Second mortgage in BC

For over 50 years, Alpine Credits has helped tens of thousands of homeowners in British Columbia access an important financial tool hidden within their homes: their equity.

Access large amounts

Pay off debt faster

Competitive interest rates

Boost home value

How to get a second mortgage in BC

Complete an online application

Fill out the form with the right information: no obligation or impact on your credit score.

Speak with a Financial Solutions Specialist

A specialist will contact you to provide support, answer your questions and provide more information.

Get approved and receive funds

With at least 25% equity ownership in your home, you can get approved and receive funds within a few days.

What is a second mortgage in BC?

In BC, second mortgage loans are forms of financing that are secured against your home. They help you unlock your house’s value without selling it. It’s an additional mortgage against your home on top of your primary mortgage.

Like conventional mortgages, second mortgages must be repaid over a specified term at an interest rate, depending on the loan terms signed with the lender.

Use cases for second mortgages in BC

Access Home Equity for Renovations

Use a second mortgage to fund home improvements, increasing your property value while using the equity in your home.

Pay Off High-Interest Debt

Use a second mortgage to pay off expensive credit card debt or personal loans, saving money on interest over time.

Lower Monthly Payments

Consolidate high-interest debt or loans with a second mortgage, reducing your overall monthly payments by securing a lower interest rate.

Benefits of Second Mortgages in BC

On top of the many use cases for a second mortgage in BC, Alpine Credits’ home equity loans offer several benefits.

Comparatively lower interest rates

If you’re expensing large purchases on a credit card, like a renovation or tuition, using a second mortgage in BC can help you save money. Credit cards have interest rates that reach over 20%, but Alpine Credits’ home equity loans have rates lower than that.

Potentially large loan amount

Because the value of second mortgages depends on your equity, your loan can have higher values than unsecured personal loans. With high housing values in British Columbia, your loan can be worth hundreds of thousands of dollars. Alpine Credits can provide loans up to $2 million.

Flexible purpose

For many traditional lenders, providing evidence of the purpose of the loan is required, like how business loan lenders require you to provide a business plan. Other types of financing, like student loans or auto loans, are specifically for what their name says.

With second mortgages in BC from Alpine Credits, you can use them for any reason, including business expenses, tuition fees, or a vehicle.

Why choose Alpine Credits

Simple qualifying criteria

Alpine Credits focuses primarily on home equity value, and less on credit score or income status.

Quick approval and funding

Alpine Credits reviews your application significantly faster than traditional banks and lenders. Get your funds deposited in less than a week.

Personalized support

Alpine Credits has a team of Financial Solutions Specialists to help you and answer any of your questions.

Compare Us

How do second mortgages in BC work?

A second mortgage in BC can do more than buy a house. Homeowners can use it to consolidate their loans, renovate their home, or meet other financial goals.

Second mortgages in BC are a popular financing option because they allow homeowners to borrow more than unsecured personal loans, regardless of their financial situation. An additional mortgage is secured against your home, so second mortgage lenders in BC see you as a less risky borrower.

The loan is given based on the equity you have in your home. You can determine the value of the equity in your home by subtracting your existing mortgage balance from the appraised value of your home. The more equity you have, the more you can borrow.

How you can use a second mortgage in BC

Choosing a second mortgage in BC can help you achieve multiple goals at once. The following are just a few examples of purposes for which second mortgages can be used:

Renovate your home

If you have big home improvement plans for your property and are looking for ways to fund your goals, second mortgages have been a helpful solution to homeowners across BC. Home improvement projects can cost several thousand dollars, but you can access more than enough with a BC second mortgage.

Consolidate your debts

To simplify your payments on multiple credit cards and loans, you can use a second mortgage in BC to consolidate your outstanding balances so that you have only one loan left to repay. With only one financial obligation left, you can build healthy spending habits and become more financially secure more quickly.

Buy a second home

Like a conventional mortgage, you can also use a second-position mortgage to purchase another house. BC homeowners can buy another house to accommodate their growing family or to invest and generate rental income.

Pay for tuition

If you’re considering furthering your education or your children’s, a second mortgage in BC can provide the support you need to pay for tuition, books and materials, or commute costs. Second mortgages can easily cover the cost of years of education with fewer requirements.

Qualifying for a second mortgage in BC

With Alpine Credits as your second mortgage lender in BC, the eligibility requirements are simple. Unlike traditional lenders who examine your credit report and income history, Alpine Credits focuses more on your home equity.

Homeownership—to get a second mortgage, you’ll need to own a home. You can demonstrate that you’re the owner of the house through mortgage statements or presenting the deed.
Canadian residency or citizenship—to get approved for a second mortgage loan in BC, you’ll need to show that you’re either a Canadian citizen or a permanent resident.

Securing a second mortgage in BC with Alpine Credits

Alpine Credits is an alternative lending option offering second mortgages in BC, specifically home equity loans. For the past few decades, we have been helping British Columbians access the equity in their home as a lump sum.

At Alpine Credits, if you have at least 25% home equity, you’re eligible to get approved for a home equity loan. If you have enough, the loan you could get can be worth up to 75% of your equity.
You don’t need to prove that you have a good credit score or a steady income; you only need sufficient home equity.

Find loan options in your area

Click on the links below to get started, and see the mortgage options available to you, in the provinces we serve across Canada!

All of Canada

Consolidation loans in BC

Business capital in BC

Personal loans in BC

Home equity loans in BC

Investment loans in BC

Third mortgages in BC

Mortgage refinancing in BC

Frequently asked questions about second mortgages in BC

Find answers to frequently asked questions about Alpine Credits, home equity loans, second mortgages and more.

Can I get a second mortgage in BC with bad credit?

Getting a second mortgage in BC is possible, even with bad credit. Alternative lenders like Alpine Credits don’t use your credit score to determine your eligibility for another mortgage and can help you access your equity easily.

How much can you borrow on a second mortgage in BC?

In BC, you can borrow as much as 70-80% of your home equity, depending on your lender. Alpine Credits can provide financing up to 75% of your home equity.

Does a second mortgage in BC hurt your credit?

Your credit report can change depending on how you manage your second mortgage in BC. If you repay the second mortgage loan consistently, it shouldn’t hurt your credit.

What is a typical rate for a second mortgage in Canada?

The interest rate depends on both market conditions and the lender. Depending on the type of second mortgage, they can have variable or fixed rates, but lenders may change the interest depending on various factors, such as the prime rate in Canada.

What is the downside to a second mortgage?

Second mortgage borrowers should remember that the loan requires some financial discipline. Before applying for one, confirm that you won’t be adding more stress to your finances.

Is a second mortgage the same as a HELOC in BC?

Home equity loans and home equity lines of credit (HELOCs) are options for second mortgage loans in BC. Alpine Credits offers a home equity loan.

Homeowners get approved.

Unlike traditional banks, all you need to qualify for a loan at Alpine Credits is to own your home. We make the process as quick and easy as possible. Applying won’t affect your credit score.