First mortgage
Arrange the main mortgage for a property purchase. Discuss the purchase price, down payment, income and closing date, then compare the terms available for your situation.
Explore residential mortgagesTORONTO · MISSISSAUGA · THE GTA
First & Second
Mortgages in the GTA
Your home. A clearer mortgage plan.
Buying a home or exploring your equity? Compare mortgage options in Toronto, Mississauga and across the GTA with The Mortgage Providers.
Tell us what you want your mortgage to help you do.
Toronto officeServing borrowers across the GTA
Established in 1997Mortgage brokerage experience
Brokerage licence 10533Residential & commercial financing
UNDERSTAND YOUR OPTIONS
What does your
mortgage need to do?
A first mortgage is the primary mortgage registered against a property. A second mortgage is another loan secured against that same property, ranking behind the first mortgage.
The Mortgage Providers helps GTA borrowers explore first and second mortgage options. Whether you are purchasing a home, replacing an existing mortgage or looking for additional funds, start by explaining the result you need.
Bring your timing into the discussion too. A purchase closing, upcoming renewal or planned renovation can change which options are worth comparing.
THREE STARTING POINTS
Buy. Refinance.
Explore your equity.
The reason you need financing helps determine what to review first.
Mortgage refinancing
Review replacing your existing mortgage, potentially with additional borrowing. Ask your current lender for a payout figure and any prepayment charge before comparing offers.
Second mortgage
Explore a separate loan alongside your current first mortgage. Review your existing contract and any consent requirements, then assess whether the added borrowing suits your budget.
COMPARE THE COMPLETE ARRANGEMENT
Look beyond
the quoted rate.
A useful comparison shows what you receive, what you pay and what you will still owe.
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Explain the purpose
Set out the amount you need, your deadline and the intended use. For a purchase, include the property and down payment details.
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Review your current position
Gather income information, secured balances, property details and your mortgage maturity date. Identify credit issues or payment pressure early.
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Compare costs over the same period
Request a comparison of payments, interest, fees and remaining balances. Include any charge for ending your current mortgage before maturity.
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Check the repayment plan
Understand the payment schedule and what is due when the term ends. If the loan is temporary, discuss a realistic way to repay it.
BEFORE YOUR MORTGAGE REVIEW
A few details.
A more useful conversation.
Start with a general enquiry. For a detailed review, it helps to have:
- Your property address or purchase agreement
- Current mortgage balance, rate and maturity date
- Balances of other loans secured against the property
- Income and employment or business information
- Your desired borrowing amount and intended use
- A monthly budget, including housing costs and debts
- Details of credit concerns or upcoming financial changes
COSTS & REPAYMENT
Know what changes
when you borrow.
Refinancing a closed mortgage before its term ends normally involves a prepayment penalty. Ask for the full cost, including applicable administration, appraisal and discharge fees. Compare that with the cost of keeping your current mortgage and adding a second loan.
If private financing is proposed, review the fees, term and exit strategy carefully. An interest-only payment does not reduce the principal. Renewal or a future refinance should not be treated as guaranteed.
A mortgage is secured against your property. If you cannot meet its obligations, you risk losing your home.
TORONTO · MISSISSAUGA · GTA
A local review.
Your specific numbers.
Whether you are buying a Toronto condo or reviewing the mortgage on a Mississauga home, start with the property details and your own financial picture. An area’s average sale price is not a substitute for the valuation a lender accepts.
The Mortgage Providers welcomes enquiries across the GTA, including Peel, York, Halton and Durham communities. Tell us where the property is and what you want to accomplish.
Using financing to repay credit cards? Review our debt consolidation information before deciding how a new loan fits your budget.
YOUR QUESTIONS
First & second
mortgage FAQs.
Clear answers about mortgage priority, equity and repayment.
What is the difference between a first and second mortgage?
A first mortgage has priority over a second mortgage registered against the same property. A second mortgage adds a separate secured loan alongside the first. The terms describe the loans’ positions, not whether you are buying your first or second home.
Can I keep my first mortgage when taking a second mortgage?
That may be possible, and it is one reason homeowners explore second mortgages. Your existing mortgage terms, any required lender consent and the new lender’s criteria must be reviewed. Ask how the combined arrangement would work before committing.
Is a second mortgage better than refinancing?
It depends on the complete cost and your plans. Compare keeping the first mortgage and adding another loan with replacing the first mortgage through refinancing. Include any prepayment charge, fees, payments and balances remaining at the end of the comparison period.
How much can I borrow against my home?
The amount depends on the lender’s maximum loan-to-value ratio, its accepted property valuation, existing secured debts and your qualification. Ask for the net funds available after costs and required payouts. Your total home equity is not the same as an approved borrowing amount.
Can a second mortgage help pay off other debts?
It may provide funds to repay selected debts, but you are moving those balances into a loan secured against your home. Compare the total repayment cost and make sure the new commitments are manageable. Paying off credit accounts also needs a plan to avoid building those balances again.
Can I qualify with bruised credit or self-employment income?
A review can explore which lenders may consider your circumstances. Bring details of your income, property, existing debts and any credit concerns. Ask what supporting documents are needed and how the proposed mortgage fits your ability to repay. Approval is not guaranteed.
What happens when a second mortgage term ends?
Review the contract for the amount due and your repayment options. You may need to repay the balance or qualify for replacement financing. Do not assume renewal will be offered. A short-term private mortgage needs a realistic exit plan and a backup if your circumstances change.
Do you arrange mortgages throughout the GTA?
The Mortgage Providers welcomes first and second mortgage enquiries from Toronto, Mississauga, Brampton, Vaughan, Richmond Hill, Markham, Oakville, Burlington and Durham Region. Share the property location and whether you are purchasing, refinancing or seeking additional funds.
LET’S DISCUSS YOUR MORTGAGE
Start with your goal.
Tell us whether you are buying, refinancing or exploring additional funds.
We’ll help you identify what to review next.
Quick, Reliable and Efficient Service!
- Land Purchases & Re-Financing
- Debt Consolidation
- No Income Equity Program
- Construction Financing
- Financing for Places of Worship
- And Much More!
- Pay off Credit Cards
- Bruised Credit & Difficult Mortgages
- Self-Employed
- Mortgages in Arrears
- Financing Stores & Apartments
- Tax Arrears
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