SARAH COLUCCI, MORTGAGE BROKER
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME

What Is A Second Mortgage?

A Second Mortgage is a type of loan that is registered on title to a property after or “behind” a first mortgage lender. 

A second mortgage can be a regular loan, private loan, a personal loan through a private lender or even a line of credit product from a major financial institution or an alternative lender. 

For example, some borrowers apply for a second mortgage because they need to complete a debt consolidation to eliminate monthly credit card payments or because they need to pay for a child’s education and do not want to pay a pre-payment penalty to break their existing mortgage.

In some situations, they may have bad credit and cannot refinance their first mortgage so they seek an alternative or private loan without losing the interest rate on their first mortgage. 


A second mortgage is not just for those with a weak credit score. They can be offered with the best mortgage interest rates or high-interest rates since it ultimately depends on the applicant, employment, credit score and property. 

In a nutshell, a second mortgage taps into the equity in your home and provides you with the funds required while being in subsequent position behind your first mortgage lender. 

Why Does Mortgage Priority Matter? 

As discussed above, your first and second mortgage are labelled in this manner because their priority represents which lender will be paid out first  in the unlikely event of mortgage default, and ultimately Power of Sale or property Foreclosure. Therefore, priority determines legally, which lender will be paid out first. 

As mortgage brokers, we offer mortgage products that can help clients in the specific situation they are in. They are fast, painless and competitive. We are conscious that the size of monthly mortgage payments are important aspects mortgage borrowers consider which is why we do what we can to make it work for you. 

Do not hesitate to call us to learn about our mortgage rates for second mortgages, how mortgages work, and information about private mortgages, for example.  

As leaders in real estate financing, we can certainly assist you.

CONTACT ME

Let's get started today.



Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Second Location: 
Tottenham, Ontario 

Head Office: 
15 Wertheim Court, Suite 210
Richmond Hill, Ontario 
L4B 3H7 

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680

Telephone

Direct: 647-773-4849
​
Email: sarah.colucci@coluccimortgage.com
Picture
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME