i second™

There are so many reasons why you might want a second mortgage. You might be moving to a larger home and may already have a first mortgage with most of the money you need at a great rate. So it makes sense to get secondary financing to save that rate.

Or, you may need more than the 75% of your home's value that's available from a conventional first mortgage. To avoid paying expensive mortgage insurance premiums for the full amortization period, you choose a small second mortgage that you can pay off as quickly as you want.

Perhaps you're not moving at all, but you do want to use the equity you have in your home for renovations, a child's education or to consolidate high-interest debt into your mortgage.

Key Features & Benefits:

• Approvals up to 90% of home's value
  
• Minimum $10,000 CDN, maximum $100,000 CDN
  
• Variable rate, minimum 1-year term
  
• Fixed rates, minimum 1-year and maximum 5-year term
  
• Payout in full or part anytime with 3 month interest payment on the prepayment amount for fixed rate terms, matures at the same time as your first mortgage, except in cases where the first mortgage exceeds five years
  
• Weekly, biweekly, semi-monthly, monthly payment schedules
  
• Purchase, refinance or equity take-out
  
• Available on some second residences or investment properties

That's why we designed i second™. For people like you who have good reasons for wanting a second mortgage and a solid plan to pay it off, on your terms.