A second mortgage is a loan taken after the first mortgage. Getting a second mortgage in Brantford is an excellent idea for those who would like to avoid paying private mortgage insurance on their first mortgage or to consolidate debt. Other reasons people might consider one would be if they wished to create a home equity line of credit, or if they had plans for home renovations.
A good mortgage broker in Brantford is important to make sure you have the best possible rates and the appropriate terms for your situation. While there are various criteria for approving a loan, a mortgage broker will help you assess the loan-to-equity value in your home. Since they are licensed professionals who have a trusted network of lenders, they will be able to secure you the most favourable deal.
It can be beneficial to seek a private lender because their criteria for offering loans are often more flexible than larger institutions. They can offer loans to those who might otherwise face obstacles in obtaining a more traditional loan, such as those with a lower credit rating or those who are self-employed. Other benefits of working with private lenders when seeking a second mortgage in Brantford include being able to get approval within a few days and more favourable rates than a credit card. Thanks to our team of brokers working throughout Ontario, you’ll have access to trusted private lenders who can quickly assist in providing the necessary funds.
Without knowing how much your property is valued, it will be difficult to finalise a mortgage. While factors such as the size of the property, the number of bedrooms and bathrooms on site and also the age of the home contribute to the value of your house, one of the main factors in the final appraisal is how much similar homes in the area have sold for. Typically it takes a few weeks for the appraisal to be completed by a licensed appraiser, as the process needs to go through several regulations.
Mortgage refinancing can be an excellent option for those looking to pay off old mortgages. It can help with unlocking equity that has been built up inside the home, or allow the borrower to consolidate debt. Often refinancing can result in lower monthly payments, particularly if the homeowner’s credit score has improved or the interest rates have been lowered. Or, you might opt for higher monthly payments but a shorter loan period, allowing you gain equity faster. Generally, if you can secure an interest rate that is more than two percent lower, any fees or costs associated with refinancing will be worth it. When refinancing with a second loan, borrowers can choose to combine the two loans, or simply to pay off the second one.
Situated in southwestern Ontario on the Grand River, Brantford was a former railway and telecommunications hub that has since attracted big businesses to the city thanks to its position between Buffalo and Detroit, and easy access to Hamilton and Toronto. Currently, the manufacturing industry accounts for over 40 percent of employment. A multicultural town, it is also located near to the Six Nations of the Grand River First Nation reserve. Other historical sites in Brantford include the family home of Alexander Graham Bell, the inventor of the telephone, and the Bell Telephone Memorial. The city also has over 40 kilometres of natural trails that stretch to the nearby cities of Cambridge and Hamilton, and each year hosts the International Villages Festival, which has been held for the last 30 years. Several universities and colleges have campuses in Brantford.
With a record number of homes sold in Brantford in 2015, and a similar trajectory expected for 2016 and 2017, Brantford has a booming real estate market. Thanks to an affordable housing market, people are moving to Brantford from other municipalities in Ontario, particularly nearby Hamilton, and property values increased by an average of 4.7 percent each year since 2012. Moreover, steady employment growth is predicted for 2017, which will boost demand for accommodation. Most of this growth is expected to be in single-detached housing, as opposed to multi-unit housing such as apartments.