Today’s Second Mortgage Rates updated as of October 16, 2025 9:52 pm
Second Mortgage Rates Start From*
*Second mortgage rates range from 4.99-16.99 with the average rate being 10.99%. Second mortgages carry lender and brokerage fees that range from 2-10% with the average being 6%. Other conditions apply. Rate in effect as of today.
At Citadel Mortgages, we partner with trusted lenders like Prompt Financial and Fairstone to offer flexible personal loans for homeowners. Whether you need funds for renovations, debt consolidation, or unexpected expenses, our loans allow you to access up to 95% of your home’s value with competitive rates and flexible terms.
Personal loans for homeowners leverage your home equity as collateral, allowing you to borrow larger amounts at lower interest rates compared to unsecured loans. These loans are ideal for homeowners looking to access their home equity without selling their property.
Prompt Financial specializes in providing fast and straightforward loans for Ontario homeowners.
Fairstone provides tailored home equity solutions for Canadians looking to access a higher loan-to-value ratio.
Learn more about today’s best mortgage rates in Canada.
The amount you can borrow depends on your home’s appraised value and the existing mortgage balance.
Example:
This allows you to access significant funds while keeping your mortgage intact.
Higher Borrowing Power
Flexible Terms
Competitive Rates
Fast Approval
Multiple Uses
When considering a second mortgage, it is crucial to compare rates and terms from various private mortgage lenders. Citadel Mortgages helps you make an informed decision that best suits your financial needs.
A Personal Loan for Homeowners can help get you money for whatever you need, and the process is usually as little as 48 Hours. Due to the increased risk for the lenders, because this program sits in the second position, the interest rate is higher than the bank, but there are no high lender or brokerage fees that you would normally see with a traditional second mortgage. In many cases this personal homeowners loan is suitable for most of our clients.
What are the Requirements?
What you do not have to worry about?
This program has helped our clients receive the funds our clients need in a fast and reliable process, based on the equity in their property. See the difference for yourself and get approved today with our personal loan for homeowners solution program!
No matter your reason for the home equity take out, rest assured this personal homeowner loan could be the perfect solution for you. Quck funding in 48 hours or less.
What are you waiting for? See why many Canadians love to work with Citadel Mortgages, experience the difference yourself and get approved today!
These Documents will be required in order to close your personal loan for homeowner needs:
Yes! Both Prompt Financial and Fairstone offer options for homeowners with less-than-perfect credit.
Prompt Financial offers same-day approval, while Fairstone typically approves applications within 24-48 hours.
Some lenders may charge appraisal or administrative fees, which will be disclosed during the application process.
You can borrow up to 95% from Fairstone and up to 80% from Prompt Financial of your home’s value, minus any existing mortgage balance.
Accessing a personal loan for homeowners is a powerful way to unlock the value of your home. With trusted lenders like Prompt Financial and Fairstone, Citadel Mortgages provides flexible options to meet your financial needs. Whether it’s debt consolidation, renovations, or emergency expenses, our team ensures you get the most value from your home equity.
It’s important to note that a second mortgage represents a significant financial commitment in addition to your existing payments, which can impact your debt-to-income ratios. Second mortgages typically carry higher interest rates compared to your first mortgage, as lenders must account for the increased risk of being in a secondary position. Contact the experts at Citadel Mortgages for personalized advice to determine if a second mortgage is suitable for your situation!
For tailored guidance and competitive rates, get in touch with Citadel Mortgages. Our team will assist you throughout the process and support you in making sound financial decisions.