Many Canadian mortgage advisers would say that 2nd Canada Mortgage is preferred by a lot of people since it’s more practical. Most of the time, people avail of a second mortgage since they need the money and they can use their home as a source of money through the 2nd Canada Mortgage. Accordingly, the procedures of availing a second mortgage are much faster as compared to the first mortgage because there is no need to explain one's situation as to why he/she needs the money. This is also hassle-free and does not usually take a long period of time before obtaining the mortgage.

It is highly advisable for Canadians to have a 2nd Canada Mortgage rather than refinance their first mortgage. In this way, the basis for having the second mortgage would be on one's equity and not on his/her credit record and job earnings. In short, one's house becomes a good source for finances when one avails of a second mortgage in Canada.

On the other hand, the situation in America as well as their views regarding second mortgages is different. For them, 2nd Canada Mortgage becomes applicable and useful only when one needs a big lump of money and at the same time has enough house equity to use as a second mortgage. Furthermore, they argue that there are lots of options to choose from besides 2nd Canada Mortgage that are equally efficient in providing for what they need. Although second mortgages are useful in paying all debts or for house repairs and education, it is suggested that one should examine first the goal or reason to avail of this then decide whether to choose second mortgage as their resort to their problem.