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
Manitoba’s real estate market is one of the most dynamic in Canada, making second mortgages a popular financial tool for homeowners across the province. Whether you’re in Winnipeg or smaller communities, second mortgages can help you access your home equity for a variety of needs.
A second mortgage is a loan that’s secured against the equity in your home, ranking behind your primary mortgage. Since it’s a secured loan, it generally comes with lower interest rates than unsecured loans, though the rates are typically higher than your first mortgage due to the increased risk for lenders.
For a deeper understanding of how second mortgages work, visit the Financial Consumer Agency of Canada (FCAC).
Second mortgages offer numerous benefits tailored to Manitoba’s unique housing market:
Debt Consolidation
Combine high-interest debts into one manageable monthly payment with a lower interest rate.
Home Renovations
Upgrade or repair your property, potentially increasing its market value.
Investment Opportunities
Leverage your home’s equity to invest in other properties or ventures.
Emergency Funds
Cover unexpected expenses, such as medical bills or urgent repairs, with quick access to cash.
Second mortgage rates in Manitoba typically range between 5.99% and 12.99%, depending on factors such as:
When considering private mortgage options, it’s crucial to compare offerings from various second mortgage lenders in Manitoba. 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.
Yes, many private lenders specialize in second mortgages for homeowners with poor credit by focusing on home equity. Visit FSRA Ontario to ensure you work with licensed lenders.
Most lenders allow borrowing up to 80% of your home’s value, minus your existing mortgage balance. Use a Second Mortgage Calculator to estimate your loan amount.
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.
Private 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.
Qualifying for a second mortgage in Manitoba involves several key criteria:
Home Equity
Lenders typically require at least 20% equity in your home.
Income Verification
Provide proof of income, such as recent pay stubs or NOAs from the CRA.
Credit Score
While second mortgage lenders are more lenient, a higher credit score can secure better rates. Learn how to improve your credit at Equifax Canada.
Property Appraisal
An updated appraisal may be required to determine your home’s current market value.
Please use our 1st and 2nd private mortgage calculator to see how much you qualify for today!
Here’s a checklist of documents you’ll typically need to apply for a second mortgage:
Understanding the trends and statistics behind second mortgages can help you make informed decisions. Here are some key insights:
These insights are based on the latest market data from Manitoba’s real estate and financial sectors. For further information, visit CMHC’s Housing Market Reports.
Please use our 1st and 2nd private mortgage calculator to see how much you qualify for today!
Second mortgages are a valuable tool for Manitoba homeowners seeking to unlock their home equity. Whether for debt consolidation, renovations, or investments, second mortgages offer flexible and accessible financing solutions. Always compare lenders, understand the costs, and consult professionals to make the best financial decision.
10 Things to Consider Before Buying a House Like every decision you make to…
Please use our 1st and 2nd private mortgage calculator to see how much you qualify for today!
5.40%
4.29%
Pre-approval
Pre-approval
Lump sum pre-payment