A second mortgage vancouver is simply a loan taken after the first mortgage. the second mortgage loans have terms of up to 20 years or as little as one year. If the term of the loan will be shorter, the monthly payment will be higher. The second mortgage is ranked after the first mortgage, that means if you don’t repay your debt & your property is sold, your first mortgage will be repaid before your second. This is one of the reasons that second mortgages are harder to find than traditional mortgages.