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Types of 2nd Mortgages in Ontario

What would you need a 2nd mortgage for? A 2nd mortgage in is a type of secured loan where your property serves as the security for the loan. Hence, this is available to people who are in debt or are unable to fulfill their payment obligations multiple times and are homeowners.

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When do I Need a 2nd Mortgage?

More often than not, homeowners often undertake 2nd mortgages when they need a large amount of money, such as funds for home renovation expenses; or even a loan to ensure that they are able to meet their monetary obligations to their creditors. It can be for a variety of reasons, provided these reasons involve the use of large amounts of money needed for an immediate purpose. 

  • The 2nd mortgage in Ontario enables you as a homeowner to tap into the most readily available cash reserves that you have: your home equity.
  • The reason why this is called a 2nd mortgage or home equity in Ontario is that there is a first mortgage that has been registered onto your home.
  • The secondary designation on this type of mortgage means it is the second priority compared to your first mortgage when it has to be paid out for when you either sell your home or have your mortgage refinanced.

There is little to differentiate the 2nd mortgage from a first mortgage. Perhaps all of the initial requirements that are asked of you when you file your mortgage in your local bank would more likely to be the same.

The 2nd mortgage in Ontario would be easier the second time around since you have a first mortgage on your home. Some instances of the 2nd mortgage, however, do not have any amortization, and thus, you would have to pay only the interest.

Be aware though, that if you default on your 2nd mortgage in Ontario, you could lose your home, so be sure to weigh your options before you take on a 2nd mortgage on your home.

Second Mortgage Ontario

Types of 2nd Mortgages

There are 2 types of 2nd mortgages – Home equity loans and home equity lines of credit. Though both of these types allow you to borrow against your home’s equity, they function very differently.

Home Equity Loans 

this type of loan is usually a fixed-rate mortgage providing a lump sum fund. The payment term is usually even installments that can be paid within a 5 to 30-year period. The interest rate usually ranges from 2% to 5%, these rates are usually higher than the other type of loans. Application and requirements are mostly strict compared to the first mortgage.

Home Equity Line of Credit 

this type of 2nd mortgage can be acquired but there is no need to have a first mortgage. In general, this works like a credit card. There is a “draw period” which allows you to use and pay for your balance as needed. The advantage of this is that the interest rate and monthly payment amount vary depending on the total amount charged during the draw period.

Equal installments then are applied once the draw period comes to an end. There is around 2% to 5% closing costs and more fees may be added for account maintenance as you pay the Home Equity Line of Credit off.

Get Started Today

If you are a homeowner for at least 2 years, and are behind on your mortgage payments or are in debt – 2nd mortgage can be a very good option to get a fresh start.

This is the best option for homeowners like you.

  • National Debt Relief Canada has more lenders than any other company in the country.
  • Our Senior Finance Consultants are the best in this field and they can help you identify your options and find the best solution to your debt problem.
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Get information today! Don’t waste your time shopping around and not getting the best program available for you!

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Worked with Sarah Niebergall, she was amazing very professional and easy to talk too. She took the time to listen and explain everything. She answered all my questions and concerns. Highly recommend her.
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Brittany Bahar was really helpful with my application. she kept me informed every step of the way. I will definitely recommend their service to others.

Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

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Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.


This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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Dawn Friesman
Dawn Friesman
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
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Chantal Rolfe
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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