In Barrie, second mortgages are an increasingly popular means of obtaining loans to cover unexpected expenses. A Barrie second mortgage can be used to pay off past-due credit card bills, overdue property taxes and many other expenses. To get more information on second mortgages in Barrie, please call us for a free consultation.
Barrie Second Mortgage Interest Rates
Second mortgage interest rates are generally higher than first mortgage interest rates. You will need a property with a low Loan-to-Value (LTV) ratio to get the lowest interest rate on a second mortgage. All existing mortgages, plus all proposed mortgages, are divided by the appraisal value. Calculate this ratio by taking all existing mortgages plus all proposed mortgages and dividing by the appraisal value. Here is an example for a property with a $500,000 first, requesting a $250,000 second, and has an appraisal value of $1,000,000.
Mortgage Brokers
Our mortgage brokers in Barrie understand the local real estate market and the property values. We provide each client with various borrowing options and help our client make an informed choice. There is no upfront fee for using our service. Our mortgage brokers will work to get you the best deal possible on your mortgage or second mortgage in Barrie.
Barrie Private Lenders
A private lender is a viable route for those who, for whatever reason, are unable to obtain a more traditional loan. Many people are understandably wary of private lenders. Still, it is important to note that private lenders, much like mainstream mortgage brokers, are more often than not fair and sensible people. A major benefit of private lenders is that most can tell you if you qualify for a loan in minutes, leaving you plenty of time to seek alternative funding should it be necessary.
Mortgage Refinancing
Many people don’t realize mortgage refinancing is an option for them as they are unsure what it is. Mortgage refinancing substitutes your current mortgage, or multiple mortgages, with a new one. More often than not, the new mortgage will have different terms than the ones which it is replacing. Refinancing can be challenging, often overwhelming people while trying to organize a mortgage refinancing. Contact us for expert guidance in finding the right agreement for you!
Barrie Information
If you’re considering a move to Barrie, you should probably familiarize yourself with your potential new home. Barrie is a city in Central Ontario, Canada, with a population just north of 135,000. Thousands of tourists visit yearly to enjoy breathtaking sights and a vibrant performing arts and nightlife scene. Barrie is a cultural hub with famous residents like journalist Stevie Cameron and ex-wrestler Smith Hart. Hosted at Barrie Uptown Theatre, the Barrie Film Festival is connected to the Toronto International Film Festival.
The prices of homes in Barrie seem to be perpetually on the rise. The demand for homes continues to grow, and predictably, prices will reach new heights yearly. Call us to get more information on a Barrie second mortgage.