10 Things to Consider Before Buying a House Like every decision you make to…
5-Year Variable Mortgage Rates
5.40%
5 Year Fixed Mortgage Rates
4.29%
- Hold until 90 Days
Yes
Pre-approval
15%
Pre-approval
15%
Lump sum pre-payment
A second mortgage can be a powerful financial tool for homeowners in Canada looking to access their home equity for renovations, debt consolidation, or other major expenses. Our Second Mortgage Calculator helps you estimate monthly payments, total interest, and overall costs, giving you the clarity you need to make informed financial decisions and loan costs based on real-time private mortgage rates in Canada.
A second mortgage is a loan that allows you to borrow against the equity in your home while keeping your first mortgage in place. It’s typically used for large expenses like home improvements, debt consolidation, or investment opportunities. Since it’s secured by your home, interest rates are often lower than those of unsecured loans or credit cards.
Our Second Mortgage Calculator is designed to help you estimate your financial commitment before applying for a loan. Simply input the following details:
When considering private mortgage options, it’s crucial to compare offerings from various lenders. Below is a comparison of sample private mortgage rates and terms:
Lender/Broker | 1st Mortgage Rate | 2nd Mortgage Rate | Maximum LTV | Lender Fees From |
---|---|---|---|---|
Butler Mortgage | 5.99% | 7.99% | 80% | 1% |
Home Trust | 6.14% | 8.14% | 80% | 1% |
Haventree Bank | 6.19% | 8.19% | 80% | 1% |
RiverRock Investments Corp | 6.99% | 8.99% | 80% | 2% |
Canadian Mortgages Inc | 7.99% | 9.99% | 85% | 2% |
Westboro Investment | 8.79% | 10.79% | 80% | 3% |
Private Lender Inc | 8.99% | 10.99% | 80% | 2% |
Prudent Financial | 8.99% | 10.99% | 65% | Varies |
Alpine Credits | 9.00% | 11.00% | 75% | Varies |
VWR Capital | 9.95% | 11.95% | 75% | 1% (Open) or $750 (Closed) |
Calvert Home Mortgage | 9.99% (6-month) | 11.99% | Inquire | Inquire |
Sun Mortgage | 10.00% | 12.00% | 75% | 1.5% |
Threshold Mortgage Corp | 12.00% | 14.00% | 75% | 3% |
Guardian Financing | 13.00% | 15.00% | 75% | 2% |
Note: Rates are for informational purposes and may vary based on individual circumstances and lender policies.
Our calculator provides accurate estimates based on the values you input, but for exact figures, consult with a private mortgage specialist.
This calculator is tailored for second mortgages, helping you estimate monthly payments and total loan costs for alternative financing.
In addition to higher interest rates, private mortgages include several fees:
Yes, this tool supports all private mortgage types, including second and third mortgages, with customized rate options.
Second mortgages have a faster approval process compared to traditional loans. In most cases, you can receive approval and funding within 48 to 72 hours after submitting the necessary documentation.
Please use our 1st and 2nd private mortgage calculator to see how much you qualify for today!
A second mortgage is a valuable tool for accessing your home equity to meet financial goals. By using our Second Mortgage Calculator, you’ll have a clear understanding of your payment obligations and total loan costs. Whether you’re consolidating debt, funding renovations, or investing, planning ahead is key.
10 Things to Consider Before Buying a House Like every decision you make to…
5.40%
4.29%
Pre-approval
Pre-approval
Lump sum pre-payment