For those looking to finance costly outlays such as a home extension or dream wedding,a second mortgage can be an appealing option to acquire capital quickly and easily. A second mortgage is a loan that is secured by an existing piece of real estate, that itself already has a first mortgage in place. You can attach multiple mortgages to your house, in which case the holder of the first mortgage will have the primary claim to any proceeds from the sale of the property. The second mortgage holder is then only paid once the first mortgage holder has been paid off in full.
Any reputable mortgage broker will look for the second mortgage that best meets your needs and circumstances. They can advise on the two major factors to be considered when applying for a second mortgage, namely the interest rate and activation fees associated with the mortgage. In Guelph the majority of lenders will provide mortgage loans up to a maximum loan to value ratio. Whilst this value will vary from lender to lender, 85% is an accurate guide to begin with.
We have specialised private mortgage brokers located in Guelph to ensure that our team can quickly and efficiently assist you in getting the financing you require. Each one of our private mortgage brokers are fully vetted and professionally trained, with a genuine passion for delivering uncompromising levels of service.
As private mortgage lenders, we are governed by a more flexible set of rules and regulations than other forms of lenders. This enables us to offer financing at better rates than other lenders, and also assist you when others have declined your application.Our aim is to allow you to remain on the housing ladder, with minimal stress and fuss.
A second mortgage lender will typically request an appraisal of your property. This is so they can judge the current value of the property accurately, and so give you the most up to date quotation regarding how much you can borrow against the property.The appraisal will inspect the internal and external up keep of the property, the quality of local amenities and services in the local area, and the recent selling price of similar homes in the vicinity of your property. All of the aforementioned will influence your valuation, so please be patient and understanding whilst you wait for them to be considered. After all, the higher the appraisal value, the more money you will be able to borrow for your second mortgage.
By refinancing your home, you are paying off your existing loans in exchange for a new home mortgage loan. You then begin paying off this new loan, in the same fashion as you were previously paying off your first mortgage. In financial terms, you are taking equity out of your property by remortgaging. This means that you are swapping a portion of the mortgage that you have paid off to date, for a combination of cash and a second mortgage to replace your original. This is a widely done procedure for taking some of the money you have invested in your house, back out as capital that you can then use to fund other outgoings.
Your home is your most valuable asset, and certainly not something that you should refinance before carefully considering all of your options. When you partner withMortgagebrokerstore.com, you can rest assured that we will work in your best interests to find the right deal for you. We will never push you towards a proprietary payment plan and will take the time to study the individual requirements of your case. As your refinancing progress, our advisors will be just one call away. Always ready and willing to discuss and clarify any questions and concerns that you may have.
Guelph has been consistently rated as one of the best places to live in Canada over the past decade, making it a hotspot for people relocating from all over Canada in search of their dream home .This is in no small part due to “The Royal City” being consistently ranked bottom of the Canadian crime severity list, very low levels of unemployment, and an ethnically diverse population distribution.
Guelph is a location for a number of notable cultural events, including the Hillside festival, and Downtown Guelph has become something of a mecca for historians with many Victorian buildings dating back more than a century. With well-established residential areas and continuous construction of new homes in more economically viable neighbourhoods, Guelph is a city that offers a chance on the housing ladder for people and families across all price brackets.
Guelph has several notable neighbourhoods within its metropolitan area. North, East, South, and West divide the city, with the University and Downtown Guelph offering older Victoria era properties and buildings.
East Guelph is attracting thousands of new homeowners due to its lower house prices relative to the rest of the city. A lack of local amenities such as grocery and convenience stores is easily combatted with a short drive into North Guelph. With a mixture of 2-storey detached properties from as early as the 1950’s, and new build homes from the last 5 years, prices in East Guelph come in at an average of 10-15% less than the city-wide average. Resale and pre-construction rates remain high relative to the rest of the city as a result of the below market average pricing.