Oakville/Burlington: (905) 338-2222
Brampton/Mississauga: (905) 453-7095

The Mortgage Department has been arranging private second mortgages for over 35 years and has the expertise to make your experience a good one with a seamless process.

There are many reasons to acquire a second mortgage, including:

  • Debt Consolidation
  • Home Renovations
  • Income tax arrears
  • Second Home purchase
  • Buying a vehicle
  • Cash reserves
  • Deposit for new home
  • Property tax arrears
  • Investment purposes
  • Education Expenses
  • Helping a child with down payment
  • Purchasing a recreation vehicle

A second mortgage can be arranged for any reason and the qualifications are less onerous than the ones of main stream lenders, such as the banks. At The Mortgage Department we use common sense lending and are more concerned with the equity in your home rather than meeting stringent qualifications.

Second MortgageMost second mortgage terms are for one year, this typically allows the borrower to clean up poor credit debt, pay taxes, consolidate debts etc., and to put their finances back to where they should be. More manageable!! However, you should be able to renew your mortgage at a reasonable cost, if necessary, and at some point combine the mortgage into your first.

The time frame to get approved for a second mortgage is fast. Most of the time we can approve you with a short telephone conversation. We handle everything right up to the closing where the lawyer disburses funds. Additionally, we are always available to guide and assist with said closings. Since the funds are in house or with a long term lender, decisions can be made very quickly and usually on the spot for any issues that may arise.

There are many lenders providing second mortgages but they are all not the same. Here at The Mortgage Department, we have the expertise to deliver a favourable outcome with top quality service. Our lenders and policies are reasonable and we try very hard to make your deal work at the lowest possible cost. We also provide an easy and affordable renewal if you are not able to pay out the mortgage and wish to renew.

Whatever your reasons, please contact us for a free consultation and we can discuss ways to take care of your needs through a seamless and professional experience.

Contact us today and let us take the burden off your shoulders!

Mortgage Rates

Bank RateTermOur Rate
2.69% 1 yr Closed 1.74%
3.45% 3 yr Closed 1.74%
4.79% 5 yr Closed 1.64%
2.45% Adjustable Rate 1.50%
5.40% 7 yr Closed 2.74%
2.45% Bank Prime 2.45%
Rates are subject to change without notice.

Customer Reviews

Just a short note to thank you for the assistance you provided with our mortgage. You got us a great deal and arranged our mortgage within the required time frame. We are impressed with your competence. You did your job in a very professional and courteous manner and we are glad that we made the right decision when we contacted you for our mortgage needs.

Rizwan - Oakville