Question 1

How much equity can I borrow against my home in Ontario?

Accepted Answer

In Ontario, most alternative and private lenders allow you to borrow up to 80% to 85% of your home's appraised value (Loan-to-Value) when combining your first and second mortgage.

Question 2

Do I need to break my current mortgage to get a second mortgage?

Accepted Answer

No. A second mortgage is a separate loan that sits behind your first mortgage. This allows you to access equity while keeping your existing first mortgage rate and terms completely intact.

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