A second mortgage is exactly what it sounds like: it's another mortgage you take out on a home you're already making mortgage payments towards.
People take out second mortgages for a variety of reasons: Unexpected expenses that need to be paid immediately, home improvements and renovations, pay off high-interest debt, and most commonly, to fund the full purchase of a property.
Sherwood Mortgage Group has assisted thousands of homeowners in second mortgage loans, helping clients leverage their home equity to fund their dream projects. We have an established network of private and institutional lenders that we've maintained strong, long-term relationships with. This has helped our Canadian mortgage brokers & agents secure second mortgage rates in Canada that are much more favourable than what you'd get from your local bank.