Second & Third Mortgage
Services In Canada
At times, one mortgage is not sufficient to cater to your needs. Whether you wish to gain access to extra funds to renovate the house, pay debts, or make a big-ticket purchase, the Second & Third Mortgage will ensure you get what you want.
Diverse Mortgage Group assists with Canada’s most specialized Second & Third Mortgage Services in Canada.
What Are Second & Third Mortgages?
A Second Mortgage is a second loan on a property already with an existing mortgage. It allows homeowners to access their home equity while maintaining their first mortgage.
A Third Mortgage takes it to a higher level because you can use the same property as security again and obtain another loan. Third mortgages are relatively rare but still an excellent way to get the money needed by someone with substantial equity.
Our Second & Third Mortgage Services
Diverse Mortgage Group makes it easier to obtain Second & Third Mortgage in Canada by offering the following:
Equity Assessment
We determine your home's value and equity to calculate your borrowing limit.
Access to Competitive Rates
Our lenders ensure you receive the lowest second & third-mortgage rates
Flexible Terms
Select Payback Terms and Deals Fitting Your Preferred Budget.
Fast Approvals
Do you need to raise funds urgently? Our simplified approval process allows you to get the required funding without hassle or delay.
Customized Solutions
We craft solutions catering to your needs, whether you need a second or third mortgage or want to take out both mortgages.
Ongoing Support
Our team is with you every step of the way, providing guidance from application to repayment.
How Do Second & Third Mortgages Work?
Equity-Based Lending
Both second and third mortgages lend against the equity in your property. The more you have in equity, the more you can borrow.
Higher Interest Rates
The second and third mortgages are riskier for lenders; hence, the interest rates for such mortgages tend to be much higher than for a first mortgage.
Independent Loans
These are separate from your first mortgage; they have their terms, interest rates, and repayment schedules.
Flexible Usage
The money can be used for various purposes, such as home renovations, debt consolidation, business investments, or education.
Benefits Of Second & Third Mortgages
Access Additional Funds
Unlock your home equity to finance significant expenses without selling your property.
Debt Consolidation
Combine high-interest debts into a more manageable payment with a lower interest rate.
Home Improvement
Use the funds to increase the value of your home through renovations or upgrades.
Flexible Financial Solutions
Tailor your borrowing to suit your immediate and long-term financial needs.
Why Choose Diverse Mortgage Group?
Expertise
Established mortgage financing solutions with 25+ years of experience across Canada.
Extensive Lender Network
Competitive offers and flexible deals through our connections with top lenders
Client-Centered Approach
Client-centered, with an in-depth understanding of your specific situation and needs for
Transparent process:
No hidden costs, no nasty surprises - honest, straightforward guidance.
Expertise
Established mortgage financing solutions with 25+ years of experience across Canada.
Extensive Lender Network
Competitive offers and flexible deals through our connections with top lenders
Client-Centered Approach
Client-centered, with an in-depth understanding of your specific situation and needs.
Transparent process
No hidden costs, no nasty surprises - honest, straightforward guidance.
What Our Clients Say
Unlock The Equity In Your Home Today
A Second or Third Mortgage in Canada can unlock your financial success. Diverse Mortgage Group offers competitive rates, flexible terms, and support beyond what is provided at any other second mortgage company.
Contact us today to learn more and take the next step toward financial flexibility!
FAQ
Frequently Asked Questions (FAQs)
What is the difference between a second and third mortgage?
A second mortgage is the second loan taken on a property with an existing mortgage, while a third mortgage is an additional loan secured after the second mortgage.
How much can I borrow with a second or third mortgage?
The amount depends on your property’s equity. Typically, lenders allow borrowing up to 80% of your home’s appraised value minus existing mortgage balances.
What are the interest rates for second and third mortgages?
Interest rates are higher than first mortgages but vary depending on your equity, credit score, and lender terms.
Can I use the money for anything?
Yes, you can use funds from second and third mortgages for home renovations, consolidating debt, education, business investments, and much more.
How long does the approval process take?
Our streamlined process allows approvals to take as little as a few days.
