Mortgage Brokers – Clarington, Ontario
Clarington 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. We have specially trained brokers who handle home equity refinance, debt consolidation loans and self employed loans.We also have mortgage brokers in Hamilton, Ontario and mortgage brokers in Mississauga, Ontario to assist you in your local area.
Services provided by Clarington mortgage brokers
First mortgages – most people need a first mortgage when they purchase a home or property. Mortgage brokers Clarington 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 Clarington 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 Clarington, 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 Clarington, 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.
Clarington Mortgage Broker Information
Clarington is a municipality in Southern Ontario, Canada in the Regional Municipality of Durham. The present name was chosen in 1994 after having been known as the Town of Newcastle from 1974-93. The change was made to reduce confusion between the municipality as a whole and the included village of the same name. Bowmanville is the largest community in the municipality and is also the home of the municipal offices.
The name “Clarington” is a combination of the names of the two townships, Clarke and Darlington, which made up the geographic area. It is part of the Oshawa Census Metropolitan Area, and the Greater Toronto Area. Major employers in Clarington include the Darlington Nuclear Generating Station, General Motors in Oshawa, Magna International, and several medium-to-large sized manufacturing businesses. Most of the local residents travel to various points west in Durham Region or to Toronto for work.
Clarington was a candidate in the race to host ITER in 2001, but the Canadian bid to host the project was withdrawn two years later. In 2010 Clarington made news when land owners were charged with breaching zoning bylaw after hosting the Institute for Liberal Studies Liberty Summer Seminar.
The municipality of Clarington consists of several communities, including: Bowmanville, Courtice, Newcastle and Orono. There are many rural communities which include Bond Head, Brownsville, Crooked Creek, Enfield, Enniskillen, Gaud Corners, Hampton, Haydon, Kendal, Maple Grove, Mitchell Corners, New Park and Port Darlington.
A major attraction in the municipality is the Mosport International Raceway, a multi-track facility located north of Bowmanville that features a 2.459-mile, 10-turn road course; a half-mile paved oval; a 2.5 km advance driver and race driver training facility and a 1.4 km kart track. Mosport Park was also the location of three major music festivals held between 1970 and 1981: the Strawberry Fields Festival held August 7-9, 1970 included famous acts like: Alice Cooper, Crowbar, Jethro Tull, Grand Funk Railroad, Procul Harum, Ten Years After, Lighthouse and Sly and the Family Stone. The most famous band that was booked to play was Led Zeppelin unfortunately they had to back out. Canada Jam was held August 26, 1978 and the Heatwave Festival was held August 23, 1980.
Call mortgage brokers Clarington, Ontario for a free quote on your mortgage.