Mortgage Brokers – Ajax, Ontario – First and Second Mortgages

Mortgage brokers Ajax, Ontario can help you get a first mortgage, second mortgage or third mortgage for your property. Our goal is to provide you with a low interest rate mortgage. You can choose between fixed or variable rates of interest or even a interest only payment plan. We can also provide mortgages for people with bad credit, cottage property and commercial loans. We have specially trained brokers who handle home equity refinance, debt consolidation loans and self employed loans. We also have mortgage brokers in Newmarket, Ontaio and mortgage brokers in Orillia, Ontario to serve the needs of your local market.

Types of loans mortgage brokers Ajax, Ontario can arrange:

First mortgages- most people will need a first mortgage at some point in time and Ajax mortgage brokers can help you choose the best mortgage for you. Lenders compete for this type of business and therefore offer low interest rates. The maximum loan to value ratio for most first mortgages is around 75% and our mortgage brokers Ajax, Ontario can arrange your mortgage at no cost to you.

Second mortgages – a second mortgage is one that is placed behind the first mortgage. The  first mortgage will be paid off before the second mortgage upon sale of the property. This means that a second mortgage has a higher level of risk which leads to a higher interest rate. Most second mortgages do not exceed a loan to value ratio of 90% and most second mortgages have a loan to value ratio below 85%. Mortgage brokers Ajax, Ontario will arrange a private lender and take care of most of the paperwork related to the loan. The borrower is usually required to sign the final documents at a lawyers office.

Debt consolidation – this type of loan can be very useful for people who have high interest credit card debt, auto and student loans. Some credit card companies charge an annual interest rate of around 29%, while a debt consolidation loan will have an interest rate of around 10 to 15%. The usual minimum amount for this loan is around $20,000.00, a smaller loan amount is not justified since there will be fees associated with the mortgage.

Home renovation – you may need a loan to put a second floor on your home or an addition to the back of your home, in both cases you are increasing the value of your property. Most lenders look favorably on this type of mortgage since the increase in property value is usually greater than the amount of money being borrowed. For this mortgage most lenders pay out the funds upon stages of job completion.  This ensures that the money is directly going to the builder and not for any other purposes. Our Ajax mortgage brokers have helped many people make their renovation dreams come true and we can also help you.

Most Ajax mortgage brokers have access to a limited number of lenders, usually less than 20. In contrast our company has access to well over 50 lenders. We have over 25 years of experience and we have access to a lot of private lenders which other brokers don’t have, this increases your chances of getting financing where other lenders may turn you down. An Ajax mortgage broker should have a large variety of lenders so that you can get a competitive rate with the best options. You should feel comfortable with your broker, we take the time to get to know you and find out your needs and wants. We will treat you professionally and get you the best mortgage possible. We will assist you from start until finish, and if you have any questions throughout the term of the mortgage we are always there to help you out. We are with you as long as you need us. Call our second mortgage brokers in Ajax, Ontario for a free consultation.