A homeowner planning a basement renovation reviews whether financing can leave the existing first mortgage in place.
Illustrative scenario — not an actual client testimonial
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Improve the home you already own
Home Renovation Second Mortgages
Access equity for renovation work, repairs, or upgrades while keeping the existing first mortgage in place.
See How Much You Can Borrow
View all use casesTakes 1min • No obligation, No credit check, connect with a Mortgage Broker
Use cases
When homeowners review this option
Finishing a basement, adding an income suite, or updating a kitchen
Handling urgent roof, furnace, foundation, or accessibility repairs
Funding improvements before a planned sale or refinance
Completing staged projects when contractor deposits are due
What to have ready
These details help Open Financial review the file faster and explain realistic next steps.
Renovation estimate, contractor quote, or project budget
Photos or notes showing the work being planned
Current property value estimate and mortgage balance
Timeline for draws, deposits, and completion
Illustrative scenarios
Examples of how a review may help
A homeowner organizes project costs, timing, and property details for a lender review.
Illustrative scenario — not an actual client testimonial
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Debt Consolidation
Review whether one secured payment could replace several higher-cost debts.
Review this use caseOpen Financial
Review your second mortgage options with an Ontario-focused team.
See How Much You Can Borrow
Takes 1min • No obligation, No credit check, connect with a Mortgage Broker