Homebase Mortgages

Serving Toronto, the GTA & All of Ontario

Ontario's Best Rates on Second Mortgages

Get the financial resources you need.

Ontario's First Choice in Second Mortgages

Whether you need $5,000 or $500,000, we offer Ontario’s best rates! Get approved today!

Do you own your home and are looking for a Second Mortgage in Toronto or anywhere in Ontario? If you’re looking for a top mortgage broker, at Mortgage Central, we’re experts at hard to place private mortgages and second mortgages. As a matter of fact, new clients applying with bruised credit can also be approved within 24hrs!

Whatever your reason for a Second Mortgage, whether it’s to fund a home renovation project, pay for education or any other reason, we’re here to help. If you own your home, you’re approved!



If you own your home, you're approved!


Approvals in 24 hours or less

Fill out our fast and easy no-obligation application form to get started and see how much you qualify for.


No credit. No problem.

We don’t care about your credit score or income. If you have equity in your home, you’re approved! Simple as that.


Receive your funds fast!

We know you’re in a hurry! Once you are approved, our agents will work with you to get your funds to you within a week.


Helping Ontario homeowners get more out of their homes since 2002.

Life is full of obstacles, challenges and opportunities. Let our home equity loan experts guide you to get the most out of the hard earned equity you’ve built in your home. We’re here to help. 

Frequently Asked Second Mortgage Questions

A Second Mortgage is another common term for a Home Equity Loan. Your first mortgage is the one obtained when you purchased your home. Another mortgage obtained after a first mortgage falls under the umbrella term Second Mortgage but can also be called third mortgage and so forth. Taking an additional mortgage on your home is not a small decision. If you need help from mortgage professionals to help you choose the most appropriate financial option from you, feel free to contact us.

1.) Buying Another Property
Buying a rental property is a wise investment because the rent from such can go into paying for the property itself, thereby earning you some profits once the property is fully paid off. The clincher is you often have to chalk up about 20% of the property’s value for your down payment – that’s where a second mortgage can come handy.

2.) Investing
They say that it takes money to make money – so it goes without saying that to start a business or invest into something, you’ll need to first come up with a considerable amount of cash. You can use a second mortgage to start a business or beef up your portfolio. Just be sure to invest on something that will be worth your while.

3.) Paying Off Debt

Debt that is left unattended can swell to unmanageable amounts because of high interest rates. Because second mortgages these days often have a low interest rate, it would be wise to use one to get rid of debts that have a high interest rate. You can also pay off several loans at once, leaving you with just a second mortgage to manage.

4.) Renovating Property

Home renovations can get very expensive and getting loans for home renovations is often tricky. By going for a second mortgage, you can use your home equity to get what needs to be done, done!

5.) Paying for School

Going for higher education can be very expensive. If you’ve got home equity, you can use that to get a second mortgage and go back to school or send your kid to school. Higher education also means better jobs and making more, so this is truly a wise way to use a second mortgage for!

A home equity line of credit is not the same as a second mortgage. The easiest way to explain their difference is that a second mortgage is given as a lump sum and is paid just like a typical mortgage. On the other hand, a HELOC operates more like a credit card because it is a revolving line of credit that can be used and reused until the set time and value limit is reached. Paying a HELOC is usually interest-only for predetermined time.

Second mortgage interest can either be fixed or variable. What doesn’t change is the fact that interest for a second mortgage will always be higher than that of the primary mortgage because it carries more risks for the lender. The good thing is that compared to unsecured loans such as a car lease payment or a credit card, a second mortgage has a relatively low interest rate.

First off, there is a required amount of equity that you need to have before you can get a second mortgage (and this will vary depending on the terms of each lender). Banks usually require a minimum of 25% equity while trust companies may lend you money on just 10-15% home equity. The money that you can borrow can then be up to 80% of the appraised value of your home after the balance of your first mortgage was subtracted from it.

While it is possible to obtain a second mortgage even if you have bad credit, the truth is that it will be a very long and probably unfruitful process if you approach the wrong lenders. This is because lenders can be very strict about approving second mortgages as they carry more risks for the lender.

Because a second mortgage is a secured loan against your home, you will risk losing your home if you fail to make payments or if you signed one with unreasonable terms. You have to be sure that you can afford the payments and that you fully understand the payment terms.

Your monthly payments will be collected from you following the terms that you agreed with for your mortgage loan. Make sure to ask our mortgage professional to clarify this with you before choosing a mortgage product.

There are many things to consider and research about before applying for a loan. Know that there are dishonest lenders who will try to take advantage of you to maximise their profits and not care whether you are overcharged for a loan or if you will be able to handle payments. Some dishonest lenders will surprise you with hidden fees or excessive interest rate after the first year of your new mortgage.

At Homebase Mortgages, we do our best to make sure that you are fully informed of the pros and cons of each mortgage product that you are interested in so that you are equipped with the information you need to make the best financial decision for you and your family. We welcome questions and look forward to discussing your options with you.

Why Choose Homebase?

Homebase Mortgages has been helping homeowners achieve their financial goals for over 20 years.
Serving Toronto, the GTA and all of Ontario.

Homeowners approved within 24 hrs

If you own your home, you're approved. We lend based on your homes equity.

Large Canadian public funding network

Whether you need $5,000 or $500,000, we have you covered.

Cut monthly payments in half

Lower your monthly debt payments by up to 50%.

Bad credit. No credit. No problem.

All you need is your home. Credit scores don't matter here!

Most competitive rates in the market

We offer the lowest rates possible in our industry.

We can help when traditional banks won't

Unlike traditional banks, our approvals are solely based on your homes equity.

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What our clients have to say

I had a very bad experience with another company and was lucky enough to find Homebase in time, before going through with a high interest loan. Good people here.
Archard Cuillerier
Danny and Rajal are such a pleasure to work with! They are experienced and extremely knowledgeable. Highly recommended!
Alessandra Ocampo
Honest, knowledgable and actually caring! If you're looking for a second mortgage in Toronto, go with them. Great job!
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