Burnaby, BC mortgage brokers can help you get a first or second mortgage for your property. Our goal is to provide mortgages that meet your requirements. You have the option to choose between fixed or variable rates of interest or even an interest only payment plan. We have specially trained mortgage brokers in Burnaby who handle debt consolidation and self employed loans.
First Mortgages – most people will need a first mortgage or to refinance their existing mortgage at some time in their lives. First mortgages usually have a maximum loan to value ratio (LTV) of 75%. Some lenders do go as high as 80% for a first mortgage. To get the lowest interest rate possible you will need a good credit score and an acceptable loan to value ratio. If you do not meet all these requirements, mortgage brokers in Burnaby can still get a mortgage, but it may cost you more money.
Second Mortgages – the are many different reasons for getting a second mortgage which could include home renovation costs or educational costs. Second mortgages have a higher LTV of up to 85%, but most Burnaby mortgage lenders will not exceed an LTV of 80%. The interest rate for a second mortgage will depend on the LTV and your credit rating.
Debt Consolidation – one of the best reasons for getting a second mortgage is a debt consolidation loan. If you have outstanding credit card balances the rate interest could be as high as 29%. In contrast a second mortgage will have an interest rate that is less than half of the credit card rate. The usual minimum loan amount for this type of mortgage is about $20,000.00. Mortgage brokers in Burnaby can also place you in a credit repair program which could lower your interest payments.
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Mortgage brokers in Burnaby will provide you with a free consultation regarding your mortgage. Call today for your free mortgage quote.