Mortgage Brokers in St. Catherines

Our mortgage brokers in St. Catherines, Ontario have a wealth of experience in St. Catherines and the surrounding area. Mortgage brokers St. Catherines, Ontario they can give you the information you need to make the right decision regarding your mortgage. Other important points to be aware of are flexibility (can you move your mortgage to another lender), any potential penalties or NSF fees. St. Catherines mortgage brokers can provide professional advice regarding the terms and any options on your mortgage.

Mortgage brokers St. Catherines, Ontario can arrange the following types of loans:

First mortgages- most people will need a first mortgage and St. Catherines mortgage brokers can help you choose  a mortgage that fits your requirements. Lenders compete for first mortgage business and therefore offer low interest rates to get your business. The loan to value ratio(LTV) for most first mortgages is around 75% and mortgage brokers St. Catherines can arrange your first mortgage with additional fees to you.

Second mortgages – a second mortgage is one that is placed behind the first mortgage and is usually a smaller amount than the first mortgage. First mortgages are paid off before second mortgages upon sale of the property, which means that second mortgages have a higher level of risk and higher interest rates. Most second mortgages do not exceed a LTV of 90%, which the average LTV being around 85%. Mortgage brokers St. Catherines, Ontario can arrange a private lender and handle the paperwork related to the loan.

Debt consolidation loans – this loan can be helpful for people who have credit card debt, auto loans or student loans. Some credit card companies charge an annual interest rate of 29% for any unpaid balances, compare to 12% for a debt consolidation loan. The minimum amount for this type of loan is around $20,000.00,  due to the fees associated with the loan.

Home Renovation Loan – you may want to put a second floor on your home or an addition, in both cases you are increasing the value of your property. Lenders look favorably on this type of loan since the increase in property value and the funds are paid out upon various stages of job completion. Our St. Catherines mortgage brokers have helped many clients make their home renovation dreams come true and we can also help you.

Personal debt – many people have personal debts that owe to friends and family and to pay them off you may need a second mortgage. The advantages of this type of loan includes a lower interest rate and a reduction of bills to pay. The main goal of this loan is to reduce your monthly payments by reducing the level of interest that you pay.

Mortgage brokers Scarborough, Ontario will take the time to answer questions and ensure that you get the best mortgage deal possible.