Mortgage Brokers – Cornwall, Ontario
Mortgage brokers Cornwall, Ontario 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 Cornwall mortgage brokers who handle home equity refinance, debt consolidation loans and self employed loans.
Services provided by Cornwall mortgage brokers
First mortgages – most people need a first mortgage when they purchase a home. Mortgage brokers Cornwall have many lenders across the country who will compete for your loan. The 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 interest and terms are, most borrowers do not get multiple quotes. Mortgage brokers Cornwall will get you the lowest interest possible for a first mortgage by asking many lenders to compete for your loan business.
Second mortgages – most large Canadian banks do not deal in second mortgages due to the higher loan to value ratios(LTV). Mortgage brokers Cornwall, Ontario have private lenders that deal in second mortgages. Private lenders usually do not exceed a loan to value ratio of 95%. The interest rate for a second mortgage will be higher than a first mortgage due to the higher level of risk. Your credit rating in combination with the LTV of your property will determine the interest rate that you will pay for a second mortgage.
Debt consolidation loan – many people have credit card debt and they are not able to pay off the monthly balance. The rate of interest for some card balances is about 29%, if you only have a small balance the 29% interest rate will not be a significant amount of money. The problem really occurs when you owe a large amount such as $50,000.00 to a credit company, the annual interest would be$14,500.00. Mortgage brokers Cornwall, Ontario can arrange a debt consolidation loan that is secured as a second mortgage and would have a lower interest rate around 15%; which could save you about $7,250.00 annually.
Cornwall Mortgage Broker Information
Cornwall is a city in Eastern Ontario, it is Ontario’s easternmost city, located on the St. Lawrence River, Quebec City-Windsor Corridor and it is on Ontario’s Highway 401. Cornwall is the urban centre for communities, which include Long Sault and Ingleside to the west, Mohawk Territory of Akwesasne to the south and Avonmore to the north, and Glen Walter, Williamstown, and Lancaster to the east.
Cornwall is located approximately 100 kilometres southeast of Ottawa, the national capital, 120 kilometres southwest of Montreal, Quebec’s largest city, and 400 kilometres northeast of Toronto. It is named after the English county of Cornwall, which is represented in the city’s flag and coat of arms.
Cornwall is connected to the United States at Roosevelttown, near the municipalities of Massena, New York and Malone, New York, via the Three Nations Crossing which traverses the St. Lawrence River and Cornwall Island.
Cornwall was once home to a cotton processing industry. Courtaulds Canada, Inc.’s manufacturing mill operated until 1992; at one point it employed nearly 3,000 people. Domtar, a Quebec-based company, operated a paper mill in the city for nearly 100 years. Cornwall’s industrial base has now shifted to a more diversified mix of manufacturing, automotive, high tech, food processing, and call centres.
The City hosts the largest SCM distribution centre in Canada, its massive 1,500,000-square-foot facility employing nearly 1000 people. StarTek and Teleperformance both operate call centres in Cornwall, each of which provides in excess of 300 jobs. In late 2008, Shopper’s Drug Mart announced the construction of a new 500,000 sq.ft. distribution facility. Construction started on the new facility in the summer of 2009; over 130 new jobs will be created.
On April 16, 2009 Cornwall City Council agreed to increase property taxes by 2.5% per household based on property assessments calculated in 2008. On February 18, 2009 the United Counties council tabled a draft budget that would see a 2.7% decrease in property taxes. On February 19, 2009 the United Counties council voted 7 to 4 for a 4.5% tax decrease. Larger than the 2.7% that was tabled as a draft.
Call mortgage brokers Cornwall, Ontario for a free quote on your mortgage.