Unlock the
Power of Equity
With A Second Mortgage

Utilizing the equity of your primary residence can facilitate significant financial moves, whether for acquiring an additional property or making strategic investments.

A second mortgage offers this potential. As your mortgage broker, our role is to provide clarity and present options tailored to your financial objectives.

Opting for a second mortgage in Chilliwack can serve various purposes, from securing a secondary residence to investing in a property with potential returns. With a second mortgage, you harness both financial strategy and tangible benefits.

Our expertise makes sure that navigating this process is streamlined and informed.

Chilliwack Second Mortgage Abbotsford Broker Financing Home Equity

The Benefits of a Second Mortgage

Access to Equity

A second mortgage allows homeowners to tap into the equity they’ve built up in their home without refinancing their primary mortgage.

This can be a significant source of funds, especially if the property’s value has increased over time.

Lower Interest Rates

Typically, second mortgages have lower interest rates than unsecured personal loans or credit cards.

This can make it a more cost-effective way to borrow money.

Debt Consolidation

Homeowners can use the funds from a second mortgage to consolidate high-interest debts, such as credit card balances, into a single, lower-interest loan.

This can simplify monthly payments and save money on interest over time.

Home Improvements

Many homeowners take out second mortgages to finance home renovations or improvements.

These projects can further increase the property’s value, potentially offsetting the cost of borrowing.

Tax Deductions

In some cases, the interest paid on a second mortgage can be tax-deductible.

However, tax laws can vary, so it’s essential to consult with a tax professional.

Flexible Use of Funds

Unlike some loans that must be used for a specific purpose, the funds from a second mortgage can generally be used for any purpose, giving homeowners flexibility in how they use the money.

Fixed Repayment Schedule

Second mortgages often come with a fixed repayment term, allowing homeowners to budget consistently without surprises from fluctuating payments.

Alternative to Refinancing

For those who have a favourable interest rate on their primary mortgage, a second mortgage can be a way to access funds without refinancing and potentially get a higher rate on their first mortgage.

Emergency Funds

In unexpected situations or financial emergencies, a second mortgage can offer a lifeline to access significant funds without liquidating other investments or assets.

What is a Second Mortgage?

A second mortgage is a type of loan that allows homeowners to borrow against the equity in their home while still maintaining their original or primary mortgage.

  • Equity-Based: The amount you can borrow with a second mortgage is typically based on the difference between your home’s current market value and the amount you owe on your primary mortgage. This difference is known as equity.
  • Subordinate to the First Mortgage: In the event of a default, the primary (or first) mortgage gets paid off before the second mortgage. This makes second mortgages riskier for lenders, which is why interest rates for second mortgages are typically higher than those for primary mortgages.
  • Types of Second Mortgages: There are a few different types of second mortgages, including:
    • Home Equity Loans: A lump-sum loan with a fixed interest rate.
    • Home Equity Lines of Credit (HELOCs): A revolving line of credit with a variable interest rate. You can draw money as needed up to a certain limit.
  • Use of Funds: The funds from a second mortgage can be used for various purposes, such as home improvements, debt consolidation, emergency expenses, or any other financial needs.
  • Repayment: Just like a primary mortgage, a second mortgage requires regular monthly payments that include both the loan principal and interest – or there are interest-only options. The specifics of the repayment terms, such as the loan duration and interest rate, can vary based on the lender and the type of second mortgage.
  • Risks: The most significant risk associated with a second mortgage is the potential for foreclosure. If a borrower fails to make the required payments, the lender can take legal action to seize the property. Since the second mortgage is subordinate to the first, it’s essential to manage both loans responsibly.

More Than One Mortgage Fit

Entrust Mortgage Services

A mortgage can do a lot. Purchase a home, a commercial property, a rental for income, debt restructuring, retirement planning – there are many things a mortgage can help with. We help you get the right one, that fits your goals.


Investing in real estate with a rental? We can make sure you have the the perfect mortgage for property rentals.

Credit Challenged Mortgages

Life has ups and downs, and Entrust Mortgage is there when things are tough too.

Reverse mortgage


Retired? A Reverse Mortgage allows you to get money from your home equity without having to sell.

Abbotsford Second Mortgages Chilliwack Mortgage Broker


Utilizing the equity of your primary residence can facilitate significant financial moves, whether for acquiring an additional property or making strategic investments.


We take the time to make sure your needs haven’t changed but if they have we get you the mortgage you need today.

Switch or Transfer Mortgages

Life has ups and downs, and Entrust Mortgage is there when things are tough too.

Commercial Mortgages Chilliwack Abbotsford


Is your business looking at buying real estate? We have commercial experts ready to help you get the loan you need.

Mortgage Calculator

Mortgage calculator