What Is a Second Mortgage?

 

A second mortgage is a type of mortgage loan that allows borrowers to obtain money by using the equity in their property as collateral. Unlike a first mortgage, a second mortgage is repaid after the first mortgage in terms of payment priority in case of default. This means that the interest rates associated with a second mortgage may be higher than those of a first mortgage.

 

Differences Between a First Mortgage and a Second Mortgage

Altura Capital

First Mortgage

 

Repayment Priority: First


Maximum Amount: 80% of the property value


Interest Rate: Lower


Fees: Lower

 

VS

Altura Capital

Second Mortgage

 
Repayment Priority: Second

Maximum Amount: Property value – amount of the first mortgage

Interest Rate: Higher

Fees: Higher

 

Is It Easy to Get Money From a Second Mortgage?

 

Obtaining a second mortgage can be relatively simple and quick, especially if you have substantial equity in your property. Lenders are generally willing to provide financing based on the value of your property, which makes the application process smoother than other types of loans.

 

Altura Capital
Altura Capital

Why Choose Us for a Second Mortgage Application?

 

 

Choosing Altura Capital for a second mortgage application is essential, as we have the required expertise, fast processing, funding, and simplicity.


No matter the situation, the response will be quick and tailored to your needs, ensuring a successful private mortgage transaction.

 

We Guarantee You an Improved Credit File.

 

Contact Us

Altura Capital

Free Assessment

 

The evaluation request for an alternative second mortgage, very straightforward, is free of charge. This gives you the opportunity to understand your options without incurring any upfront costs, allowing you to make an informed decision on the relevance of this approach.

Altura Capital

Simple and Fast Process

 

The application procedure for an alternative, economic second mortgage is generally quick and simple. This simplicity makes it easier to access the funds you may need promptly, whether for projects or specific needs.

Altura Capital

No Upfront Fees

 

The application for a second mortgage, simple and economical, is free of charge, thereby removing financial barriers related to exploring this financing option. This allows you to gather information without incurring any initial costs.

Free Assessment Request for a Second Mortgage

 

You receive your money in your account QUICKLY. Here, you WILL HAVE a better credit bureau record, that’s for sure. The team is experienced, you are in the right place.

WE ARE EVERYWHERE IN QUEBEC.

1-844-666-0015