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Second Mortgages

We offer a second mortgage service when you need it. Bankers are only allowed to offer second mortgages up to a maximum of 75% of your home value. We offer second mortgages up to 90% of your house value!

Second mortgages can come in handy for renovations, investments, rental properties, or making a purchase of a home possible when CMHC or GE Capital hi-ratio mortgaging is not approved. Our second mortgages range from 85% - 90% of your property value. For example, if your home is worth $150,000.00 and your first mortgage is $115,000.00, we would consider a second mortgage of somewhere between $12,500.00 to a maximum of $20,000.00.

Here is how we calculate this: 85% x $150,000.00 = $127,500.00
Existing First Mortgage $115,000.00
New Second Mortgage $ 12,500.00

Using a calculation of 90% x $150,000.00 = $135,000.00
Existing First Mortgage $115,000.00
New Second Mortgage $ 20,000.00

We also consider second mortgages on commercial properties as well as rental properties. Because of the uniqueness of this service we recommend that you call an Ottawa-Carleton Mortgage Broker/Agent to discuss your particular needs.

Ottawa-Carleton Mortgage Inc. also administers a mortgage portfolio under Mortgage Administrator Licence # 11207.