Chatham mortgage brokers can help you get a first or second mortgage for your property. Our goal is to provide you with a low interest rate mortgage. You can choose between fixed or variable rates of interest. We can also provide mortgages for people with bad credit, cottage property and commercial loans. Mortgage brokers in Chatham can give you all the information to make the right choice regarding your 1st or 2nd mortgage.
First mortgages – most people need a first mortgage when they purchase a home. Mortgage brokers in Chatham have many lenders across the country who will compete for your loan. The rate of interest that a borrower will pay is always lower when lenders compete. In most cases a borrower will only ask their local bank what the interest rate and terms are, most borrowers do not get multiple quotes. Mortgage brokers Chatham will get you the lowest rate possible for a first mortgage by asking many lenders to compete for your loan business.
Second mortgages – most large Canadian banks do not deal in second mortgages due to the higher loan to value ratios(LTV). Mortgage brokers Chatham, Ontario have private lenders that deal in second mortgages. Private lenders usually do not exceed a loan to value ratio of 95%. The interest rate for a second mortgage will be higher than a first mortgage due to the higher level of risk. Your credit rating in combination with the LTV of your property will determine the interest rate that you will pay for a second mortgage.
Debt consolidation loan – many people have credit card debt and they are not able to pay off the monthly balance. The rate of interest for some card balances is about 29%, if you only have a small balance the 29% interest rate will not be a significant amount of money. The problem really occurs when you owe a large amount such as $50,000.00 to a credit company, the annual interest would be$14,500.00. Mortgage brokers Chatham, Ontario can arrange a debt consolidation loan that is secured as a second mortgage and would have a lower interest rate around 15%; which could save you about $7,250.00 annually.
Call mortgage brokers Chatham, Ontario for a free quote on your mortgage, we can usually tell you within minutes if you qualify for a loan.