- Pre-approval in as little as 24 hours
- Credit scores 650 and below welcome
- Licensed Ontario mortgage brokers — FSN #13301
- No hidden fees — straightforward advice you can trust
Cambridge
Galt
Preston
Ontario
Emily Innala
2nd Mortgage
A second mortgage is an additional loan secured by a property that already has a primary mortgage; it taps into the homeowner’s built‑up equity without altering the original loan. The borrower receives a lump-sum cash payment to fund major expenses, such as home renovations, debt consolidation, or starting a business, while continuing to pay their first mortgage. Interest rates on second mortgages can be higher than those on first mortgages but are often lower than those on unsecured loans, making them a cost‑effective way to access funds.
Lighthouse Lending evaluates the amount of equity available, your income and credit profile, and then structures the second mortgage with manageable repayment terms. We explain the implications of having two mortgages and help you weigh the benefits against the costs.
Second Mortgage
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We move quickly so you don't lose momentum on your financial goals.
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Credit challenges don't disqualify you. We've seen every situation and helped through it.
Our volume gives us access to preferred rates banks simply can't match.
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While requirements vary by loan type, we work with buyers with scores as low as 580 for FHA loans. Conventional loans typically require 620+.
In Ontario, the minimum down payment is 5% for homes up to $500,000, 5% on the first $500,000 and 10% on the portion above that up to $1.5 million, and 20% for homes over $1.5 million, with mortgage insurance required if you put down less than 20%.
Mortgage rates change frequently based on market conditions, but in Canada, most borrowers are currently seeing approximately 3.8%–5.5% for fixed rates and around 3.3%–4.5% for variable rates, depending on the lender, term, and your financial profile.
The mortgage process typically takes 1 to 4 weeks, depending on factors like document submission, lender approval times, and the complexity of your application.
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