Whether You Need $10,000 or $50,000 – Alpine Credits is the Best Alternative to the Bank

Second Mortgages in Toronto

Alpine Credits has been helping homeowners secure second mortgages in Toronto to cover investment property purchases, medical expenses, and everything in between for more than 50 years. If you have been turned away by the bank for a loan in Toronto, we can help you get the funds you need.

What is a Second Mortgage?

A second mortgage is a loan backed by your owned property, with which you can unlock the equity built in your house without selling it. With the second mortgage, you will be making two monthly payments, one for the original loan and one for the new one.

Please note that the balance remaining on your original home loan limits the amount you can borrow through a second mortgage. According to federal regulations, your first and second mortgage combined cannot exceed 80% of your home’s appraised value.

Getting a Second Mortgage

Qualifying for a second mortgage in Toronto is easy. It’s often the simplest option for covering large expenses as a homeowner but not all second mortgage lenders in Toronto have a straightforward approval process. Traditional banks are quite stringent regarding loan requirements. Typically, they will expect a stellar credit record and stable employment. This leaves many homeowners without the funds they need to invest, pay for a child’s education, or consolidate debt.

At Alpine Credits, over the last 50 years, we have approved second mortgages for millions of Canadian homeowners. Our primary concern is not your credit score or employment status but the equity available in your home.

We offer some of the best second mortgage rates in Toronto.

Apply now and receive an application decision within 24 hours.

Financing You Can Depend On

All you need to qualify for a loan is to own a home or other piece of real estate. At Alpine Credits, our primary concern is not your age, credit, or income history in approving you for a loan. We focus on the value you have in home equity or real estate. Unlike the banks with their stringent lending criteria, we will try to make it as easy as possible.

Second Mortgage Rates in Toronto, Explained

Visit this page to compare our second mortgage rates with those of other lenders. Note that, as with original mortgages, rates vary depending on personal factors such as the amount you are looking to borrow.

Sometimes the interest rates for second mortgages are higher than the original mortgage you had secured, this is because the lenders are taking a greater risk by issuing a subsequent home loan. If you ever become insolvent, your original mortgage lender will always take precedence. Any other lender runs the risk of not getting repaid in full.

The second mortgage rates are substantially lower than those associated with borrowing against your credit card or any other form of unsecured debt. When it comes to borrowing large amounts of money, they are unbeatable.

How Getting a Second Mortgage with Bad Credit Works

If you have bad credit, you have probably faced loan rejections before. Alpine Credits helps you secure a loan with bad credit.

Traditional lenders like Canada’s Big Five Banks take a different approach. If you have bad credit yet somehow manage to avoid automatic denial, they will demand further documentation or even a cosigner. Even Toronto residents with excellent credit scores are increasingly turning to alternative lenders like Alpine Credits for home equity borrowing. They find us more personable company and easier to deal with.

Here’s a breakdown of credit scores and what your score means in terms of a second mortgage approval:

  • 300 to 599: Poor. It’s unlikely you will qualify for any loan from a major financial institution.
  • 600 to 649: Fair. You still likely won’t qualify for a traditional bank loan.
  • 650 to 719: Good. Before COVID-19, you would likely have qualified for a traditional bank loan in this range. However, lending criteria have gotten much stricter. If you do qualify, it likely won’t be for the lowest interest rate.
  • 720 to 799: Very good. In this range, your options begin to widen.
  • 800 to 900: Excellent. You can probably qualify for most second mortgage loans in Toronto with this credit score.

Contact Alpine Credits to Learn About the Best Second Mortgages in Toronto

We look forward to helping you pave the way for a debt-free future! Contact us today to begin your application and receive a decision within 24 hours.

Whether you’re looking to consolidate $10,000 or $50,000, our staff is ready to help.

Second Mortgage Uses

second mortgages in Toronto

Most Canadians use a second mortgage at some point in their life to help them pay for pressing expenses. Common reasons for applying for a second mortgage are:

Owning or starting a business can be difficult and require high capital investment upfront. Taking out a second mortgage on your residential property can help you get the financing you need.

Many people choose to renovate their homes to add value and more personal touches. Alpine Credits can help you turn your property into a dream home.

Taxes can often be overwhelming especially when you might have corporate or property taxes. Alpine Credits can help you get the money you need to start paying back your taxes.

People living in Toronto often don’t go back to school because they can’t afford the high education expenses. A second mortgage can help you pay your tuition expenses or even your children’s.

Advantages of Second Mortgages in Toronto

The advantages of taking a second mortgage in Toronto are virtually endless. Here are a few.

second mortgage 02 Alpine Credits

House prices in Toronto have been climbing at a very high rate over the past several years. Often, taking out a second mortgage can help you capitalize on this growth without having to sell the home you love.

Getting a second mortgage with Alpine Credits is quick and easy. It is one of the easiest ways to get private second mortgages in Toronto. We are ready to help you become financially independent.

Private second mortgage lenders in Toronto are less focused on the potential uses of the borrowed amount. This means you can take your mortgage and use it as you see fit.

Frequently Asked Questions About Second Mortgages in Toronto

Since applying for a second mortgage loan is a crucial decision to make, it is only natural to be confused about certain issues. Here is a list of FAQs that might answer some of them.

The second mortgage loan usually has terms of up to 20 years and a minimum of one year,  depending upon the ability to make monthly payments.

The expected amount that can be borrowed with a second mortgage depends on the equity built in your property. In other words, the more equity you possess on your property, the greater is the chance of getting a second mortgage.

Usually, the mortgage company will allow you to borrow up to 80% of your property’s value, with a recommended equity ratio of 20%.

The entire process usually takes 4 to 5 weeks on average, depending solely on the lender and borrower. However, with Alpine Credits, you can get the funds transferred to your account within few days.

We recommend getting in touch with Alpine Credits to discuss your second mortgage needs and understand whether one of our loans is right for you.

Easy Application – 3 Simple Steps – 24 Hr Approval

1. Apply Online

Using the form on this page or call 1-800-587-2161 to speak to one of our representatives,

2. Get Approved

Approved with 24 hours. Your home equity is the key to your approval. Get approved now!

3. Get Your Funding

We make it easy. Loan funds can be deposited directly into your bank account, once approved.

Loan Examples*


first mortgage


second mortgage

*Disclosure on “Loan Examples” Above

Alpine Credits’ intent is to always have full disclosure on all of our loan offerings. Borrowers are provided with all necessary disclosure prior to entering into any obligation. Our objective is to offer Canadian home owners an alternative to the banks and credit unions (not a replacement). Typically, you will find our rates to be higher than the banks; however, with this in mind, we are usually more efficient than the banks in getting you your money and may lend in situations where the banks (and other traditional lenders) will not. Once we have provided you with all necessary information, the decision will be left with you as to whether or not you wish to proceed with our offer. Thank you for your consideration. We look forward to speaking with you soon.

All of the above examples are for discussion purposes only. It is important the reader is aware that the examples may represent the lower priced range of our product offerings. Rates on our loans are subject to change and may vary (up or down) based on the equity you have in real estate, the state / condition / location of your real estate, your personal financial situation and the Canadian mortgage market. The examples are all based on interest only monthly payments (you may elect to pick a shorter amortization to pay off your loan sooner) in which the rate in year 2 increases to the prime rate plus 3.75% and the prime rate plus 6.00% for the first and second mortgages respectively. The Cash Advance in all of the loans above represents the net amount of money to be received. The “Gross Amount” for the $100,000 / $300,000 / $25,000 / $50,000 loans in the examples above are $110,500 / $327,900 / $29,500 / $58,140 respectively. The difference between the Gross Amount and Net amount represents closing costs which includes items such as legal fees, appraisals, brokerage fees, etc. (“Fees”). The APR will increase / decrease in the event of higher / lower Fees. Once again, thank you for your consideration.