Get additional funding with third mortgages in Canada

Supplement your household income, cover unexpected expenses, and pay for your child’s tuition with a third mortgage. By tapping into your home equity, you can access extra funds without needing to sell your home.

Quick approval

Competitive interest rates

Flexible requirements

Rebuild your credit

How to get a third mortgage in Canada

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 third mortgage in Canada?

A third mortgage is a loan secured by your property, allowing you to access the equity in your home without selling it. With a third mortgage, you’ll make three monthly payments: one for your original loan, one for the second mortgage, and one for the third. Remember, the first and second mortgages must be paid off before the third, as it is subordinate to the others.

Use cases for third mortgages in Canada

Finance home renovations

Whether it’s updating your kitchen or adding an extra room, you can make your home more comfortable and increase its value with a third mortgage.

Cover unexpected medical bills

Access the cash you need to handle unexpected medical bills without financial strain.

Fund your child’s education

Whether it’s tuition for college or specialized training, accessing your home’s equity can help provide the financial support needed for their academic success.

Benefits of third mortgages with Alpine Credits

At Alpine Credits, our primary concern is not your age, credit, or income history when approving you for a loan. Instead, we focus on the value you have in home equity or other real estates.

Unlock home equity without selling

Canadian house prices have been climbing at a dizzying pace over the past several years. Third mortgages help Canadians capitalize on that growth without having to sell their homes.

Avail higher loan amount

The more equity you have, the bigger your loan will also be. As a result, borrowers have flexibility on how they’ll use it.

Use your funds for any purpose

You can use the money for any purpose, including business investment, home renovation, and loan consolidation. Depending on the loan size, you can allocate it to different areas.

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.

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How does a third mortgage work in Canada?

A third mortgage works much like your original and second mortgages, allowing you to borrow against the equity in your home. However, interest rates for third mortgages can vary based on personal factors, such as the amount you want to borrow. Often, these rates are higher than those of your first and second mortgages because lenders face greater risk when issuing a third loan.

It’s important to understand that if you ever face financial difficulties, your original mortgage lender takes priority. This means that other lenders, including those providing a third mortgage, might not get repaid in full. Knowing how these factors work can help you make informed decisions about using your home’s equity.

Third mortgage rates in Canada

As with original and second mortgages, rates for a third mortgage can vary based on personal factors, including the amount you wish to borrow. Interest rates may be higher than your first two mortgages due to the increased risk lenders face.

In the event of financial difficulties, your original mortgage lender will always take precedence, meaning other lenders may not be fully repaid.

However, these rates are significantly lower than those for borrowing against credit cards or other unsecured debt, making them an excellent option for larger loans.

Getting a third mortgage in Canada with bad credit

At Alpine Credit, we understand that life happens, and we’re here to help you secure a loan, even if your credit isn’t perfect. Unlike traditional lenders, such as Canada’s Big Five Banks, who often require extensive documentation or a cosigner, we focus on finding solutions tailored to your needs. Curious about where you stand on the credit spectrum? Here’s a helpful breakdown:

300 to 599 (Poor): It’s unlikely you’ll 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’d likely have qualified for a traditional bank loan in this range.
720 to 799 (Very good): In this range, your options begin to open.
800 to 900 (Excellent): You can qualify for most loans.

Choose Alpine Credits for your third mortgage

At Alpine Credits, we believe that everyone deserves access to financial support, regardless of their credit history.

Our team is dedicated to helping you navigate the process of securing a third mortgage with ease and confidence.

Apply now and receive an application decision within 24 hours. Our application process is simple and we can have the funds deposited in your account within a week upon approval.

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 Canada

Business capital in Canada

Personal loans in Canada

Home equity loans in Canada

Investment loans in Canada

Third mortgages in Canada

Mortgage refinancing in Canada

Frequently asked questions about third mortgages in Canada

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

Are there third mortgages?

Yes, a third mortgage is a type of loan that is secured by a property already encumbered by two existing mortgages (the first and second mortgages).

How do you qualify for a third mortgage?

To qualify for a third mortgage, you generally need sufficient equity in your home, a good credit score, stable income, and a manageable debt-to-income ratio. Some lenders, like Alpine Credits, focus more on home equity rather than your age, income, or credit history.

How many mortgages can you have in Canada?

In Canada, you can have multiple mortgages on a property, but the total number depends on your financial situation and lender policies, with some homeowners holding three or more mortgages.

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.