You can get pre-approved in as little as 24 hours.
Loans ranging from $50,000 to $2,000,000
Great rates and outstanding customer service.
Second mortgages are loans on the title of your home. Registered behind your first mortgage, they allow you to refinance up to 75% of your home’s value. Conditions Apply*
2nd mortgages are used for debt consolidation, home renovations, or business capital. They can provide you with significant cash flow relief by combining all your small debts into one low monthly payment.
When working with us, approvals can take as little as 24 hrs. We have great second mortgage rate options for lower Loan To Value (LTV) ratios.
The major difference between an equity mortgage and a home equity line of credit lies in the rates and fees. Home equity lines are also a re-advanceable charge, where a home equity loan is a one-time lump sum advance of money.
Worried about age, bad credit, or income? Don’t be! We can provide you with 2nd mortgage solutions solely based on the value of your home.
Want to estimate how much of a 2nd mortgage you might qualify for?
Get a calculator! Here’s how you calculate up to 75% Loan To Value:
75% x ($300,000) = $225,000 – ($200,000) = $25,000
Some lenders will go as high as 85% LTV. You should call your Vancouver BC Mortgage Broker to help you prepare your Mortgage Application.
Let’s say your current mortgage interest rate is lower than it would be if you refinanced and added additional debt. If you look to consolidate outstanding debt into a new first mortgage, it may become more expensive than to get a second mortgage.
Taking $50,000 of debt, and refinancing it into a 2nd mortgage at private mortgage rates, may cost less than taking a $300,000 1st mortgage, and adding $50,000 to refinancing $350,000 at your bank’s best rate.
This is also considered Bridge Mortgage Financing. You can use the equity in your home to buy another piece of real estate using Inter Alia.
Sticking with your current 1st mortgage rate and consolidating debt into a second mortgage can help improve cash flow and consolidate outstanding debts. By using this technique, you can improve your credit and be in a better financial position to negotiate the best rate from your bank at the end of your term.
If you are self-employed, the bank’s debt service ratio might be too restrictive to fully qualify you. Many banks will only allow certain debt to service ratios. A 2nd mortgage from private mortgage lenders can sometimes help you achieve a higher loan to home value.
This happens when you have a unique property or location and the bank is unable or unwilling to finance it adequately. Non-conforming homes and homes on unique properties pose challenges for conventional lenders to service to their true potential.
A second mortgage is based on your home’s equity. Some lenders can qualify you solely on those bases.
If you are facing a possible Foreclosure or Pre-Foreclosure, a second mortgage can help bring you up to date with your 1st mortgage. It will also enable you to restructure your other debts. A restructured cash flow allows you to better service payment in the future.
A 2nd mortgage can free up money so you can start a new business or working capital. Banks can have overwhelming guidelines for this, so home equity loans are a fast way for small and medium-sized business owners to get money.
Are you having trouble completing a residential construction, and the bank won’t advance money for it?
Some lenders will advance a second mortgage to help you complete your project.
Second mortgages can also be used to divide assets following a divorce or to pay alimony. Using equity to divide assets and obligations can be done easily. Just ensure that all obligations on the 1st mortgage are fairly decided on before entering under contract.
Mortgage loans can be used to enhance your current lifestyle. You can take a loan for your wedding or honeymoon, buy a new car, or go on a vacation. Some people use mortgages to consolidate debt or to pay medical bills, education or school loans.
Most commonly, mortgage loans are used for home improvement. Other uses for a first or second mortgage include starting a small business or injecting new money into an existing one with the flexibility of interest-only payments.
A mortgage is one of the fastest and easiest ways to extract equity out of your home.
Wondering what is the difference between a first and second mortgage? A 2nd mortgage typically refers to a secured loan subordinated to the 1st loan against the property.
In real estate, a property can have multiple loans against it. The loan registered at the BC Land Titles Office is called the first mortgage, or first position. The mortgage registered second is called the second mortgage or home equity loan. Properties in Canada can have a third or even a fourth mortgage, but those are less common.
Canadian second mortgages are also called equity mortgages because if the loan goes into default, the first mortgage gets paid off first. Thus, these types of mortgages are riskier for lenders and generally come with a higher interest rate.
Often, 2nd mortgage rates can be more cost-effective than paying out your 1st one and refinancing because of the payout penalties. Sometimes, taking out a second loan and negotiating an open rate on it can be your best bet, even if paying a higher interest rate.
Most lenders will require a lender fee when initiating an open mortgage rate. All fees and costs have to be disclosed to you prior to signing your mortgage.
A second mortgage can also be a great tool to repair your credit or help with cash flow. If your credit is low and your primary mortgage is up for renewal in the next year or so, getting a 2nd mortgage may help your credit score to improve.
Managing your debt and keeping repayments up to date gives you a good chance of renewing your mortgage and consolidating both into one. All with a combined lower payment and interest rate.
Both home equity mortgages and HELOCs are 2nd mortgages taken against your home equity.
A home equity mortgage is a fixed-rate loan most of the time, while a HELOC is an adjustable-rate loan. The former allows you to take all the loan funds in a single payment, while home equity lines of credit offer a credit line option from which you can get advances up to your credit limit.
The purpose of these loans is also different. For example, if you wish to consolidate debt, you should choose a second mortgage. If you were to make home improvements, then a HELOC would be a better option. All you need is a basic understanding of both loans to make them work for you
Equity mortgages on rental properties are not as usual as the ones on owner occupied homes. However, we have lenders for these types of situations too.
You should be aware of additional costs and criteria such as Assignment of Rent and lower Loan to Value ratios. Assignment of Rent means that, in case of failure to pay your mortgage, the lender can have the tenant pay the rent directly to them. This is done through the Court.
The lending value is usually lower on rental properties because of added risks to the lender. But, with good covenants, I can still structure your application for best results.
Second mortgages allow Canadians inside and outside of the Fraser Valley to make the home renovation they’ve been dreaming of. In the past several years, Canadian homeowners have accumulated significant equity in their homes.
With housing prices increasing, this has become the hottest real estate market in the country since the end of the Second World War.
Now that the housing market has cooled down, Canadians are using some of the equity they’ve built up to finance significant upgrades to their homes.
According to an Altus Group Housing report, following the Covid-19 pandemic, home renovations witnessed a lower decline than the overall economy.
For 2021, renovation spendings are forecasted to make a comeback and reach $80 billion. Not bad at all if we take into account pre-pandemic numbers: $61,2 billion in 2019 in the 10 major urban centers that were surveyed. Canadians reported that the main reasons they undertook renovations were “to update, add value, or to prepare to sell their home.”
Home renovations only make sense when done to enhance enjoyment or increase your property’s appeal in an emerging buyers’ market. Homeowners who use savings or, worse yet, credit cards to finance major home renovations risk depleting their assets.
It’s far better to arrange a second mortgage or a line of credit secured against your home’s existing equity when undertaking a major project like this.
Savings or credit card debt can readily finance renovation projects such as bathroom remodelling or painting and wallpapering. For major renovations, it makes more sense to use a second mortgage secured against existing home equity. These mortgages carry lower interest rates than most credit cards.
Some lenders offer 2nd mortgages or consolidation loans on manufactured homes or mobile homes. Loans for these types of structures can be hard to find, but we can help you get the best one.
The challenge comes from lending institutions such as banks or credit unions and B-lenders who consider modular or manufactured homes to present greater risks than traditional housing.
Banks require higher interest rates on second mortgage loans for prefabricated or mobile housing. To secure additional loan products, there may be some requirements that need to be met or restrictions, such as:
Please take this opportunity to go to Equifax and order a copy of your credit.
Our Mortgage Products
Our private lenders will offer you the best loan deals. Get approved based on your home equity, not your income, capital or credit score.
Read MoreFor the self employed, mortgage funding may be hard to come by. Browse our stated income mortgages and get approved fast.
Read MoreB-Lenders are mortgage funds with rates between banks & private lenders. Get approved for a B-Lender loan today.
Read MoreBuying a new home before selling your current one? A bridge mortgage loan may be right for you.
Read MoreIf you are looking to get a mortgage with bad credit, you are in luck. Apply for a mortgage today.
Read MoreReliable & Professional
3 words Honest, experienced and professional! Jeff was able to present a great lending option to me, further educating me about Mortgages !
I recently had the pleasure of finding Jeff Di Lorenzo on a simple internet search. I was seeking a private lender for a equity loan on my home. I found... read more Jeff to be very personable and he Instantly understood my wants and acted immediately. Jeff was super prompt answering any questions or concerns I had. He made the process swift and pleasant! I would highly recommend Jeff to anyone seeking a loan or mortgage. Tanilia Robertson
Cold emailed Jeff with a question and was impressed with his answer and will reach out to him if we need support with our mortgage. Wow! Great service.
Our experience with Jeff was solid - he worked with us to get the financing we needed on an investment property and put us on the path we needed to... read more be to make our dreams happen. He was professional and understanding. Highly recommend.
Excellent professional service. Quick results. Secured a first mortgage for us in record time., would highly recommend.
Had just an amazing experience with Jeff. Very professional, informative, helpful and promt, Even responded to my emails while on vacation. The process was very quick smooth and easy. I... read more would definitely look to Jeff for future loans again and would highly recommend him to all my family and friends! Thanks again Jeff!
I found Jeff through Google while researching home equity loans and he replied to my inquiry that was sent on Sunday night by calling me first thing Monday morning and... read more discussed various options and whether they are suitable for my needs. From that point onwards, he was prompt, responsive, and was available to answer any questions I have. He gave me all the details I need to ensure my application was completed as soon as possible, and made sure I get all the necessary documents and appraisals completed before they were needed, which made the application process quick and smooth. I am very pleased with his service and would not hesitate using him again in the future, and I will definitely be recommending him to my friends and family. Thank you very much for all your help, Jeff! 🙂
Jeff went above and beyond to help me get out of my current situation . I found him by chance and I sure am lucky I did! Thank you... read more Jeff for everything you've done for me! I would recommend you to anyone ! Thanks again and keep up the great work!
Jeff helped me set up a mortgage quick and easy. He is very professional, informative, and patient. Im very happy with his service. If you are looking for mortgage loan... read more options, he is definitely the person you want to talk to.
Jeff is amazing to work with !! Always ready to help !
Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more advice, and been helpful even when I chose not to use his service. He was not biased either way. I know it's there if I need it in the future. I trust his advice.
Jeff was very supportive, and knowledgeable about helping me get a mortgage. Jeff communicated clearly and professionally, and was very easy to talk to. He responded promptly to... read more all communication and made sure I clearly understood every step of the process. I highly recommend Jeff as a mortgage broker.
Jeff is highly personable and informative. He tells you the facts, what your options are, and helps you make the best decision for your circumstances. He has given me honest... read more advice, and been helpful even when I chose not to use his service. He was not biased either way. I know it's there if I need it in the future. I trust his advice.
Jeff was great to deal with! I was needing better options asap, and Jeff was able to help me out very quickly and effectively. He's also very personable and knowledgeable,... read more and a delight to work with. Thanks Jeff!
Speaking as a fellow mortgage broker, I cannot speak more highly of Jeff Di Lorenzo's expertise in the field. Knowledgeable, fast, friendly and efficient, Jeff goes to bat for clients... read more in even the most difficult financial circumstances. You and your family would be doing yourself a great favour to bring Jeff on board to get the job done quickly and to your utmost satisfaction.
Jeff, thank you so very much for working with my wife Nadia and I in securing financing in an epic purchase situation, an opportunity of a lifetime that would have... read more otherwise slipped through our fingers. I hope anyone reading our review will seriously consider seeking the professional assistance of Jeff Di Lorenzo for all your equity and loan needs. We could praise Jeff repeatedly but it wouldn’t be enough. Jeff has twice assisted us in pursuing our dreams. Even in the 11th hour, Jeff pulled out all the stops to get our deal done - something that was far and above anything I would have hoped for or expected. When an unexpected complication arose, Jeff did what he needed to do with ease and grace which made everything get back on track to completion. I will always appreciate Jeff’s professionalism, expertise, knowledge and resourcefulness. I know that the banks would have happily let our dreams die on the vine but Jeff was our first stop this time around for options - based on positive experience of his helping us previously. I implicitly trust Jeff, and although we have only known Jeff on a professional basis, I can say with confidence that he is simply the best. If what you’re needing financially can be done, Jeff will be able to help you do it! Thanks again Jeff!!!
Jeff is a great guy! Always professional and responds quickly with all the information that I need. I very highly recommend for any mortgage needs you might have. ... read more Thanks again Jeff!
I have been a client of Jeff's for several years now and highly recommend using him for your mortgage needs. He is knowledgeable, efficient, friendly, and professional. Jeff has... read more helped me find the mortgage that is best suited to me. Give him a call, and find out how he can help you.
Jeff is very fast and efficient. There are many products that banks won't offer you for not much more. Just make sure you include all parties: lawyers, accountants and... read more Jeff I'm all conversations so you're all the same page because it's the government that may slow you down.
Excellent services! Always available to answer my questions. Very responsive.
Working with Jeff was a very positive experience. He is professional, courteous and super fast at responding to any questions or concerns. I would definitely recommend his services to... read more anyone looking for a mortgage broker they can trust.
Jeff is wonderful to work with. He is always responsive and possess great ability to secure the best deal for your situation.
He was efficient. He was friendly - actually he's quite a cool guy. It all happened the way he said it would go down - integrity and know-how.... read more It's a YES from me. Update: Taking equity out of my home not once, but twice, after a lifestyle of living frugally, doubling down on mortgage payments and paying credit cards off in full every month was quite a blow to my self esteem and ego. With Jeff being so professional, quick, thorough, and somewhat funny, it was easy to let anxiety and shame give way to gratitude for the relief that has allowed me the time and resources I needed to focus in on and adequately address what life was trying to show me. If you resonate with integrity, honesty and easy going vibes with professional results, Jeff's the one you want. Thank you Jeff!
Just a note of thanks for the exceptional service you provided to us on our recent mortgage refinancing. We have worked with Jeff for many years, and we are extremely... read more impressed with the fast, efficient, and professional way he handles our requests. We certainly do recommend contacting Jeff to anyone who might be shopping around for mortgage financing. It’s very reassuring to know that we can contact Jeff because he always makes mortgage financing simple and easy. Thank you, Jeff. Ken & Gaye
Jeff was fantastic to work with, and we highly recommend him.
I have worked with Jeff for many years with my mortgage. We went from having to use alternate lenders to getting approved at a major bank with his help.... read more He's very professional and easy to work with
Thanks very much Jeff. You helped us through a challenging process to get the best possible equity offer - which saved us costs and put us in a stronger... read more position to complete the loan on better terms that uniquely benefited our family. I hope everything will work out with finalizing our loan but even if something comes up that prevents completion, I feel you did your utmost to help represent our best interests. I look forward to working with you again when our mortgage is up for renewal next year. Thank you! Jonathan
Jeff helped me out a few years ago when we were in a little financial difficulty and he gave us a way out and still own our home. He was... read more fast and efficient. My husband and I came back after rebuilding our credit and he has now proven how he can get you back to a "A" Lender in the least stressful, fast and efficient way. He was available to answer any questions and help us along this process even after 5pm and I really appreciate everything he did for my husband and myself. Thanks for everything!!!
I have had the pleasure of working with Jeff Di Lorenzo as my mortgage broker and have found him to be very capable and knowledgeable, a professional in every way... read more Not only is Jeff an excellent broker, he is personable and sincere, qualities I think make all the difference in business. If you are looking for a really great broker who's easy to work with, I would gladly recommend Jeff Di Lorenzo!
We have worked with Jeff on all our mortgage requirements, he always does the best for us and we have ultimate faith in his ability and knowledge. Would... read more highly recommend him
My parents needed fast financing to close on a very profitable business opportunity. Jeff put together a private 1st & 2nd home equity loan in just a few days. He... read more was very knowledgeable and kept us up to date throughout the process. I would recommend his services to anyone that needs quality home equity loan at a great rate.
Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff
Jeff not only solved all my equity loan issues, he was able to do so quickly, as well as at great terms & rate. Throughout the entire process he... read more was a pleasure to work with, taking the time to be kind and to make sure he understood all details so he could find the solution that best fit my circumstances. Once he had several options, he felt the least expensive would be the best fit and, upon review, I agreed. This is someone you can trust to fight for your best interests and never try to upsell to his own advantage. Jeff did more for me than my bank could. Reny Auger
Jeff is extremely helpful, responsive and transparent in his approach to assisting you with your financial needs. He was always willing to answer question and would present concepts and situations... read more in varied ways until I fully understood. I would have no hesitation recommending Jeff to my friends and family.
I had done the typical thing and approached Alpine Credits and Capital Direct. Both provided approval relatively quickly and I thought the fees associated with the product was "normal". Thank... read more god I checked in with Jeff at The Mortgage Group. He not only saved me thousands of dollars right off the bat, I've got a plan to refinance in 12 months and will continue to benefit financially from Jeff's guidance. I used to believe that some things were to good to be true. How could a single broker, Jeff Di Lorenzo, save me more than the big business? Well he did, and I'm a believer. Thanks Jeff, I look forward to working with you for all of our future mortgage needs.
Worked with Steve Nipius now on my mortgage application, and boy did he ever go many extra miles for me. As a small business owner myself, I really appreciate... read more when another business takes a couple hours out of their busy day to answer all my questions. I sent him like 30 questions, not your usual 5 or 6, and he responded within 24 hours thoroughly and understandably Highly suggested. Had a MUCH better feel with this business than the chartered banks, who kind of seem too big to care about you
I have had the pleasure of working with Jeff twice now and my experience has been nothing short of exceptional. Unlike other brokers/banks, Jeff took a genuine interest in... read more my financial situation and provided unbiased advise even when the best option was potentially with someone else. Jeff has come through when I have needed his help the most and I highly recommend him. Please feel free to contact me with any questions.
With Jeff's professionalism, we got the loan we needed in no time. He was prompt, informative and helpful. I would recommend him to my friends who would be needing... read more help with loans.
Excellent service and excellent advice
Thanks for making this very easy and helpful Jeff is very good at what he does keep up the good work 5 star sevice 10 star guy thanks jeff
SimpleTransparentSecure