A second mortgage on the equity in your home
Borrow against the equity in your home, without touching or breaking your first mortgage. Approved on your home equity, not just your credit or income.
What is a second mortgage?
A second mortgage is a separate loan secured against your home, on top of the mortgage you already have. Your first mortgage stays exactly as it is. The second sits behind it and borrows against the equity in your home.
Because it is secured by your home, a second mortgage often carries a lower rate than unsecured borrowing, and you receive the money as a single lump sum. It is a common way for Ontario homeowners to fund a renovation, cover a large expense, or roll high-rate balances into one payment.
Apply TodayA second mortgage borrows from the blue portion, the equity above what you still owe. How much you can access depends on your home value and your lender.
Why homeowners choose a second mortgage
When keeping your first mortgage in place is the smarter move, a second mortgage does the rest.
Keep your low first-mortgage rate
Already have a great rate on your first mortgage? A second mortgage lets you access equity without breaking it or paying a penalty.
A lump sum, on your terms
Receive the full amount at once and put it to work, whether that is a renovation, tuition, or a one-time expense.
Approved on your home
We look at the equity in your home first. Self-employed income and past credit bumps do not close the door.
What people put it toward
One home, many options. Here is how Ontario homeowners use a second mortgage.
Renovate the home you own
Fund the kitchen, the addition, or the repairs that add value, using the equity already in the walls.
Simplify high-rate balances
Roll several high-rate balances into one lower monthly payment.
Invest in what is next
Fund a business, a property, or an opportunity you do not want to miss.
Cover a large family expense
Tuition, a wedding, or supporting the next generation, without disturbing your first mortgage.
How it works
Three simple steps from application to funds in your account.
Apply online
Share a few details about your home and what you need. It takes minutes and does not affect your credit score.
We match your lender
A Lighthouse specialist reviews your equity and shops our full network for the right second mortgage.
Access your funds
Once approved, your lump sum is arranged and sent, often in as little as a few days.
Second mortgage or another option?
A quick look at how a second mortgage compares with two other ways to use your equity.
| Second mortgage | Refinance | Line of credit | |
|---|---|---|---|
| Keeps your first mortgage | Yes | No, it replaces it | Usually yes |
| How you receive funds | One lump sum | One lump sum | Borrow as needed |
| Best when your current rate is low | Strong fit | Weaker fit | Strong fit |
| Avoids breaking your mortgage | Yes | No | Yes |
| Good for a one-time expense | Yes | Yes | Better for ongoing needs |
How much could you access?
Move the sliders for a quick estimate of the equity a second mortgage could tap, then apply for your exact number.
What Ontario homeowners say
See how Lighthouse Lending has helped Ontario families use their equity.
"After explaining our situation, Kristen found a way to save us thousands. Positive, professional and kind the whole way. Life changing!"
"Fantastic to deal with and very helpful at times when life can feel stressful over finances. I really appreciated the care they put in."
"Matthew was wonderful to work with. Calm and collected, and handled everything with professionalism and integrity. Highly recommend."
Second mortgage questions
Everything you need to know before you apply.
Refinancing replaces your existing mortgage with a new one. A second mortgage leaves your first mortgage untouched and adds a separate loan behind it. If you have a low rate on your first mortgage, a second mortgage lets you access equity without giving that rate up.
It depends on your home value, how much you still owe, and your lender. As a rough guide, homeowners can often access up to around 80% of their home value across all mortgages combined, and some lenders go higher. We give you an exact number once we review your situation.
No. We approve on the equity in your home first. Self-employed homeowners, non-traditional income, and past credit bumps are all welcome. That is the difference between a broker and a bank.
Many homeowners receive a conditional answer within 24 hours, with funds arranged in as little as a few days, depending on the lender and your situation.
For most mortgage products the lender pays our fee, so our help is free to you. If any fee ever applies, we tell you up front, in writing, before you commit.
Put your equity to work
Apply in minutes and get a clear answer fast. No pressure, and no impact on your credit score to see what you qualify for.