Whether you’re looking to grow your real estate empire, or start a business, our team can unlock the equity in your home for your 2nd or 3rd mortgage.
So what is it? Interest-only mortgages are often referred to as second and third mortgages because they go behind a first mortgage, or better yet – your house.
Many Canadians use this type of loan for short periods of time typically if they are looking to close on a new property while the sale of another property takes a bit longer.
2nd or 3rd Mortgages For What You
Need-And When You Need Them.
Paying Off Debts
Second Or Third Property
Wedding
Dream Car
HELOC Required Documents
Here is a list of mandatory documents required for us to review your mortgage application.
- Mortgage Application form.
- Proof Of Outstanding Mortgage.
- Valid Driver’s License.
- Social Insurance Number.
- Equifax/Transunion Report.
- Proof Of Income (Can Include Any 2) Recent Pay Stubs, T1 General Tax Form, 2 Years Notice Of Assessment, T4 OR T4A Tax Forms, Letter Of Employment.
Ready to Apply ?
Download an application form or apply online today.
Express Application
Apply online by using our express app and get ready for white-glove service!
Apply OnlineFull Application
Simply fill out our online mortgage application and we’ll call you back for further review.
Apply NowReady to apply for your 2nd or 3rd mortgage?
Fill out the mortgage application and get a head start on your approval.
Frequently Asked Questions
Interest-only mortgages are often referred to as second and third mortgages because they go behind a first mortgage, or better yet - your house. Many Canadians use this type of loan for short periods of time typically if they are looking to close on a new property while the sale of another property takes a bit longer.
Part of the mortgage approval process is to get your home appraised. This process usually comes during the mortgage application process. The lender that best serves your needs and budget will request a full appraisal. Sometimes it could be as simple as a driveby appraisal in which the appraisers will drive by your home and take pictures. They could also take a look at comparable homes in your area to identify best what the current market value of your home could be.
It’s always a great idea to keep a pulse check on your credit score because it could impact the mortgage application process as well as the rates we can shop for you. Visit the Equifax website and get started on getting your credit report.
The debt-to-income ratio is a measure of how much you owe versus what’s left over after your monthly expenses are paid. Don’t worry; our team of mortgage professionals will calculate this for you once your share all of the required income documents.
The most important thing to consider when refinancing is your goals. If you want the lowest possible interest rate and/or longest repayment period, then make sure that’s what you're looking for in a mortgage product! But our team of mortgage strategists is here to help you navigate and provide you with our best recommendations.
If you haven’t checked already, visit our Mortgage Affordability Calculator here to see how much you can afford in today’s market!
The first thing you should do is give our team a call, or fill out our full application here. Once you provide all required documents and our team reviews your application, it could take 24-48 hours for us to get back to you with an approval. Yup, it’s that quick!