Primary Mortgages
Equity Products
Not sure which option is right for you?
Get Free AdviceIf you own property in Toronto, the equity sitting in your home can do more than wait for resale day. A second mortgage in Toronto from EquityRich is approved on the value of your property, not your pay stubs or credit score, so self-employed owners, retirees, and anyone the banks turned away can still access the money they've already built.
A second mortgage is a separate loan registered behind your existing first mortgage. Your first lender keeps its position; we sit in second place and lend against the equity that’s left. You keep your current mortgage exactly as it is, including its rate and term, and add a second registered loan on top.
In Toronto that equity tends to be substantial. A homeowner who bought a detached house in Scarborough or Etobicoke years ago, or a condo owner in the core who paid down a chunk of principal, is often sitting on hundreds of thousands of dollars they can’t touch without selling. A second mortgage turns that paper value into usable cash while you stay in the home.
Because the loan is secured by real estate, we don’t need the documentation a bank insists on. There’s no T4 requirement, no two-year self-employment history, no minimum credit score gate. The property does the qualifying.
What you can borrow depends on your home’s appraised value and how much you still owe on the first mortgage. The combined total of both loans is your loan-to-value, or LTV. Toronto’s strong property values mean owners here frequently have room for a meaningful advance.
A quick example: a home appraised at $1,200,000 with a $600,000 first mortgage has $600,000 of gross equity. Depending on the property type, location, and the lending position, a portion of that can be unlocked through a second mortgage. We confirm the exact figure after a professional appraisal, because the number that matters is your situation, not a brochure average.
We lead with our own direct lending products. When a partner lender can offer better pricing or a structure that fits you better, we can place the file there too. You get the equity-based decision either way.
The common thread is equity. The more you’ve built, the more flexible your second mortgage options become.
There are no restrictions on how you spend a second mortgage. Across the GTA we see funds go toward consolidating high-interest credit cards and loans, home renovations, funding or rescuing a business, covering medical or family expenses, clearing CRA tax arrears, or buying an investment property before selling another.
It’s also a common way to avoid a forced sale. If a payment crunch is pushing you toward listing the house you don’t want to leave, accessing equity can buy the room to stabilize and stay put.
Second mortgage pricing sits above first-mortgage rates because the lender takes on more risk in second position. Your specific rate depends on the property, its location in the GTA, your LTV, and the loan position. Most second mortgages also carry a lender or broker fee and standard closing costs such as legal and appraisal charges.
We quote the full cost in writing before you commit, including the rate, the term, the fees, and the monthly payment, so there are no surprises at signing. Many of our clients take a shorter term to bridge a specific situation, then refinance into a better product once their position improves.
We look at your property, your first mortgage balance, and what you need the funds for. This first call tells us quickly whether a second mortgage fits.
A professional appraisal sets the current market value of your Toronto home and confirms exactly how much equity is available.
You receive a clear offer with the loan amount, rate, fees, term, and payment laid out. Nothing moves forward until you've seen the full picture.
Once the paperwork is signed with your lawyer, funds are disbursed. Equity-based files often close in a matter of days rather than weeks.
We fund second mortgages throughout the Greater Toronto Area and the surrounding regions, including Durham, York, Peel, and Halton, with markets such as Markham, Mississauga, Brampton, Oakville, Ajax, and Aurora. We focus on these areas because property values and homeowner equity here are among the highest in the country, which gives owners more room to borrow against.
Want to compare structures? A home equity loan delivers a lump sum, while a private mortgage can sit in first or second position depending on what you need. We’ll walk through which one actually fits.
Get a no-obligation assessment of how much you can access from your Toronto home.
Get Free Assessment +1-647-667-9957
No income verification. No credit check. A second mortgage decision based on what your home is actually worth.