A second mortgage is a loan secured against your home in addition to your existing first mortgage. It lets you borrow against the equity you've built up without breaking your current mortgage. You can receive funds as a lump sum or a line of credit (HELOC), and repay over a set term with regular payments. Second mortgages are commonly used for debt consolidation, home renovations, or accessing cash.

Yes. This is one of the most common reasons homeowners come to us. While banks typically require strong credit, we work with private lenders and alternative lenders across Ontario who focus on your home equity rather than your credit score. Bad credit, consumer proposals, collections, even recent bankruptcies - our private lender network has options for you.

The amount depends on your home's value minus what you owe on your first mortgage. Most lenders will lend up to 80% of your home's appraised value (combined with your first mortgage), while some private lenders may go up to 85-90%. For example, if your home is worth $600,000 and you owe $350,000, you may be able to borrow up to $130,000 as a second mortgage.

A second mortgage lets you consolidate high-interest debts - credit cards (19-29%), car loans, personal loans - into one loan at a much lower rate. Because the loan is secured against your home, rates are significantly lower than unsecured debt. This means one simple monthly payment instead of juggling multiple bills, and you could save hundreds or even thousands per month.

Both use your home equity, but they work differently. A second mortgage gives you a lump sum with fixed payments over a set term - great for one-time needs like debt consolidation. A HELOC (Home Equity Line of Credit) is a revolving credit line you can draw from as needed - better for ongoing expenses. We'll help you compare both options to find the best fit for your situation.

Through Lighthouse Lending, many clients receive approval within 24 hours, especially through our private lender network. The full funding process typically takes 1-3 weeks depending on appraisal timelines and documentation. We handle the paperwork and lender coordination to keep things moving as quickly as possible. Our team of Ontario's 2nd mortgage experts will guide you through every step.