Mortgage Brokers – Dundas, Ontario
Mortgage brokers Dundas, Ontario will 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 Dundas mortgage brokers who handle home equity refinance, debt consolidation loans and self employed loans.
Services provided by Dundas mortgage brokers
First mortgages – most people need a first mortgage when they purchase a home. Mortgage brokers Dundas 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 rate and terms are, most borrowers do not get multiple quotes. Mortgage brokers Dundas will get you the lowest rate 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 Dundas, 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 Dundas, 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.
Dundas Mortgage Broker Information
Dundas, Ontario, Canada was a town between 1847 and 2001 and its nickname is Valley Town. It is now part of Hamilton, Ontario, Canada. The population has been stable for decades at about twenty thousand, mostly because it has not annexed rural land from the Dundas Valley Conservation Area.
In 1995, the issue was resurrected when the provincial government under Mike Harris was elected with a stated platform of cost-cutting and reduction of bureaucratic waste. Several proposals for amalgamation were made during the first Harris government, but no formal steps were taken in Dundas towards amalgamation as they were in many other Ontario municipalities.
A “Dundas Forever” campaign was launched within the town, with newspaper ads, signs and bumper stickers promoting the continuation of Dundas’ town status. Some observers suggested that the residents of the suburbs were only looking out for their best interests, as their present status entitled them to the benefits of Hamilton while avoiding the negative of higher property taxes.
During the 1999 provincial election, the amalgamation question became a significant election issue. In early 2000, the results of a citizen-organized poll on amalgamation were published. The poll which had a 30% turnout of eligible voters, and 90% of those voted against amalgamation.
On January 1, 2001, municipalities of Hamilton-Wentworth Region, including Dundas, Flamborough, Ancaster and Glanbrook, were formally amalgamated under the name the City of Hamilton. This amalgamation garnered created alot controversy among residents of Dundas and other nearby communities.
Even though Dundas is officially part of the City of Hamilton, the area is still referred to by residents as Dundas. Efforts to preserve the town’s heritage, include a redesign of the town Seal to state the “Community of Dundas” and a renewal of the “Welcome to Dundas”.
Call mortgage brokers Dundas for a free quote.