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Second Mortgages

Sometimes you need a little more borrowing power. With a Second Mortgage you can avoid having to incur the costs of breaking your low rate first mortgage to access the funds you need. Our Second Mortgages are available in terms of:

 

  • Fixed Rate: 6 months – 7 years
  • Variable: 3-5 years

A Second Mortgage may be the right option if you:

  • Are planning a home renovation
  • Are purchasing a second property
  • Need to pay for unexpected expenses
  • Looking to consolidate debt into one simple monthly payment

 

More to consider

Consult on of our experts to determine if a Second Mortgage is right for you. Our experienced team can help you navigate your mortgage options and help you make the most of your hard-earned money.

THE HOME BUYING PROCESS

buying a home and applying for a mortgage process

Required Mortgage Documents Checklist

  • Current employment and amount of income such as:
    • Copy of recent pay slips
    • Evidence of recent pay deposited electronically
    • T1 General and associated Notice of Assessment (NOA)
  • Previous employment (if required)
  • Additional income sources (if any)

 

  • Savings or investments statement from within the last 90 days
  • Sale of an existing property – a copy of the sale agreement
  • Withdrawal from RRSP through the Home Buyer’s Plan, if applicable
  • Gift Letter
  • A list of current assets and liabilities
  • Bank account and transit number for payments
  • Your CIBC Pre-Approved Mortgage Certificate, if applicable
  • A copy of the real estate listing
  • A copy of the accepted purchase and sale agreement
  • The property’s full address, including legal description and postal code
  • Property tax estimates, condo fees and heating costs, (usually available on the real estate listing)
  • For rural properties, well and septic certificates
  • Lawyer’s name, address, postal code, telephone and fax number