Ingersoll mortgage brokers can help you get a first, second or third mortgage for your property. Our goal is to provide mortgages that meet your requirements. You have the option to choose between fixed or variable rates of interest or even a interest only payment plan. We have specially trained mortgage brokers Ingersol who handle home equity refinance, debt consolidation and self employed loans.
First Mortgages – most people will need a first mortgage or to refinance their existing mortgage at some time in their lives. First mortgages usually have a maximum loan to value ratio (LTV) of 75% but some lenders do go as high as 80% for a first mortgage. To get the lowest interest rate possible you will need a good credit score, verifiable income and have an acceptable loan to value ratio. If you do not meet all these requirements, mortgage brokers Ingersol can still get a mortgage but it may cost you more money.
Second Mortgages – the are many different reasons for getting a second mortgage which could include home renovation costs or educational costs. Second mortgages have a higher LTV of up to 90% but most Ingersol mortgage brokers lenders will not exceed an LTV of 85%. The interest rate for a second mortgage will depend on the LTV and your credit rating.
Debt Consolidation – one of the best reasons for getting a second mortgage is a debt consolidation loan. If you have large outstanding credit card balances the annual interest could be as high as 29%. In contrast a second mortgage will have an interest rate that is less than half of the credit card rate. The usual minimum loan amount for this type of mortgage is about $20,000.00 due to the fees associated with the mortgage. Mortgage brokers in Ingersol can also place you in a credit repair program which could lower your future interest payments.
Mortgage brokers Ingersol will provide you with free consultation regarding your mortgage. Call today for your free mortgage quote.