How Much Can You Borrow?
Your first and second mortgage together can usually go up to 80% of your home's value, and sometimes 85%.
Example: your home is worth $600,000 and your first mortgage is $350,000.
- 80% of $600,000 = $480,000 combined limit
- Minus the $350,000 first mortgage = up to $130,000 second mortgage
Second mortgages are usually short term. The plan is often to combine both loans into one at your next renewal, and we map that out with you at the start.
Second Mortgage, HELOC or Refinance?
A second mortgage keeps your first mortgage in place with no penalty. A refinance replaces it with one larger loan. We'll run the numbers both ways so you can see which costs less overall.
A line of credit secured by your home. Borrow, repay and reuse, and pay interest only on what you use.
Keep your first mortgage as is and add a second loan behind it. Often the better route when you have a good rate or breaking your mortgage would cost a penalty.
Replace your current mortgage with a larger one and take the difference in cash. One payment, but breaking your mortgage early may come with a penalty.
What Does a Second Mortgage Cost?
Costs vary based on the solution that fits you. Here's what can be involved:
- Lender fee: Some lenders charge none. Alternative and private lenders usually charge one.
- Broker fee: Depends on your file and the lender.
- Legal fees: A lawyer registers the mortgage and releases your funds.
- Appraisal: Ordered only after you're approved. Sometimes the lender handles it with a desk appraisal.
- Interest rate: Depends on the lender, your credit and your equity.
Every cost is shown to you before you sign. No surprises at the lawyer's office.
How It Works
Typical timeline: 10 days to 4 weeks from first call to funds.
1
Quick call (about 5 minutes).
We learn what you need.
2
Application by phone (about 10 minutes).
No forms to fight with.
3
Your proposal.
We show you what you should qualify for.
4
Documents.
Our team will reach out with exactly what we need.
5
We shop multiple lenders.
The goal is the best solution, not just the best rate.
6
Approval and appraisal.
You sign your approval, then the appraisal is ordered.
7
Lawyer signing.
We work with lawyers across Alberta and BC and can find one for you.
8
Funds released.
Your lawyer transfers the funds on closing.
Who We Help
Debt consolidation
Roll credit cards, loans and other balances into one manageable payment.
Bruised credit
A low score or past collections doesn't mean you're out of options.
Low income
Income that doesn't fit the bank's box can still qualify.
Self-employed
Write-offs lower your taxable income. We know how to present your income to lenders who understand how business owners actually earn.
Retirees
Pension income can qualify, even at a bank.
Renovations and big expenses
Use the value in your home for the project you've been putting off.
We work with homeowners across Alberta and BC, from Calgary and Edmonton to Surrey and Kelowna.
Why Homeowners Choose Elevate Lending
- Women-led, judgment-free. We help you through financial stress with dignity.
- Licensed in both BC and Alberta.
- In the real estate industry since 2010.
- Access to multiple lenders, so you're not stuck with one answer.
- Free consultation.
- All fees shown before you sign.
Second Mortgage FAQs
Can I get a second mortgage with bad credit?
Absolutely, yes. Second mortgage lenders focus mostly on your equity. We work with homeowners who have bruised credit, self-employed income or past collections.
Is a second mortgage rate higher than my first?
Usually, yes. It's still often far lower than credit card interest, which is why it can lower your total monthly payments.
How long does it take to get the money?
Usually 10 days to 4 weeks from your first call to funds in your account.
Do I have to break my current mortgage?
Not always. A second mortgage or HELOC can sit behind your existing mortgage, so you keep your current rate and avoid a penalty. We'll show you whether breaking it makes sense.
How long is a second mortgage?
Usually short term. We'll plan your exit at the start, such as combining it with your first mortgage at your next renewal.
What does it cost?
It depends on the lender and the solution. You'll see every fee before you sign anything.
What documents will I need?
It depends on your file. After your application, our team will reach out with exactly what we need.
Do I need my own lawyer?
You'll need a lawyer to sign and release the funds. We work with lawyers across Alberta and BC and can find one for you.