a primary mortgage. They may include:<\/p>\n\n\n\n
\n- Administration fees.<\/li>\n\n\n\n
- Appraisal fees.<\/li>\n\n\n\n
- Title search fees.<\/li>\n\n\n\n
- Title insurance fees.<\/li>\n\n\n\n
- Legal fees.<\/li>\n<\/ul>\n\n\n\n
Interest rates<\/a> for second mortgages are often higher than your existing mortgage. Home equity loan interest rates can be either fixed or variable. HELOC rates are always variable.<\/p>\n\n\n\nThe additional mortgage lender takes the second position on the property\u2019s title. If you default and your home is sold, the original lender gets paid first. Since the second lender takes on additional risk of not being paid back, they charge you a premium.<\/p>\n\n\n\n
How to qualify for a second mortgage<\/strong><\/h3>\n\n\n\nJust like your existing mortgage, you\u2019ll need to qualify for a second mortgage before getting approved. Lenders will consider:<\/p>\n\n\n\n
\n- Equity.<\/strong> You\u2019ll need to provide your primary mortgage details so the second mortgage lender can see how much equity you have.<\/li>\n\n\n\n
- Income verification.<\/strong> A letter of employment or recent pay stubs can show lenders that you have steady employment and can afford a second mortgage.<\/li>\n\n\n\n
- Credit score.<\/strong> Lenders will check your credit score<\/a> during the qualification process. Generally, the higher your credit score, the better the loan terms you\u2019ll be offered.<\/li>\n\n\n\n
- Property value.<\/strong> You\u2019ll need a home appraisal<\/a> to determine the current property value.<\/li>\n<\/ul>\n\n\n\n
Alternatives to a second mortgage<\/strong><\/h2>\n\n\n\nIf you\u2019re in need of cash and can afford the added costs, a second mortgage could be the right move. But there are several other credit products that may be worth considering.<\/p>\n\n\n\n
Collateral mortgage<\/strong><\/h3>\n\n\n\nA collateral mortgage<\/a> is like a typical mortgage with an additional HELOC amount already approved. As your home equity increases, the amount you\u2019re able to borrow does too.<\/p>\n\n\n\nYou must apply for a collateral mortgage when you first apply for your mortgage. You can\u2019t apply once your mortgage has begun like you can with a home equity line of credit<\/a>. <\/p>\n\n\n\nBlended mortgage<\/strong><\/h3>\n\n\n\nA blended mortgage<\/a> is a popular option for homeowners when interest rates fall below the rate they\u2019re currently paying. Typically, you\u2019ll get a lower interest rate plus the opportunity to access the equity in your home \u2014 two options that can improve your cash flow situation.<\/p>\n\n\n\nThe rate you wind up with should fall between your existing mortgage rate and the current rates being offered by your lender, hence the term \u201cblended.\u201d Since you\u2019re technically keeping your mortgage \u2014 not refinancing<\/a> \u2014 you can avoid prepayment fees.<\/p>\n\n\n\nPersonal loans and unsecured lines of credit<\/strong><\/h3>\n\n\n\nUnder some circumstances, an unsecured form of credit could be a better fit for your short-term financing needs. <\/p>\n\n\n\n
For example, if a second mortgage from a private lender is going to cost you 12% interest over the next 12 months, it\u2019s not a bad idea to explore personal loan<\/a> or line of credit<\/a> options and see if there\u2019s a cheaper way to borrow.<\/p>\n\n\n\nGetting a mortgage for a second home<\/strong><\/h2>\n\n\n\nBuying a property that isn\u2019t your primary residence is an entirely different process from getting a second mortgage. With a second mortgage, you have two loans on the same house. When buying a second home, each home has its own mortgage.<\/p>\n\n\n\n
If you buy a second home or investment property, you\u2019ll have to apply for a new mortgage \u2014 one that only applies to the new property. You\u2019ll have to qualify, pass the mortgage stress test<\/a> and, crucially, provide a down payment of at least 20%.Your first home can play a factor in your new mortgage by increasing your assets, impacting your debt service ratios<\/a> and maybe even providing some of the funds for your down payment. But getting a new mortgage doesn\u2019t technically mean you have a \u201csecond mortgage.\u201d It just means you now have two homes, each with its own mortgage.<\/p>\n\n\n\n<\/h2><\/div>\nFrequently asked questions about second mortgages<\/h3><\/div>\nIs getting a second mortgage a good idea?<\/div><\/div>\nA second mortgage is only a good idea if you\u2019re confident you can pay it off without damaging your finances. Second mortgages can come with high interest rates and, depending on the lender, short, restrictive repayment schedules that can be difficult to maintain \u2014 especially if you\u2019re already short on cash.<\/p>\n<\/div><\/div><\/div>\n\n\n\n
Is a second mortgage the same as a home equity loan?<\/div><\/div>\nYes. A home equity loan is a loan secured by an already mortgaged property, so a home equity loan is really just a type of second mortgage. The other main type is a HELOC. <\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n
\n\t\n\t\t\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tKurt Woock started writing for NerdWallet in 2021 and has covered mortgages, cryptocurrency, electric vehicles and small business software. Prior to joining NerdWallet, Kurt worked for the Colorado Public Employees'…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Kurt Woock and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tClay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t\n\t\t\t\t\t\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t\n\t\t\t\n\n\t\n\t\t\t\n\t\t![\"Porting](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-Porting-or-Transferring-Your-Mortgage-Works-e1628030738886-460x191.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tPorting or Transferring a Mortgage\t<\/a>\n<\/h4>\n\n\t\n\t\tPorting a mortgage applies an existing mortgage contract to a new home purchase. Porting can be less expensive than breaking a mortgage.<\/p>\n\t<\/div>\n\n\t
\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\t![\"\"](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/IMG_20220329_114424-150x150.jpg\")
Clay Jarvis<\/a>![\"\"](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-40x40.jpg\")
Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t![\"How](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/08\/How-to-Renew-Your-Mortgage-e1629235133694-460x191.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tHow Mortgage Renewal Works In Canada\t<\/a>\n<\/h4>\n\n\t\n\t\tYou\u2019ll likely go through the mortgage renewal process several times before you pay off your mortgage in full. Here\u2019s how to renew a mortgage, including tips for keeping down costs and finding the best deal. <\/p>\n\t<\/div>\n\n\t
\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\tClay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t![\"5-Year](\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/GettyImages-1270110980-e1647903056478-460x198.jpg\")
\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\t5-Year Fixed Mortgage Rates\t<\/a>\n<\/h4>\n\n\t\n\t\tCompare customized 5-year fixed mortgage rates from Canada\u2019s best lenders and brokers for free. Find the lowest mortgage rate and apply for the home loan that best fits your needs.<\/p>\n\t<\/div>\n\n\t
- \n
- Tapping into your home equity gives you flexibility. You can use a second mortgage for anything, including debt repayment, home renovations or unexpected expenses.<\/li>\n\n\n\n
- You can access potentially large amounts of cash \u2014 up to 80% of your home\u2019s appraised value.<\/li>\n\n\n\n
- Some lenders may allow you to qualify even if you have bad credit.<\/li>\n\n\n\n
- Because a second mortgage is secured by your home, interest rates may be lower than an unsecured loan.<\/li>\n<\/ul>\n\n\n\n
Cons:<\/strong><\/h4>\n\n\n\n
- \n
- Your home becomes collateral for another loan, which means a higher risk of default and the loss of your home if your financial situation worsens.<\/li>\n\n\n\n
- You could pay a significantly higher interest rate compared to your primary mortgage.<\/li>\n\n\n\n
- Fees can be expensive.<\/li>\n<\/ul>\n\n\n\n
Second mortgage: Definition and example<\/strong><\/h2>\n\n\n\n
Second mortgages are based on your home equity<\/a>, which is the value of your home minus whatever you owe on your current mortgage.<\/p>\n\n\n\n
For example, say your home\u2019s current market value is $500,000. If you still owe $300,000 on your mortgage, you have $200,000 of equity ($500,000 home value – $300,000 outstanding mortgage = $200,000 home equity).<\/p>\n\n\n\n
You can\u2019t borrow 100% of your home\u2019 equity, though. The most you can unlock is 80% of your property\u2019s value, minus what you owe on your current mortgage. In the example above, you\u2019d be able to borrow up to $100,000. Here\u2019s the math:<\/p>\n\n\n\n
- \n
- $500,000 (home value) * .8 (80% maximum) = $400,000<\/li>\n\n\n\n
- $400,000 (equity maximum) – $300,000 (outstanding mortgage) = $100,000 available to borrow<\/li>\n<\/ul>\n\n\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\t
Best Mortgage Rates in Canada<\/h5>\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\tCompare Canada\u2019s top mortgage lenders and brokers side-by-side and find out the best mortgage rates that will meet your needs.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t
Explore Now<\/a><\/div>\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\nTypes of second mortgages<\/strong><\/h3>\n\n\n\n
Home equity lines of credit<\/a> (HELOCs) and home equity loans<\/a> are the two main types of second mortgages. <\/p>\n\n\n\n
- \n
- Home equity loans <\/strong>provide a lump sum amount upfront. <\/li>\n\n\n\n
- HELOCs <\/strong>are a form of revolving credit, similar to a credit card. That means you can borrow different amounts at any time, up to a set limit. <\/li>\n<\/ul>\n\n\n\n
Many major financial institutions offer HELOCs<\/a>, but, if you\u2019re interested in a home equity loan, you\u2019ll likely have to go to a private lender<\/a> or consult with a mortgage broker<\/a>.<\/p>\n\n\n\n
Fees and interest rates on second mortgages<\/strong><\/h3>\n\n\n\n
The fees you\u2019ll pay for a second mortgage are often the same as a primary mortgage. They may include:<\/p>\n\n\n\n
- \n
- Administration fees.<\/li>\n\n\n\n
- Appraisal fees.<\/li>\n\n\n\n
- Title search fees.<\/li>\n\n\n\n
- Title insurance fees.<\/li>\n\n\n\n
- Legal fees.<\/li>\n<\/ul>\n\n\n\n
Interest rates<\/a> for second mortgages are often higher than your existing mortgage. Home equity loan interest rates can be either fixed or variable. HELOC rates are always variable.<\/p>\n\n\n\n
The additional mortgage lender takes the second position on the property\u2019s title. If you default and your home is sold, the original lender gets paid first. Since the second lender takes on additional risk of not being paid back, they charge you a premium.<\/p>\n\n\n\n
How to qualify for a second mortgage<\/strong><\/h3>\n\n\n\n
Just like your existing mortgage, you\u2019ll need to qualify for a second mortgage before getting approved. Lenders will consider:<\/p>\n\n\n\n
- \n
- Equity.<\/strong> You\u2019ll need to provide your primary mortgage details so the second mortgage lender can see how much equity you have.<\/li>\n\n\n\n
- Income verification.<\/strong> A letter of employment or recent pay stubs can show lenders that you have steady employment and can afford a second mortgage.<\/li>\n\n\n\n
- Credit score.<\/strong> Lenders will check your credit score<\/a> during the qualification process. Generally, the higher your credit score, the better the loan terms you\u2019ll be offered.<\/li>\n\n\n\n
- Property value.<\/strong> You\u2019ll need a home appraisal<\/a> to determine the current property value.<\/li>\n<\/ul>\n\n\n\n
Alternatives to a second mortgage<\/strong><\/h2>\n\n\n\n
If you\u2019re in need of cash and can afford the added costs, a second mortgage could be the right move. But there are several other credit products that may be worth considering.<\/p>\n\n\n\n
Collateral mortgage<\/strong><\/h3>\n\n\n\n
A collateral mortgage<\/a> is like a typical mortgage with an additional HELOC amount already approved. As your home equity increases, the amount you\u2019re able to borrow does too.<\/p>\n\n\n\n
You must apply for a collateral mortgage when you first apply for your mortgage. You can\u2019t apply once your mortgage has begun like you can with a home equity line of credit<\/a>. <\/p>\n\n\n\n
Blended mortgage<\/strong><\/h3>\n\n\n\n
A blended mortgage<\/a> is a popular option for homeowners when interest rates fall below the rate they\u2019re currently paying. Typically, you\u2019ll get a lower interest rate plus the opportunity to access the equity in your home \u2014 two options that can improve your cash flow situation.<\/p>\n\n\n\n
The rate you wind up with should fall between your existing mortgage rate and the current rates being offered by your lender, hence the term \u201cblended.\u201d Since you\u2019re technically keeping your mortgage \u2014 not refinancing<\/a> \u2014 you can avoid prepayment fees.<\/p>\n\n\n\n
Personal loans and unsecured lines of credit<\/strong><\/h3>\n\n\n\n
Under some circumstances, an unsecured form of credit could be a better fit for your short-term financing needs. <\/p>\n\n\n\n
For example, if a second mortgage from a private lender is going to cost you 12% interest over the next 12 months, it\u2019s not a bad idea to explore personal loan<\/a> or line of credit<\/a> options and see if there\u2019s a cheaper way to borrow.<\/p>\n\n\n\n
Getting a mortgage for a second home<\/strong><\/h2>\n\n\n\n
Buying a property that isn\u2019t your primary residence is an entirely different process from getting a second mortgage. With a second mortgage, you have two loans on the same house. When buying a second home, each home has its own mortgage.<\/p>\n\n\n\n
If you buy a second home or investment property, you\u2019ll have to apply for a new mortgage \u2014 one that only applies to the new property. You\u2019ll have to qualify, pass the mortgage stress test<\/a> and, crucially, provide a down payment of at least 20%.Your first home can play a factor in your new mortgage by increasing your assets, impacting your debt service ratios<\/a> and maybe even providing some of the funds for your down payment. But getting a new mortgage doesn\u2019t technically mean you have a \u201csecond mortgage.\u201d It just means you now have two homes, each with its own mortgage.<\/p>\n\n\n\n
<\/h2><\/div>
\nFrequently asked questions about second mortgages<\/h3><\/div>
\nIs getting a second mortgage a good idea?<\/div><\/div>\nA second mortgage is only a good idea if you\u2019re confident you can pay it off without damaging your finances. Second mortgages can come with high interest rates and, depending on the lender, short, restrictive repayment schedules that can be difficult to maintain \u2014 especially if you\u2019re already short on cash.<\/p>\n<\/div><\/div><\/div>\n\n\n\n
Is a second mortgage the same as a home equity loan?<\/div><\/div>\nYes. A home equity loan is a loan secured by an already mortgaged property, so a home equity loan is really just a type of second mortgage. The other main type is a HELOC. <\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n
\n\t\n\t\t\n\t\t\tAbout the Authors\t\t<\/h4>\n\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tKurt Woock<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\tKurt Woock started writing for NerdWallet in 2021 and has covered mortgages, cryptocurrency, electric vehicles and small business software. Prior to joining NerdWallet, Kurt worked for the Colorado Public Employees'…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Kurt Woock and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tClay Jarvis<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\tClay Jarvis is NerdWallet\u2019s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tRead more about Clay Jarvis and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t
\n\t\t\t\t\t \n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t
\n\t\t\t\n\n\t\n\t\t\t\n\t\t\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tPorting or Transferring a Mortgage\t<\/a>\n<\/h4>\n\n\t
\n\t\tPorting a mortgage applies an existing mortgage contract to a new home purchase. Porting can be less expensive than breaking a mortgage.<\/p>\n\t<\/div>\n\n\t
\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\tClay Jarvis<\/a>Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\tHow Mortgage Renewal Works In Canada\t<\/a>\n<\/h4>\n\n\t
\n\t\tYou\u2019ll likely go through the mortgage renewal process several times before you pay off your mortgage in full. Here\u2019s how to renew a mortgage, including tips for keeping down costs and finding the best deal. <\/p>\n\t<\/div>\n\n\t
\n\t\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\tClay Jarvis<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\t\n\t\t\t\n\t\t\t<\/a>\n\t\t\t\n\t\t\t\n\n\t\n\t\t5-Year Fixed Mortgage Rates\t<\/a>\n<\/h4>\n\n\t
\n\t\tCompare customized 5-year fixed mortgage rates from Canada\u2019s best lenders and brokers for free. Find the lowest mortgage rate and apply for the home loan that best fits your needs.<\/p>\n\t<\/div>\n\n\t
- Income verification.<\/strong> A letter of employment or recent pay stubs can show lenders that you have steady employment and can afford a second mortgage.<\/li>\n\n\n\n
- Equity.<\/strong> You\u2019ll need to provide your primary mortgage details so the second mortgage lender can see how much equity you have.<\/li>\n\n\n\n
- HELOCs <\/strong>are a form of revolving credit, similar to a credit card. That means you can borrow different amounts at any time, up to a set limit. <\/li>\n<\/ul>\n\n\n\n
- Home equity loans <\/strong>provide a lump sum amount upfront. <\/li>\n\n\n\n
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