Mortgage Brokers – Cambridge, Ontario

Cambridge mortgage brokers can help you get a first, second 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. We can also provide mortgages for people with bad credit, cottage property and commercial loans. Mortgage brokers Cambridge, Ontario can give you all the information to make the right choice about your 1st, 2nd or 3rd mortgage. We also have mortgage brokers in Hamilton, Ontario and mortgage brokers in Mississauga, Ontario to assist you in your local area.

Services provided by Cambridge mortgage brokers

First mortgages – most people need a first mortgage when they purchase a home or property. Mortgage brokers Cambridge have access to many different lenders across the country who will compete for your loan business. The rate of interest that a borrower will pay is always lower when lenders compete. In most cases a borrower will only ask their local bank what the rate is and pay that interest rate. Mortgage brokers Cambridge will get you the lowest rate possible for a first mortgage.

Second mortgages – most large Canadian banks do not deal in second mortgages due to the higher loan to value ratios(LTV). Mortgage brokers Cambridge, Ontario have access to private lenders that specifically deal in second mortgages. Private lenders usually do not exceed a loan to value ratio of 90%. The interest rate for a second mortgage will be higher than a first mortgage due to the higher level of risk. The clients credit score in combination with the LTV will determine the interest rate that you will pay for a second mortgage.

Debt consolidation loan – most people have some form of credit card debt and many people do not pay off the monthly balance. The annual rate of interest for most unpaid card balances is around 29% and if you only have a small outstanding balance the 29% interest will not add up to a significant amount of money. The problem really occurs when you owe a large amount such as $50,000.00, the annual interest alone on the balance would be$14,500.00. Mortgage brokers Cambridge, Ontario can arrange a debt consolidation loan that is secured as a second mortgage and would have a much lower rate of interest of around 15%; which could save you about $7,250.00 in interest charges every year.

Cambridge Mortgage Broker Information

Cambridge is located in Southern Ontario where the Grand and Speed rivers meet in the Region of Waterloo, Ontario, Canada. It is an amalgamation of the City of Galt, the town of Preston, the town of Hespeler and the village of Blair.
In 1988, Toyota Motor Manufacturing Canada opened a plant in Cambridge, which employed 4,518 people as of December 2005 and is the City’s largest employer. Although beneficial to the City, traffic issues caused by slow-moving and long trains passing through main traffic routes to deliver material to and from the plant have caused some frustration for residents and emergency responders. Several other industrial companies also have locations in Cambridge, including Gerdau Ameristeel, ATS Automation Tooling Systems, Loblaw Companies Limited, Challenger Motor Freight Inc., Sutherland-Schultz Inc., Canadian General-Tower Ltd., iQor, Frito-Lay Canada (formerly Hostess), Babcock and Wilcox, Northstar Aerospace, Rockwell Automation, Com Dev and Northern Dynamics

There are two main roads that form an ‘X’ through the city. The intersecting point is referred to as the Delta by the locals. The Delta is adjacent to a Canadian Pacific Rail spur and the Babcock & Wilcox factory, at peak rush hour times traffic can back up for miles around the Delta. A number of plans were tried to alleviate delays caused by trains and as of August 2009 plans are underway to build a bridge over Hespeler Road.

Since 2000, public transport throughout the Region of Waterloo has been provided by Grand River Transit, which was created by a merger of the former Cambridge Transit and Kitchener Transit. GRT operates a number of routes in Cambridge, four of which travel outside of the city. Intercity service is served by Greyhound Lines, from a terminal near Highway 401 and Hespeler Road. Commuter service to and from Toronto is the key routing, and no local trips are permitted to or from Kitchener.

Although freight trains serving the Toyota factory are a common in Cambridge, the city at present has no passenger rail service. The nearest VIA Rail stations in the Quebec City-Windsor Corridor are in Kitchener. The Region of Waterloo has recently approved a $790 million project that will bring a connecting rapid bus system to Cambridge to start by 2011 and connecting light rail trains to Kitchener and Waterloo for 2014.
In 1988, Toyota Motor Manufacturing Canada opened a plant, which employed 4,518 people as of December 2005 and is the largest employer. Although beneficial to the local econmy, traffic issues caused by slow-moving and long freight trains passing through main traffic routes to deliver material have caused some frustration for residents. Several other companies also have locations in Cambridge, including Gerdau Ameristeel, ATS Automation Tooling Systems, Loblaw Companies Limited, Challenger Motor Freight Inc., Sutherland-Schultz Inc., Canadian General-Tower Ltd., iQor, Frito-Lay Canada, Babcock and Wilcox, Northstar Aerospace, Rockwell Automation and Northern Dynamics.

Call mortgage brokers Cambridge, Ontario for your free consultation.