Mortgages
Second Mortgages
A second mortgage sits behind your existing first mortgage and lets you borrow against your equity without breaking a low rate you want to keep. Institutional and private options are compared through RMA Mortgages, and the total cost is explained clearly.
- Keep Your Existing First Mortgage
- Total Cost Explained Clearly
- Consolidate Debt or Fund a Project
- Institutional and Private Options
When a Second Mortgage Beats Refinancing
If your first mortgage has a great rate or a large penalty, a second mortgage can be cheaper overall than refinancing, even at a higher rate on the smaller amount.
Home Equity Lines of Credit
A HELOC is a revolving second mortgage: borrow, repay and borrow again up to a set limit. We help you choose between a HELOC and a fixed second mortgage based on how you plan to use the funds.
FAQ
Common Questions
How much can I borrow on a second mortgage?
Combined with your first mortgage, typically up to 80 percent of your home's value with institutional lenders.
Is a second mortgage a short-term solution?
Often. Many clients use a one-year second mortgage to consolidate debt, then refinance everything into one mortgage at renewal.
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