Benefits of a Second Mortgage
Get financing by leveraging the equity in your home.
Keep your first mortgage rate.
You don’t have to refinance your first mortgage. A second mortgage gives you access to equity while leaving your current rate and term untouched.
Choose your term.
Whether you prefer flexibility or stability, we offer open-term or closed-term options. Open terms give you the freedom to pay early, with no penalties.
Align your maturity dates.
We can set your second mortgage to mature at the same time as your first mortgage, making your planning and payments more streamlined.
PRODUCT FEATURES
Second Mortgage features.*
We offer flexible financing that helps you access your home’s equity while keeping your first mortgage intact.
Loan purpose Refinance or equity take out.
Term Open or closed options.
Amortization Up to 35 years.
Maturity Aligns with your existing mortgage term.
HOW IT WORKS
Ready to get started?
We work directly with Mortgage Brokers to offer you the right mortgage solution.
01
Find a Mortgage Broker.
If you already have a broker, perfect! If not, use our Find a Broker tool to connect with one in your area.
02
Your broker submits your application.
Your broker will handle the submission of your application for review. A few initial documents will be needed to get things started (like a paystub, job letter, or ID).
03
We review your application.
Our team of underwriters will carefully review your application and work with your mortgage broker to make sure everything is in order. If your application meets our lending guidelines, we will send a commitment letter to your Mortgage Broker, which may include conditions or requests for more information.
04
Final step: closing.
Once all conditions in the commitment letter are met, you’ll be ready to move forward. You’ll meet with your lawyer/notary to sign the final documents and pay your down payment. On closing day, your lawyer will coordinate with our team to release the funds, and you are closed!
Prepayment privilege
Each year, at the anniversary date* of your mortgage advance, you can take advantage of the following prepayment options:
Increase the principal and interest portion of your original payment by up to 20%, and/or
Make a lump sum payment of up to 20% of your original mortgage amount (minimum $500) toward your outstanding balance. This second option is not cumulative. Any unused portion of the 20% doesn’t carry over the following year.
* Your mortgage anniversary date can be found in your mortgage documents.
MORTGAGE PRODUCTS
Fixed-rate mortgages
Your rate stays the same, even when life doesn’t.
Your monthly payments stay consistent throughout your mortgage term. → 1-, 2-, 3-, or 5-year terms → Same annual percentage rate throughout Terms apply
Convertible Mortgage
Room to move, lock in when it feels right.
Our Convertible Mortgage creates flexibility and empowers you with greater control over your mortgage rate options. → 12-month mortgage → Convert to a new mortgage without penalty Terms apply
FAQs
Mortgages can feel complicated, but they don’t have to be.
Explore our FAQs and get the confidence you need to make smart, informed decisions.
See all FAQsWHAT’S NEXT
