Mortgage refinancing can be a good option if you have other debts that you are paying higher interest rates on. Debt consolidation allows the borrower to consolidate all their debt into a single low interest mortgage loan. Learn more about debt consolidation.

We provide second mortgages to Ontario homeowners up to 95% of your homes market value. Some of the most common uses for second mortgages are as follows:

* Debt consolidation
* Car, boat or motorcycle purchase
* College tuition
* Home renovations
* Finance a special event, such as a wedding
* Money for investments
* Fund a new business

WHY A SECOND MORTGAGE?

The main reason you would apply for a second mortgage instead of refinancing your existing mortgage is to avoid paying the penalty to discharge your existing first mortgage, or if you are paying a low interest rate on your first mortgage that you would like to keep.

Second mortgages have closing costs, but these are not up front costs and are usually added on top of your requested loan amount and then deducted from the mortgage proceeds on closing. Second mortgages also require an appraisal of your property (cost is usually around $250), but if you can qualify for CMHC Insurance - YOU GET A FREE APPRAISAL!

The second mortgage interest typically starts at bank posted rate +1% if you can qualify for CMHC (Canada Mortgage and Housing Corporation) second mortgage insurance. If you don't qualify under CMHC guidelines, then private mortgage funds will be required. Private second mortgage interest rates have an average range of 10% to 15%. Every situation is different. Maybe you are self-employed and don't declare much income, or have had some past credit problems. Whatever your situation, your Vijay Financial mortgage Toronto mortgage broker is well positioned to find a second mortgage solution for you. Apply Online Now for a second mortgage, or contact us today!