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Need To Borrow Money? Own Your Home? No Credit   No Income   No Problem

Second Mortgage Loans

Get Approved in 3 Simple Steps
Step 1

    Select Type of Loan

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    Select Mortgage Request

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Step 2
  • Property Value
  • $ 50,000
  • Mortgage Request
  • $ 50,000
Step 3
Your Estimated Monthly Payment *

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  • quick closes

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  • free appraisals

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  • lowest rate

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Need To Borrow Money? Own Your Home?
  • No Credit Requirement
  • No Income Verification
  • Self Employed
  • 3-5 Day Closings
  • Mortgage Arrears
  • Credit Card Arrears
  • Previous Bankruptcy
  • Tax Arrears
You're Approved!

A second mortgage is a specific type of loan that is taken out on top of an already existing mortgage. If you have a mortgage on your property and are looking for additional funding but don’t want to take on another credit card or bank loan, a second mortgage might prove to be your best option. You may have heard that second mortgages are risky; however, if structured properly by a professional mortgage company like, we help reduce risk by offering sound and unbiased borrowing advice.

Why Do Some Lenders Consider This Type Of Loan A Big Risk?

Some lenders view second mortgages as risky, but not us. For clients, a second mortgage can mean the difference between being in debt forever and becoming debt-free. Because it is an additional loan taken out on a property that is already mortgaged, we don’t see it as risky, we see the property as a valuable asset, and with that, we are well secured.

Why Do I Need To Qualify?

If you were using the services of a bank or traditional mortgage broker you would need an excellent credit score, proof of income and of course, an existing loan on your home. However, when you visit us at, our second mortgage process is a lot easier.

We look at your existing mortgage and the value of your home. For us, we are more interested in securing your financing rather than how much you make or what your credit score is. It is important to remember that a second mortgage does not replace your first mortgage, it is an additional loan taken out on the same property.

Second Mortgages

Do Second Mortgages Have Many Benefits?

Yes. Second mortgages offer many benefits, especially if you let us at arrange it or you.

As previously mentioned, credit plays less of a role in the second mortgage process; the star of the second mortgage is the home itself. We’ll look at the value of your property and its equity and use that to secure your funding. Another advantage is the term of a second mortgage. They are more flexible than first mortgages and can come with interest only payments and shorter terms.

Finally, second mortgages allow you to unlock between 80-90% of your home’s value.

What Can I Use My Second Mortgage For?

The great thing about second mortgages is you can use the funds for anything you require. For instance, you can pay for renovations in your home, which helps increase its value should you ever decide to sell. You can also use your second mortgage to consolidate high interest debts like credit cards and unsecured lines of credit.

Second mortgages have helped people pay for their children’s education, put an ailing loved one in a state-of-the-art long-term care facility, invest in and grow their small business, and even take a well-deserved vacation. The funds are for you to use as you wish. It’s your money and we’re only here to help you secure it, not tell you how to spend it.

Whether you’re looking for a first, second or third mortgage, we’ll help you get the funds needed. Contact now to get started!


Current Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month
You Save $1,450/month!


We get all situations approved

Latest Blog

What To Consider When Shopping For Mortgages

Posted by | Jun 27,2016

Are you thinking about purchasing a home? If so, then here are the questions you need to consider before you start shopping for a mortgage. What type of lender do you want to use? Mortgages are available through a wide variety of sources. You can obtain a home loan directly through lenders such as credit unions, mortgage companies, and commercial banks. You can also use a mortgage broker, who can contact lenders for you and present you will several different offers. Read More

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Being a new resident from another country and working for yourself can pose a lot of problems financially and I tried a number or people before finding Privatelend. Alicia and Sunny were quick, helpful and just made my life a whole lot easier. I can breathe again. I would recommend anyone to use them in a heartbeat.

D & E, North York

Thanks again for getting us back on track with our finances. You are all very pleasant and I have nothing but admiration for your professionalism with us in this big step we have taken at this stage of our life. We wish you the very best always.

K & S

I just finished a refinance with privatelend but it would not be complete unless I gave a shout out to my contacted people Alicia and Sunny they were competent ,prompt, easy to contact and very pleasant thanks a bunch girls great job.

Wayne from Whitby
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