Second mortgages in Alberta
Second mortgage in Alberta, even if your bank said no
Borrow against your home’s equity without breaking your first mortgage or losing its rate. Second mortgages are usually short, interest-only loans, and they’re available even when the banks say no, if you have enough equity.
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The short answer
A second mortgage is a loan secured on your home that sits behind your first mortgage. It can be a fast way to pay off debt, cover a tax bill or bridge you to a better mortgage later. It costs more than a bank mortgage, so it works best for a short time with a clear plan. The review is free, with no obligation.
- Keep your first mortgage and its rate
- Less-than-perfect credit considered when you have equity
- Every cost in writing before you sign
Is it right for you?
A second mortgage is a short-term tool. We’ll tell you if a bank refinance would cost less.
A good fit if you…
- have a good rate on your first mortgage and don’t want to lose it
- would pay a large penalty to break your first mortgage early
- need money for debts, taxes or arrears, and the banks have said no
- have real equity in your home, even if your credit isn’t perfect
- have a clear plan to pay it off or move to a bank mortgage within a year or two
Not a good fit if…
- you could refinance with a bank instead. If your credit and income qualify, a bank refinance usually costs less, even after a penalty.
- you need the money long term with no exit plan. A 12-month loan renewed year after year gets expensive.
- you can’t afford the payment. Both mortgages are secured on your home.
- your equity is thin. Borrowing near the full value of your home leaves no cushion.
- the amount is small. Fees and legal costs can make a small second mortgage poor value.
How it works, step by step
1
Free review
Tell us about your home, your mortgage and what you owe. It’s free, with no obligation and no judgment.
2
Quick approval
We compare 50+ banks, credit unions and private lenders. Approval answers typically come back in 12–24 hours, with every cost in writing.
3
Start saving
Your lawyer registers the second mortgage and typically pays off your listed debts from the advance. You make one lower payment, and we agree on the plan for the end of the term before you sign.
A real example
Four payments became one, without touching the first mortgage.
Illustrative example
4 debts · $95,000 owing
Today: 4 payments
$2,600/mo
2 credit cards · line of credit · car loan
After: 1 payment
$1,000/mo
Back in your pocket
$1,600/mo
What changed
- Debts paid off
- $95,000
- Payments each month
- 4 → 1
- Monthly total
- $2,600 → $1,000
- Saved each month
- $1,600
- Saved each year
- $19,200
Interest-only, short term. The payment covers interest only, so the loan itself is still owed when the 12-month term ends. We agree on the plan for that day before you sign: usually renewing, or moving to a bank mortgage once your credit or income allows.
Example only: a $100,000 private second mortgage at 11.99%, interest-only, for a 12-month term. Lender fee $2,000 and brokerage fee $1,500 are deducted from the advance; legal and appraisal are extra. Payment $999.17 a month. Total cost of borrowing $15,490, APR 15.80%. The $100,000 is still owed at the end of the term and is usually renewed or refinanced. Subject to lender approval (O.A.C.).
How much could you borrow?
Most lenders lend up to 80% of your home’s value across your first and second mortgage combined.
What it costs
Your rate depends on your situation, not a sticker price. You’ll see every cost in writing before you sign anything.
Your review
$0
- Free, with no obligation
- We look at your mortgage, your debts and your home’s value
- Approval answers typically in 12–24 hours
Bank refinance
Lowest rates available
- For steady income and good credit
- Borrow up to 80% of your home’s value, minus what you owe
- Paid off over up to 30 years, with terms up to 5 years
Second or private mortgage
Higher rate, built for flexibility
- For consumer proposals, CRA debt or when the banks say no
- Usually a 12-month, interest-only term, then renewed or refinanced
- Lender and brokerage fees apply. We show you the exact amounts upfront.
What sets your rate: how much equity you have, your credit, your income, and your property. Before you commit, we give you your exact rate, every fee, your monthly payment and your total cost of borrowing in writing. All mortgages are subject to lender approval (O.A.C.). Licensing and disclosures.
Get your real numbers. Free review, answer in 12–24 hours.
Why homeowners choose MortgageSolvers
6,132
Rates lowered
Homeowners whose mortgage rate we have brought down.
50+
Lenders compared
Banks, credit unions and private lenders, so you don’t have to tell your story ten times.
12–24 hrs
Fast answers
Approval answers typically come back in 12–24 hours, with every cost in writing.
$300–$700
Typical monthly savings
What clients typically save each month on a refinance. Your own numbers come in writing first.
Real homeowners. Real monthly relief.
From 180+ Google reviews by Alberta homeowners.
★★★★★
Great service always available to give you updates look for and willing to give you the best rates which saves you thousands Thanks for your hard work I am grateful for The support,help and savings
Branson · Airdrie, ABRead Branson’s review on Google (opens in a new tab)
★★★★★
We were in a very stressful financial situation before working with MortgageSolvers. Our private mortgage rate was high, credit card balances were building up, and the banks were not giving us any real solutions. From the very first call, everything was handled professionally and transparently. They took the time to review our entire situation, explained all fees upfront, and clearly outlined what was possible and what wasn’t.What really stood out was the honesty. There were no hidden charges, no last-minute surprises, and no unrealistic promises. In the end, our monthly payments were reduced significantly and we finally feel back in control of our finances. If you’re feeling stuck, I highly recommend speaking with MortgageSolvers.
Bibek · AlbertaRead Bibek’s review on Google (opens in a new tab)
★★★★★
I was treated with care and dignity. The staff were outstanding! Not only did they get me a lower interest rate, but saw a flaw in my past financial mess and made me aware of a serious issue that was not my fault. The team and my lawyer attacked the situation with pure dedication and got me a pay out that was much more than expected. It seems this company cares and will go to the mat for you. They did for me! Thank you, so, so much!!!
Nicole · Camrose, ABSent to us by Nicole
★★★★★
Smooth steps during process. Communication and professional.
Chad · Grande Prairie, ABRead Chad’s review on Google (opens in a new tab)
★★★★★
Amazing experience! Got a mortgage to payoff my property tax bill in 48 hours!
Ethan · AlbertaRead Ethan’s review on Google (opens in a new tab)
★★★★★
They helped me get the lowest interest rate so quickly
Julian · AlbertaRead Julian’s review on Google (opens in a new tab)
★★★★★
I was overwhelmed with debt and high payments. MortgageSolvers walked me through everything clearly and reduced my monthly payments more than I expected. No hidden fees, no pressure. Just honest advice and real results.
Wanda · AlbertaRead Wanda’s review on Google (opens in a new tab)
★★★★★
Fast, organized, and responsive. MortgageSolvers kept us updated throughout the entire process and closed on time.
Rahul · AlbertaRead Rahul’s review on Google (opens in a new tab)
★★★★★
MortgageSolvers helped me get a mortgage last year and it was the best decision I made 🙏
Craig · AlbertaRead Craig’s review on Google (opens in a new tab)
Questions people ask
Can I get a second mortgage with bad credit in Alberta?
Often, yes, if you have equity. Many second-mortgage lenders look mainly at your home’s value and your plan to repay. The rate will be higher than a bank’s.
Do I have to tell my first mortgage lender?
Some first mortgages limit or don’t allow a second mortgage without the first lender’s consent. Before you apply or pay any upfront fees, let our team review your title and your current mortgage terms. We’ll confirm your available equity and show you the most cost-effective path.
Is a second mortgage a good idea?
It can be, for a short time and a clear reason, like paying off high-interest debt or keeping a low first-mortgage rate. It’s a poor idea as a long-term loan with no plan to pay it off.
What’s the difference between a second mortgage and a HELOC?
A HELOC is a line of credit you draw on as needed, usually from a bank, and it needs stronger credit. A second mortgage is a lump sum, usually from a private or alternative lender, for a fixed term.
What happens when the term ends?
You renew, refinance into a bank mortgage, or pay it off. If you renew, new fees may apply, and every one is disclosed in writing before you sign.
How fast can I get the money?
Approval answers typically come back in 12–24 hours. Funding also depends on the appraisal and your lawyer.
Related options
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