Toronto Second Mortgage Broker

SECOND MORTGAGE - The Best Options in Ontario

IF You Can Beat Our Rate Get $500 - Call For Details

With all of the options availble in the second mortgage market, most people need an experienced mortgage professional to guide them through the mortgage qualifying process. Our dedicated agent will speak to you in detail to determine what your options are with respect to your unique circumstances along with providing you the best terms and interest rate in the market. We have over 400+ lenders in Ontario, that include Banks, Credit Unions and MICs (Mortgage Investment Corporations) to serve your second mortgage needs. In addition to finding you the lowest rate in writing, we carefully vet each lender to ensure they meet our rigorous standards that put our client’s interests first and foremost in the second mortgage & mortgage refinancing process. A second mortgage loan is in fact riskier than the first mortgage, since lenders in this case are in second position on the title of your property.

BENEFIT FROM OUR STRAIGHTFORWARD OPTIONS FOR YOUR BORROWING NEEDS. GIVE US A CALL TODAY.

WHAT OUR CUSTOMERS SAY

Google Reviews
Ram PratapRam Pratap
19:47 25 Nov 23
Very happy with the home equity loan they arranged for our condo. If you need a broker, this is the one.
Sean DasilvaSean Dasilva
19:25 25 Nov 23
Thank you. Victor. You got me a great rate on our mortgage refinance. Beth wants to know when you are coming over for dinner.
Absolutely the best broker I have dealt with in the GTA. I needed a second mortgage to bridge the refinance of my home and they got it done. I'm going to use your service again.
James ArmanoJames Armano
22:11 24 Nov 23
One of the best mortgage brokers hands down! We needed financing and they arranged for it in 2 days! Highly recommend.
Mississauga LenderMississauga Lender
19:08 24 Nov 23
Best mississauga mortgage broker we have worked with.
Vivian VoxxVivian Voxx
20:20 23 Nov 23
Victor is the best mortgage broker I've come across. He was very open with me, like a friend. He has saved me thousands of dollars in mortgage interest.
Ronald ButlerRonald Butler
01:43 08 Nov 23
Very knowledgeable assistance for our farm refinance. We needed an equipment loan, but they did better and got the home and acreage assessed and got us the money we needed. Highly recommend.
Investing 4 AllInvesting 4 All
17:20 12 Aug 23
Awesome service. This mortgage broker mississauga does what he says he will do. Top guy in my books.
Juana PamelaJuana Pamela
09:41 28 Apr 23
I was getting nowhere with my bank and needed to get things in order to sell my home. Bestrefinance arranged a renovation loan for me that was approved in one day! Best broker I have come across, very transparent.
Milena SouzaMilena Souza
13:48 26 Apr 23
Having dealt with other mortgage brokers, I was happy to work with Victor. He is like speaking to an old friend. Open and not pushy. Great people to work with.
I work odd hours, shift work and they were able to get me approved and funded for my mortgage without me having to step into an office. Awesome mortgage broker!
Gavin RoyGavin Roy
03:49 29 Mar 23
Great mortgage broker to work with. If you are in Mississauga or GTA, give them a call. Speak with Victor.
Adalyn JohnsonAdalyn Johnson
18:13 01 Dec 22
Thank you once again. The bridge mortgage was timely and helped us purchase our new home. Pleased to have spoken with you over the month. I will not hesitate to call you in the future for any mortgage assistance.
Albert DawsonAlbert Dawson
17:08 21 Nov 22
From my first call with you I felt assured we were on the same page regarding my mortgage renewal. Great mortgage broker you are. Much success going forward.
Miguel AlveMiguel Alve
01:29 19 Nov 22
Thank you again for speaking with me about private mortgage refinancing and lenders we may be able to work with in Mississauga. The banks here have no ability to compete with your services. Thanks for the explanation and call.
Michelle GomezMichelle Gomez
06:45 15 Nov 22
I arranged to call them on a Monday and they had us approved within 48 hours. I have yet to hear back from my banker, go figure. I would recommend this mortgage broker in Mississauga.
Francisco RoseFrancisco Rose
13:33 12 Nov 22
Better mortgage rate than I anticipated, I know the rates are going through the roof. I would recommend you as a mortgage broker near me in Mississauga, it was a fairly pain-free process getting everything together.
Louis RobertsonLouis Robertson
19:25 06 Nov 22
100% recommend to friends and anyone looking for mortgage refinancing in Mississauga. You made it very easy to deal with our mortgage renewal.
David BowieDavid Bowie
01:45 05 Nov 22
Thank you for your assistance. We did not want to renew our second mortgage with a private lender and your assistance was very helpful again. I recommend you for sure.
Vincent GordonVincent Gordon
07:58 16 Oct 22
I would work with this broker again. He has a very good understanding of home equity loans that did not require us to break our mortgage and refinance. We saved thousands for sure.
Juan WheelerJuan Wheeler
06:35 16 Oct 22
Bestrefinance mortgage brokers are the best in Mississauga! We were able to consolidate our debt into one payment. Very satisfied with their work.“The mortgage brokers at bestrefinance are the best in Mississauga, they helped us with our mortgage refinancing and gave us a better rate than the bank. High recommendation!
Eric GordonEric Gordon
04:58 16 Oct 22
Top mortgage broker in Mississauga! The reviews are a testament to this. Great job guys.“When calling around, I found that this mortgage broker was the most open to answering questions. We are in Mississauga and give him top marks”
Mirosław WiśniewskiMirosław Wiśniewski
04:20 16 Oct 22
This company is the best online mortgage broker we have found. Easy to deal with and good communication through email also. Thanks
Miguel TaylorMiguel Taylor
04:11 16 Oct 22
A better mortgage broker in Mississauga, you can call and find out more as they are very professional. Good job.
Willam JohnWillam John
04:06 16 Oct 22
I just put down $50k on my mortgage and needed funds for a bathroom renovation. My branch said no – what a joke! I called this mortgage broker and they got us a home equity loan the same day.
Joseph AlexJoseph Alex
04:04 16 Oct 22
Very happy we found this mortgage broker in Mississauga; they have been helpful from the start and took a lot of stress off our shoulders from what we encountered with the bank m. I do recommend wholeheartedly.
Bill GuestBill Guest
17:28 05 Oct 22
Bestrefinance mortgage brokers are the best in Mississauga! We were able to consolidate our debt into one payment. Very satisfied with their work.
Norman BondNorman Bond
04:35 30 Aug 22
I was referred to your mortgage broker by a friend and am very happy with the mortgage advice on my refinance. Looking forward to working with you again in the future. Best wishes to you.
Frank MeyersFrank Meyers
09:43 27 Aug 22
You were available at all times and returned my calls within an hour, I appreciate very much. I was very concerned about paying off our heloc, but you gave best advice. You are top mortgage broker in Mississauga for sure. We will call you again in the near future.
Joseph DelpJoseph Delp
11:13 26 Aug 22
We needed second mortgage financing and the appraiser had undervalued our property significantly. We spoke with Victor who arranged to speak with them and straighten out the misunderstanding. This was the breaking point between being in a private mortgage and dealing with all sorts of lenders, or dealing with a bank. Very much appreciate your help in this matter.
Marine RobbinsMarine Robbins
16:58 25 Aug 22
My partner and I needed to pay out a private mortgage and needed some alternate options. Best refinance got us a better mortgage rate and product. We are located in Oakville, Ontario,
Tony FloodTony Flood
13:39 25 Aug 22
I did extensive research for my mother’s property, where she needed a private mortgage lender. Best refinance was by far the top mortgage broker in Mississauga that assisted me in getting the best mortgage rate. Will recommend.
HUZAIFAHUZAIFA
02:29 20 Aug 22
Awesome mortgage broker for all in Mississauga! The second mortgage specialists we relied on to sell our house after renovations. Thank you, Victor.
Alex WilkinsAlex Wilkins
06:18 19 Aug 22
I was dealing with a mortgage broker in Toronto who had no clue about where I lived. Victor the broker knew my street well and the community I am a part of in Mississauga. It was very heart warming to speak with them, they are just wonderful to talk with also.
James RaynJames Rayn
15:19 18 Aug 22
I will vote for this mortgage broker as the best online. They got us out of our second mortgage and referred us into a credit union. THEY ARE THE BEST!
Robert StewardRobert Steward
06:11 18 Aug 22
No nonsense brokers. We got our second refinancing for our mortgage in under a week without having to provide a dossier expected from the bank. Do yourself a favour and let these guys worry about getting the mortgage funding. Great job overall.
A Google User
A Google User
01:55 18 Aug 22
I would work with this broker again. He has a very good understanding of home equity loans that did not require us to break our mortgage and refinance. We saved thousands for sure.
Rose WangRose Wang
12:10 10 Aug 22
I went to Victor about my mortgage renewal with my bank and asked him to do better. He effectively coached me on what to say to my bank about cutting my renewal rate by over half a percentage point. I will give 5 stars but a 100 more for integrity. Thanks again.
Richard LillyRichard Lilly
11:23 09 Aug 22
Thanks, will refer your brokerage to my family in Toronto. Our experience with your office was positive and professional. I am in Mississauga and will call you again if I need mortgage assistance.
Howard DelgadilloHoward Delgadillo
06:54 09 Aug 22
Having called the bank for the 10th time and not getting anywhere, I googled second mortgage in Mississauga and came across Bestrefinance. They did a great job. Call them for yourself if you need mortgage assistance.
Lou JohnsonLou Johnson
06:10 08 Aug 22
We needed renovation mortgage and they arranged a second mortgage within days to get our project done. It was seamless and we didn’t have to provide a million documents. The house is now looking great- thanks expert mortgage broker.
Eulah DonnellyEulah Donnelly
22:01 05 Aug 22
This mortgage broker was recommended to me when I was given no answers by my blue bank, much better interaction and professional where mortgage refinancing is concerned. More options than one single bank. I recommend them and live near square one, Mississauga.
Jonathan DinwiddieJonathan Dinwiddie
19:41 05 Aug 22
We were searching online for a mortgage broker in Mississauga and found Victor at Bestrefinance. We have had the best experience with him regarding our mortgage refinance and recommend him to anyone seeking mortgage related advice.
Eleanor BirchEleanor Birch
08:29 26 Jul 22
Very happy with mortgage broker who gave us better rate. I give five stars for this help.
Alfie BrowneAlfie Browne
09:09 25 Jul 22
Thank you for your mortgage assistance. You are a great mortgage broker in Mississauga city. I will call you again.
Kerry MorfordKerry Morford
16:18 23 Jul 22
Strong 5 stars guys! You did what you said you would and my mothers property is now sold due to your second mortgage funding! The renos went smoothly and the lawyer you recommended was awesome, very pleased.
Dildy LesleyDildy Lesley
16:08 23 Jul 22
One of the better mortgage brokers I have found in Mississauga. I was not getting anywhere with my bank and called Victor. Great insights and professional. Cheers from Clarkson/
Peterson JuliusPeterson Julius
18:22 21 Jul 22
Victor was great to deal with. His mannerism and understanding of mortgages is very sound. We are in Lorne Park, Mississauga and recommend him wholeheartedly.
Wyatt GoudyWyatt Goudy
13:48 18 Jul 22
After searching on google for a mortgage broker in Mississauga, we came across this business that has been wonderful to deal with. I would recommend anyone seeking mortgage financing to contact them.
karry martinkarry martin
04:20 01 May 22
The mortgage approval was quick,but more importantly they gave me options and a crash course on what to expect.I called and emailed and always got a hold of someone to speak with. I was nervous about private mortgage lenders in general as I have never heard of the names or what they did. I am confident we are in a better place than last year.Will deal with these brokers again.
Joshua BassettJoshua Bassett
11:56 27 Apr 22
These brokers have the best rates by far.We needed a private lender for renovations.We were funded very fast.We are in Mississauga, Clarkson.
William FordWilliam Ford
22:02 26 Apr 22
I first spoke with Victor and then Michael about my condo refinance near square one, Mississauga.They did a great job on getting me a good rate at the bank.Good service indeed.
Megan CumminsMegan Cummins
16:01 18 Apr 22
Excellent service - make sure to deal with Victor. Very personable and honest.
Stella StStella St
06:34 18 Apr 22
They are very knowledgeable and honest,based on my many conversations with the mortgage broker at this company.I asked many questions and got the same answer which was a green light for me.Our home equity loan was processed in a professional manner.Being an academic, I appreciated the intelligent banter with the staff at this company.
Louis VuittonLouis Vuitton
06:44 16 Apr 22
Our family needed to move from our current home in Mississauga and these mortgage brokers dida great job on getting us money for our renovations. Do recommend.
Devid muralyDevid muraly
05:40 25 Mar 22
Superior service! Victor,l am referring you to all my friends and family. You took care of everything to the point where the lawyer was only a zoom call away.Top mortgage broker services inMississauga hands down.
Harold MurphyHarold Murphy
14:29 22 Mar 22
100% do and will recommend this mortgage broker to everyone. The service is very personal and transparent. Our family is in PortCredit Ontario.
Jordi RamírezJordi Ramírez
01:01 22 Mar 22
Our debt consolidation went very smoothly with this company. I would refer this mortgage broker to all. I am in Toronto, ON.
Walter GuzmanWalter Guzman
02:05 20 Mar 22
We moved to Erin Mills a year ago and needed a Mississauga mortgage broker to assist us with refinance.They made it very easy for us. We do recommend their services. Thank you.
Derriel CostaDerriel Costa
04:56 06 Mar 22
From google search I got your mortgage broker information. We needed 2nd mortgage. We are good. Thank you. We are in the Mississauga, Canada.
Pawlo DybalaPawlo Dybala
09:36 05 Mar 22
Victor and Michael are the best. I am at square one, and they gave me excellent advice on my condo refinance. Call them first or last, but do call.
Wanda CadyWanda Cady
05:02 02 Mar 22
We are very happy with our interaction with Bestrefinance mortgage in Mississauga. We do recommend.
John WeberJohn Weber
17:17 27 Feb 22
The best options where second mortgages are concerned. I called around and this brokers rate was the best I found.
Tina MooreyTina Moorey
13:32 26 Feb 22
I recommend this mortgage broker! We found his transparency to be very refreshing – we are in Streetsville.
Alexis PaquetteAlexis Paquette
17:10 24 Feb 22
Our mortgage refinance went smoothly. Great advice from this broker in Mississauga. We are in Port credit.
Erik ValverdeErik Valverde
12:22 25 Jan 22
Very pleased with your assistance. Our mortgage refinance on our condo in Toronto went smoothly, better than our banks previous attempt. Professional service all the way.
Jackson HewittJackson Hewitt
16:28 24 Jan 22
I deal with a previous mortgage broker at a bank and I never got a straight answer. Victor on the other hand was very transparent. He talked to me like a friend and was always willing to put things in writing – this spoke volumes to me. I do and will recommend him in Mississauga.
Liam DunbarLiam Dunbar
16:23 23 Jan 22
Thank you for your assistance and follow up through the process. Mortgage broker Victor always returned my calls same day and explained the mortgage process in easy-to-understand terms. I must say I am more knowledgeable about mortgages than perhaps my bank ha!
Jackson HewittJackson Hewitt
05:11 21 Jan 22
Very pleased with your assistance. Our mortgage refinance on our condo in Toronto went smoothly, better than our banks previous attempt. Professional service all the way.
trevor burontrevor buron
13:35 05 Jan 22
best advice and solutions when anybody need solution for their debt consolidation and 2nd mortgage needs. Victor resoved our second mortgage needs with very effective and low rate solution. thanks for your help
Violet ChanViolet Chan
01:56 01 Jan 22
When the bank failed to get back to me. I called Bestrefinance mortgage broker and found out why. Thanks for being honest about your second mortgage options. I appreciate your professionalism.
Tom BantonTom Banton
22:18 29 Dec 21
After shopping around. I found your service on google. You are the best option for our mortgage and we are pleased to deal with you. Thank you again to you and your staff.
Felicity PaquetteFelicity Paquette
20:25 24 Dec 21
We live in Mississauga and recommend this mortgage broker. Very detailed and helpful in explaining all options. Excellent customer service for sure.
NoahNoah
13:57 21 Dec 21
I would like to thank victor for helping me with the refinancing of my mortgage. He went above and beyond. he was very helpful and knowledgeable and I appreciate all the hard work
Kelvin DaveyKelvin Davey
14:59 17 Dec 21
I had a great experience with victor! He did not display any pushy sales tactics. After reviewing my renewal situation he actually advised me to keep my mortgage with my current lender as it would be the best outcome. This kind of honesty was greatly appreciated and hard to find!
Kayla HuntKayla Hunt
14:44 27 Nov 21
I found your broker services very helpful and knowledgeable. I spoke with the bank on a number of occasions and they could not answer any of my questions. I am grateful for your honesty and the options provided for refinancing my mortgage.
Isabel OwnerIsabel Owner
08:22 17 Nov 21
Very happy with the results with the home line of credit approval. The rate was better than what we were quoted from other brokers. We are in Port Credit.
Anila powellAnila powell
14:30 16 Nov 21
Great mortgage broker service in Mississauga. We are located near square one and had better luck with them then our own bank.
James WrightJames Wright
09:17 26 Aug 21
We had an urgent request to help refinance our home and help correct some debt we had. He was very quick with responses and offered a deal that was easy and worked out great. Everything happened very quickly and without issues. We would recommend his services!
James MarteJames Marte
11:15 24 Aug 21
I want to thank you for taking the time to review my mortgage and give me the right advice on how to refinance my mortgage. I never knew there were other options of borrowing on our home and we very much needed the line of credit you mentioned. I know you have banking background, but the bank representatives never gave us all our options. You are very honest. God bless.
Denise CassenDenise Cassen
15:04 20 May 21
We called around and spoke with multiple brokers and could not get a reasonable explanation on rates for our mortgage refinance. So last week, we called Vic and had a half hour conference call with him where he laid out our options in detail. I was surprised how simple it was! In fact he even gave us tips on how to re-negotiate our mortgage with our current bank! Wowy! I rate this guy as one of the top mortgage broker outfits in Toronto.
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Due to this reason, second mortgages are also often termed as subordinate in nature. To make up for this risky situation, providers of second mortgages usually charge a higher rate than that of a principal mortgage.

Individuals that have an existing mortgage, with good credit and above 20% equity in their homes, can consider a home equity line of credit as the most affordable second mortgage option (although the rate may be higher than a second mortgage). However, in the case of bad credit or little equity in the property, the homeowner would require borrowing money through a private lender or a trusted company. In any event, Expert Mortgage has the experience and network of lenders that may be able to assist you in any such case.

Why opt for a Second Mortgage?

Multiple reasons could prompt homeowners to opt for a second mortgage:

Is a Second Mortgage Right for You?

A house is a significant financial investment. It also takes a lot of money to maintain. While taking out a single mortgage can be stressful enough, many homeowners choose to take out a second mortgage later to meet large expenses, such as paying off a high-interest first mortgage.

Taking out a second mortgage, as in taking out a first mortgage, is a decision that should be made after extensive discussion with us at Expert Mortgage. We’ll go over the basics of second mortgages to help you make an informed decision, as well as some of the benefits that may make a second mortgage a good idea for you. In addition to conducting research online, we recommend speaking with a financial expert who can assist you in determining whether alternative financing choices are a better fit for your requirements. Please call us at 1-800-513-6469 to speak in further detail regarding an application

What is the definition of a second mortgage?

A second mortgage is a loan that is secured by your home (or, to put it another way, your home is the collateral on the loan—in other words, if you don’t pay back the loan, you may lose your home). It works in a similar way to a first mortgage, with the main distinction being that it is a second mortgage on your house, rather than the only principal debt on the property.

When you take out a second mortgage, the amount you can borrow is determined by the amount of equity you have in your property as well as its market appraisal value. Remember that equity refers to the amount of your home’s principal that you have available for borrowing purposes. This amount fluctuates depending on how much you pay toward your mortgage each month and whether the home’s value has increased, dropped, or remained constant.

Because a second mortgage is a large lump sum payment, most homeowners use it primarily for substantial expenses. These are just some of them listed below:

  • Home improvements that are significant, such as pricey repairs or renovations
  • Covering the price of tuition
  • Debt consolidation
  • Putting additional money into a first mortgage with a high interest rate and/or a first mortgage with PMI (private mortgage insurance)

It’s important to keep in mind that a second mortgage is secondary to a first mortgage. This means that if you default on both debts, the profits from the sale or foreclosure will go to your original mortgage lender first. This makes a second mortgage a riskier proposition for lenders, which explains why you can be charged greater interest rates than you were the first time.

Cash-Out Refinancing vs. Second Mortgage

If this sounds familiar, it’s likely that you’ve heard of other lending choices that use your property as collateral, such as cash out refinancing. While both allow you to borrow money using the equity in your home, the main difference between a second mortgage and a cash out refinance is that a second mortgage creates an additional mortgage that exists alongside your first one, whereas a cash out refinance replaces your first mortgage with a new one.

Why would you want to take out a second mortgage rather than just getting a new one? If interest rates have risen, you’ll be better off taking out a smaller second mortgage to cover only what you need rather than refinancing at a higher rate. Lower closing costs result from taking out less money, which is a solid short-term advantage.

Home equity line of credit vs. second mortgage (HELOC)

A home equity line of credit, or HELOC, is another financing option you’ve probably heard of. A HELOC allows you to borrow money against the equity in your home, with a conventional 10-year draw period during which you can withdraw funds, followed by a 20-year repayment period. This, like a second mortgage, produces a loan that is in addition to your first loan rather than replacing it, as a cash out refinance would.

When it comes to deciding between a second mortgage and a home equity line of credit, it usually boils down to rates—albeit in a different way than refinancing. Second mortgage interest rates are usually fixed, which means that the rate you agree to on the day of closing is the rate you’ll pay for the life of the loan. A variable interest rate on a home equity line of credit, on the other hand, can (and frequently does) change during the length of the loan. If interest rates rise, you may find yourself paying more than you intended.

The Benefits of a Second Mortgage

If you require a large sum of money quickly, a second mortgage is an alternative worth exploring. There are three major benefits to taking this route:

You have a lot of borrowing power. A second mortgage is a fantastic way to get a large sum of money for things like a significant home remodel. Unlike personal loans, which are generally regulated at a set amount, the borrowing limit on a second mortgage is determined by the amount of equity you have in your property. And if you’ve been there for a significant time, you should have amassed quite a significant amount, given trends in Ontario. You can typically borrow up to 85% of the value of your property, albeit the amount owing on your first mortgage is taken into account.

There’s a chance you’ll get some tax breaks. You may be eligible for tax incentives depending on the purpose of your second mortgage—for example, if you utilize the funds to make energy-saving improvements or investment for business purposes. Although tax benefits aren’t guaranteed, its best to speak with a tax professional , to determine if your plans for a second mortgage deserve a tax break or two.

You might be able to acquire a lower interest rate than with other types of financing. A house has a lot of value, thus it’s a good security for a loan. Even while your first lender has full claim to asset revenues in the event of a default, having such solid collateral frequently means you get a cheaper interest rate than you would with non-home-secured financing choices.

In terms of drawbacks, all loans come with some dangers that must be weighed against the benefits. One of the major disadvantages of a second mortgage is that you’ll have to make two mortgage payments each month instead of one, stretching your budget thin. But we can help, and have your mortgage payments pre-paid for the term of the loan, freeing up cash flow.  You’ll also have to pay for closing costs, which we will fully disclose to you in writing and ensure to keep within market guidelines.

Working with a skilled mortgage broker, who can look at your circumstances and evaluate it, as well as your numerous financing alternatives, is the best approach to ensure that you make the greatest financial decision for receiving the money you need.

Make sure you shop around for the best terms in addition to conducting your due diligence in terms of government research. While your interest rate is mostly determined by your income and credit history, various terms will likely apply from one lender to the next. Don’t know where to begin? Speak with our mortgage professionals first.

Expert Mortgage extends a helping hand to homeowners who may be seeking a second mortgage to address any of the above concerns and other not so common expenditures. We stand out as one of the very few brokerages that commits to finding you the best rate and terms – and we put it in writing, when no one else will..

To get more details on Second Mortgages please contact:

Victor Kaushal
416-895-6074

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