Peterborough, Ontario is currently one of the most robust housing markets in Canada at the moment. Getting a second mortgage may be the best idea for anyone looking to borrow a large amount of money. A second mortgage allows you to borrow against the equity you’ve built up in your home and use it for any purpose. A second mortgage in Peterborough typically carries lower interest rates than other unsecured debts and for a lot of people is the cheapest way of getting the money they need.
Most banks do not offer second mortgages on houses, and there are many mortgage brokers that specialise in getting clients second mortgages. If you have been turned away by banks and other lenders, then you can contact our specialised brokerage that has over 10 years of experience in providing second mortgages. Our team has connections to a vast network of lenders and can get you multiple offers for your new mortgage. Our team takes the time to explain each offer and can advise which offer is best for your particular situation.
There are a number of private lenders that specialise in lending on second mortgages in Peterborough and across Ontario. As larger bank’s standards have become more stringent, there are many smaller lenders have appeared to service those turned away by banks. The best way to reach a large number of these specialised lenders is to work with a specialised mortgage brokerage. These lenders have unique lending criteria, they are mainly concerned with the value of the home and the existing debts secured against the home. Home equity is the difference between the value of the property and the value of existing mortgages. Private lenders typically will be able to lend up to 85% of a property’s value.
One of the first things you should do once you’ve decided to go for a second mortgage on your home is to find a registered Ontario home appraiser. This step is quite important, as mortgage lenders cannot determine the value of your home without a home appraisal. The appraised home value lets a lender determine how much they can lend on a particular property. Our team is connected with many reputable home appraisers in Peterborough, and we’d be happy to connect you with a home appraiser.
Refinancing your mortgage is the process of using the current equity in your home to replace high-interest debts with a lower interest mortgage. Our clients have been able to save on their monthly bills by paying off credit cards and personal loans using second mortgage money. Mortgage refinancing will let you come out on top with a better interest rate and better loan terms. Our team takes the time to look at all your currently monthly fees to determine which to pay off in order to save the most money.
With a population sitting just over 116,000 people pooled into a 27 square mile area, Peterborough enjoys a solid economy and beautiful scenery. With the Otonabee gently running through it, Peterborough is a fine place to build a home and a life for oneself.
Peterborough’s real estate market is currently holding on par with the average clip of Canada’s national median home listing price of $299,900. With a monthly growth of 39.84%, it is a safe bet for anyone looking to add to their real estate investment portfolio. You’ll find a lot of solid three and four bedroom homes here, some of which can be caught below market value if you keep an eye on them and strike quickly when you have the chance. If you can get in on the ground floor of a residential area here you may find yourself in the money with steady long-term growth potential.