Innisfil mortgage brokers can help you get a first, second or third mortgage for your property. Our goal is to provide mortgages that meet your requirements. You have the option to choose between fixed or variable rates of interest or even a interest only payment plan. We have specially trained mortgage brokers Innisfil who handle home equity refinance, debt consolidation and self employed loans.
First Mortgages – most people will need a first mortgage or to refinance their existing mortgage at some time in their lives. First mortgages usually have a maximum loan to value ratio (LTV) of 75% but some lenders do go as high as 80% for a first mortgage. To get the lowest interest rate possible you will need a good credit score, verifiable income and have an acceptable loan to value ratio. If you do not meet all these requirements, mortgage brokers Innisfil can still get a mortgage but it may cost you more money.
Second Mortgages – the are many different reasons for getting a second mortgage which could include home renovation costs or educational costs. Second mortgages have a higher LTV of up to 90% but most Innisfil mortgage brokers lenders will not exceed an LTV of 85%. The interest rate for a second mortgage will depend on the LTV and your credit rating.
Debt Consolidation – one of the best reasons for getting a second mortgage is a debt consolidation loan. If you have large outstanding credit card balances the annual interest could be as high as 29%. In contrast a second mortgage will have an interest rate that is less than half of the credit card rate. The usual minimum loan amount for this type of mortgage is about $20,000.00 due to the fees associated with the mortgage. Mortgage brokers in Innisfil can also place you in a credit repair program which could lower your future interest payments.
On January 1, 1991, the Township of Innsifil, a north section of the Township of West Gwillimbury, and the Village of Cookstown were amalgamated and incorporated as the Town of Innisfil. The County of Simcoe Act provided for further restructuring of Simcoe County on January 1, 1994 when the Village of Thornton was amalgamated with the Township of Essa and a small section of the Township of Essa, adjacent to Cookstown, was amalgamated with the town of Innisfil.
As of 2006, Innisfil had a total permanent population of 31,175 and an estimated seasonal population of 4,000 people. Innisfill began as a community of seasonal homes, but now has mostly permanent residents, mostly families and empty nesters, and many of the “cottages” along the lake shore have since been converted into permanent homes.
Mortgage brokers Innisfil will provide you with free consultation regarding your mortgage. Call today for your free mortgage quote.