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Second Mortgage in Toronto

Whether you need $10,000 or $500,000 – Alpine Credits is the best alternative for second mortgages in Toronto

Alpine Credits has been helping homeowners secure second mortgages in Toronto for over 50 years. We cover investment property purchases, medical expenses, and everything in between. If you’ve been rejected by the bank for a loan in Toronto, we can help you secure 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. You will make only two monthly payments. The first is for the original loan and the second is for the new one.

Remember 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.

Qualifying for 2nd mortgages in Toronto is quite straightforward. 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.

All you need to qualify for a loan is to own a home or other piece of real estate. At Alpine Credits, we don’t check your credit score, age or income history. 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.

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Second mortgage rates in Toronto, explained

Sometimes the interest rates for second mortgages in Toronto 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.

Home Equity Loan Equation
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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.

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

  • 300-599: Poor. It’s unlikely you will qualify for any loan from a major financial institution.
  • 600-649: Fair. You’ll find it difficult to qualify for a traditional bank loan.
  • 650-719: Good. Before COVID-19, you would likely have qualified for a traditional bank loan in this range. However, lending criteria have gotten much stricter.
  • 720-799: Very good. In this range, your options begin to widen.
  • 800-900: Excellent. You can probably qualify for most second mortgage loans in Toronto with this credit score.
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Second mortgage uses


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.

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Advantages of second mortgages in Toronto

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

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.

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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!

Frequently asked questions

Since applying for a second mortgage loan is a crucial decision to make, it is only natural to be confused about certain issues. Below is a list of FAQs that help clarify your doubts.

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.

Alpine Credits can help finance your second mortgage in Toronto. All you need to do is log on to our website and fill out our application form. You will get approved in less than 24 hours. Also, the funds will be deposited in your account within a week.

A second mortgage is when you take out a second loan on your home. The loan is usually secured against your home equity. Remember, that you need to pay off your first mortgage while paying off your second mortgage.