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A second mortgage,
for life’s unexpected events

Second mortgage: An easy way to obtain liquidity

With a second mortgage, it is now possible to quickly obtain additional funds by using your property’s available equity, without making major changes to your finances. A second mortgage loan lets you borrow more while keeping your current conventional mortgage with its low interest rate. You will continue making payments on the first mortgage while also making payments on the second. We know that no one is immune to unforeseen circumstances such as needing money for urgent repairs or wanting to consolidate debts.You can rest assured that your second mortgage will be adapted to your situation and needs.

Am I qualified for a second mortgage?

My property is a single-family home, a condominium, a commercial building or an income property.

My property is located in an urban area with services.

Combined, my current mortgage loan and new mortgage loan will be less than or equal to 75% of the value of my property.

Advantages of a second mortgage loan with Victoria Financial

Quicker than with a conventional bank

Having a conventional mortgage application approved can take several days. With Victoria Financial, you can fill out our secure online application form for a second mortgage loan in under five minutes and get an answer the same day.

A very simple
process

No need to submit tons of paperwork and have a certain debt ratio to qualify. Our private mortgage approval is primarily based on the available equity in your property.

An advantageous interest rate

Stop paying the abusive interest rates charged on most credit cards and other types of unsecured loans. Our second mortgage loans let you save interest while reducing your monthly payments.

Get a second mortgage loan today

« Success Story » : Helping Families Get the Lifestyle They Deserve

deuxieme-hypotheque

Michel was a happy father of two, with one more child on the way. Wanting to make more space for his growing family, Michel intended to put a small addition on his triplex. He was confident that getting financing for the project would be easy. After all, he had a good amount of equity in his home, thanks to its prime location and Montreal’s recent real estate boom.

Unfortunately, in previous years, Michel’s precarious work situation meant that he had missed a few mortgage payments. Because of his bad credit, Michel’s bank declined his application for a second mortgage loan.

Michel was frustrated and confused. He was a hard-working dad who just wanted to build a better life for his family. He now had a secure income and a significant value to leverage from his property. Why did the banks have to be so inflexible?

Learn more about Michel's story

How a second mortgage helped a loving father give his family a better home

That’s when he found Victoria Financial. As a private mortgage lender, Victoria Financial helps clients get access to mortgage financing based on their property’s net available equity. Working closely with a VF agent, Michel was able to get the second mortgage he needed to improve his property, while also developing a clear strategy for consolidating his debt.

With the help of Victoria Financial, Michel had the money to make improvements to his home, and a clear path for debt consolidation, giving him the freedom he needed to take back control and give his family the life they deserve.

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Got questions? We’ve got the answers.

Do you have questions about second mortgages? We’ve got the answers you need!

A second mortgage is an additional mortgage loan taken out on a property that already has an existing mortgage. A second mortgage lender provides this mortgage, which is subordinate to the first mortgage, meaning the first lender, often a traditional bank, has priority on the property.

To get a second mortgage, search for lenders with a proven track record and good reviews in your area. Ensure you have sufficient equity in your property to qualify, as it is the main criterion. Once you’ve chosen a lender, submit an application with the address of the property to mortgage, the current mortgage balance, and pictures of the property. The second mortgage lender will review your application and determine your eligibility for a second mortgage loan.

A mortgage from a second mortgage lender allows access to additional funds without refinancing the first mortgage. This can be useful for financing renovations, consolidating debt, or covering unexpected expenses.

A second mortgage loan often does not appear on your credit report, which can help maintain your credit score. Additionally, payments can be lower as they often consist of interest-only payments

The financial advantages of a second mortgage loan from a second mortgage lender include potentially lower interest rates compared to personal loans or credit cards and lower monthly payments. This allows for more efficient debt management.

A mortgage from a second mortgage lender is ideal for those needing extra liquidity and having sufficient equity in their property. It is also suitable for those who wish to avoid refinancing their first mortgage.