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.