Toronto Mortage Rates: How to Get the Best Second Mortgage Rates

In many cases of home loans, the second mortgage rates are almost always higher than interest rates for first mortgages. This is because second mortgage loans carry more risk for the lender as they are placed second in priority on the property’s title in case of non-payment. This means that if there is failure to pay any payment arrangement that the borrower makes is first applied on the first mortgage before any amount can be paid out to the second loan.