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    Colleen H's Avatar
    Colleen H Posts: 1, Reputation: 1
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    #1

    Mar 14, 2013, 02:48 PM
    Rules on second mortgages ontario
    I need to know how much can a second mortgage be on a property! I owe 4120,000 with an appraisal of $155,000. I need to borrow $17,000 can I use my house as collateral?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Mar 14, 2013, 04:18 PM
    How much do you owe? I assume you don't owe 4 million.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Mar 14, 2013, 07:30 PM
    I assume you mean that you owe $120,000, which means you have about $35,000 worth of equity in the home. If you have a good credit rating you should be able to get a home equity loan or home equity line of credit for at least $10,000 and possible the full amount that you want. Start calling some banks.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Mar 14, 2013, 08:23 PM
    I'm guessing that the OP meant to type "$", but didn't shift and instead typed "4". :)
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Mar 15, 2013, 03:13 AM
    Quote Originally Posted by AK lawyer View Post
    I'm guessing that the OP meant to type "$", but didn't shift and instead typed "4". :)
    Good guess from you and Lisa, I missed that.

    I agree with Lisa, but it does depend on several factors like your income, credit rating, payment history on the mortgage, accuracy of appraisal etc. You won't know until you start shopping around. Start with the lender that has the first mortgage.
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