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A Second mortgage may be registered after a first mortgage has been registered on title. Because of this, second mortgages usually have higher rates due to the higher risk posed to the lender of having second "charge" on the property. Over the short term, it may, however, provide a cheaper solution than paying for insurance premiums of an insured mortgage. Second mortgages can be provided in addition to a first mortgage as long as the combined value of the first and second mortgage does not exceed the maximum loan-to-value (LTV) ratio allowable under the lender’s guidelines.
In some cases, refinancing to increase your first mortgage may work out better than getting a second mortgage. In order to find out the best option that will save you money, we’ll help you do the math. Simply contact us at 1-888-853-8372 or send us email at contact@canadamortgagehub.com.
