Updated 2026-09-05
Private 2nd Mortgage & HELOC Rates in Canada
Keep your low-rate first mortgage and borrow the top-up: private second mortgages and home-equity lines (1 programs offer a HELOC) for consolidation, renovations, CRA arrears and bridge needs. Sorted lowest first — filter and get pricing on any row.
Sample data shown while the live private board is being loaded. Rates and fees below are illustrative only.
| Lender | Max LTV | Rate | Lender fee | Term | Loan range | HELOC | Action |
|---|---|---|---|---|---|---|---|
| MIC ON, BC | 75% | 10.50% | 2.50% | 1 year | $100,000–$2,000,000 | ✓ | Get pricing |
| MIC ON · Urban and suburban | 75% | 10.99% | 3.00% | 1 year | $100,000–$1,500,000 | — | Get pricing |
| Individual All provinces · Rural case by case | 70% | 11.49% | 3.50% | 1 year | $50,000–$500,000 | — | Get pricing |
| MIC AB, SK, MB · Prairies focus | 65% | 11.99% | 3.00% | 6 months | $75,000–$1,000,000 | — | Get pricing |
No lenders match those filters — or ask a broker to source it.
Rates and fees are lender asks for well-located files at the stated maximum LTV, before broker fee, legals and appraisal. Every file prices individually — the Get Pricing quote is the real number. Lender names are disclosed to applicants, not published on the board.
Second mortgage vs. refinancing the first: the case that decides it
Say you owe $400,000 on a first at a rate far below today's market, and you need $60,000 to clear cards costing 21%. Breaking the first triggers a penalty and reprices the whole $400,000. A private second reprices only the $60,000 — even at a much higher rate, the blended cost usually wins while the first stays intact. At the first mortgage's renewal you fold both into one new loan. Run both scenarios in dollars over 12 months; the board above is the second-mortgage side of that math.
HELOC rows
Rows marked ✓ offer a revolving line instead of (or beside) a fixed advance — interest accrues only on what is drawn, which suits staged renovations and irregular cash flow. Alternative HELOCs from private funds and credit unions sit above bank HELOC pricing but far below carrying the same balance on cards.
Not sure which position fits your file?
A licensed broker prices both against your equity, credit and exit plan — free, no credit pull to start.
Frequently asked questions
Why take a 2nd private mortgage instead of refinancing my first?
If your existing first mortgage carries a low rate or a big penalty, breaking it to refinance can cost more than a small second at a higher rate. The blended cost of keeping the first and adding a private second is often the cheaper path — run both numbers before deciding.
How much can I borrow on a private second mortgage?
Lenders cap the COMBINED total of your first and second at their maximum LTV, typically 70–80% of appraised value. Home value times the cap, minus your first-mortgage balance, is your realistic room.
What is a private or alternative HELOC?
A revolving home-equity line from a non-bank lender — private funds like Lendmax Capital and some credit unions offer them where banks decline. You draw and repay as needed and pay interest only on what is drawn; rows marked HELOC on this board offer one.
Is a second mortgage a good way to consolidate debt?
Rolling 20%+ credit-card balances into one secured payment can cut the monthly bleed dramatically and let credit recover — provided the cards do not refill and there is a written exit to refinance the second away. Do the total-cost math over 12 months, not just the payment.
