Mortgage Brokers Kingston, Ontario
Kingston 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 Kingston 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 Kingston 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 Kingston 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 v, Ontario can also place you in a credit repair program which could lower your future interest payments.
Kingston Mortgage Broker Information
Kingston, Ontario is located in Eastern Ontario where the St. Lawrence River meets Lake Ontario. Located halfway between Toronto and Montreal, Kingston was named the first capital of Upper Canada on February 15, 1841, by Governor Lord Sydenham.While its time as a political centre was short, Kingston remained an important military installation. Kingston is nicknamed the “Limestone City” because of the many historic buildings built from the local limestone.
Kingston, being strategically located at the head of the St. Lawrence River and at the mouth of the Cataraqui River near the border with the United States, has been a site of military importance since Fort Frontenac was built in 1673. Camp Barriefield, now McNaughton Barracks, was constructed at the beginning of the First World War and expanded during the Second World War. A military aerodrome was constructed to the west of Kingston to support flying training during the Second World War.
Kingston’s military units and facilities are supported by Canadian Forces Base Kingston (CFB Kingston). Vimy and McNaughton Barracks, which are located east of Kingston’s downtown. Other establishments include Fort Frontenac located on the site of the original fort, and the Royal Military College of Canada located on Point Frederick.
Kingston’s economy relies on public sector institutions and establishments. The most important sectors are related to health care, education (Queen’s University and the Royal Military College of Canada), tourism and culture. Manufacturing, and research and development play a smaller role than in the past.
Highway 401, which runs north of the city, is the principal access route into Kingston. The first sections of the highway in the Kingston area were opened in 1958, although it was not fully completed for another ten years. From the south, Interstate 81 connects with Highway 401 east of Kingston. Seasonal ferry service from Cape Vincent, New York, via Wolfe Island, into downtown Kingston is an alternate route to and from the United States.
Free Mortgage Consultation
Mortgage brokers Kingston, Ontario will provide you with free consultation regarding your mortgage. Call today for your free mortgage quote.