Use your home equity, even if the bank said no.
Some lenders will look at the equity in your home when a bank will not. It costs more. Here is what it costs, in plain numbers, before you ask anyone.
Amplify Leads is a marketing company, not a lender. No promises of approval, rates or speed.
- Interest only, at an assumed 12% a year
- $6,000
- Lender fee, assumed 2%
- $1,000
- Broker fee, assumed 1.5%
- $750
- Legal, appraisal and title, assumed
- $2,000
- Cost of borrowing
- $9,750
That is 19.5% of the amount borrowed, in one year, and you still owe the $50,000. The percentages are assumed for this illustration and are not a quote. Use the calculator with real numbers.
- Not a lenderAmplify Leads is a marketing company. It does not lend, broker or approve anything.
- One licensed professionalYour details go to one licensed professional in your province at a time, and only if you agree.
- No obligationYou are not committing to anything by asking. You can say no, or withdraw consent, at any time.
- No charge to you from usAmplify Leads is paid by the professionals it works with, not by homeowners.
Three things to know before you borrow against your home
How much equity you really have
Equity is what the home is worth minus what you owe. Lenders will not lend all of it. Most stop well short of the home's full value, so the cash you can reach is smaller than the equity you see on paper.
What it costs in total
The rate is only one line. Lender fees, broker fees, legal work and the cost of renewing or refinancing all land on you. We show every line, in dollars, on each page.
How you get out
Private second mortgages are usually short. Before you sign, you need a written plan for how it ends: a sale, a refinance with a bank, or a payoff from savings. No plan means a bigger problem later.
If you are in a harder spot
Behind on the mortgage, a notice from a lender, a renewal that doubled the payment. These situations have deadlines and legal rules, and the right first call is not always to a lender. Our help pages explain the options, including the ones that do not involve us.
Help with arrearsHow the referral works, step by step
- You tell us your province and what the money is for. That decides who is allowed to help you.
- You add your name, phone and email, and you tick a box. The box is never pre-ticked. It says who will get your details and that Amplify Leads is paid by them.
- A licensed mortgage professional in your province may contact you. They ask about the home, the mortgage and your credit on that call, not on our form.
- You decide. You can ask for the costs in writing, compare, or say no. We do not lend and we do not push.
Questions before you start
Why would a lender say yes when my bank said no?
Banks follow strict federal and internal rules about income, credit and debt ratios. Private lenders look mostly at the equity in the home and whether there is a clear way to repay. That flexibility has a price: higher interest, lender and broker fees, and shorter terms.
Do I pay anything to use this site?
No. Amplify Leads, the company that runs the site, is paid by the licensed mortgage professionals it works with. You may still pay the mortgage professional or lender their own fees, which have to be disclosed to you in writing. Read how we are paid before you decide.
Will you approve me or tell me a rate?
No. Amplify Leads is a marketing company. It does not lend, broker or approve anything, and it cannot promise an outcome. Rates and approval come from a lender after a licensed professional has looked at your file.
What happens after I send my details?
With your consent, we pass your name, phone, email, province and purpose to a licensed mortgage professional in your province. They may call, text or email you. You can say no to anything, and you can withdraw your consent whenever you like.
Is a private second mortgage a good idea?
Sometimes, for a short and planned period. It is secured against your home, costs more than a bank loan, and often has to be repaid or refinanced within a year or two. If you cannot see how it ends, talk to a Licensed Insolvency Trustee or a lawyer first.
See what your options could be
Four short questions. A licensed mortgage professional in your province may call you if you agree. You are not committing to anything by asking.