Second Mortgage Brokers in Scarborough, Ontario
Our mortgage brokers in Scarborough, Ontario have a wealth of experience in Scarborough and the surrounding GTA area. When looking for financing, rates are not the only thing you want to look at when you talk to mortgage brokers Scarborough, Ontario they can give you the information you need to make the right decision. Other important points to be aware of are flexibility (can you move your mortgage to another lender), any potential penalties, NSF fees and pre-payment abilities. A mortgage broker can give you professional advice and help you avoid any problems in the future.
Types of loans mortgage brokers Scarborough, Ontario can arrange:
First mortgages- most people will need a first mortgage at some point in time and Scarborough mortgage brokers can help you choose the best mortgage for you. Lenders compete for this type of business and therefore offer low interest rates. The maximum loan to value ratio for most first mortgages is around 75% and our mortgage brokers Scarborough can arrange your mortgage at no cost to you.
Second mortgages – a second mortgage is one that is placed behind the first mortgage. The first mortgage will be paid off before the second mortgage upon sale of the property. This means that a second mortgage has a higher level of risk which leads to a higher interest rate. Most second mortgages do not exceed a loan to value ratio of 90% and most second mortgages have a loan to value ratio below 85%. Mortgage brokers Scarborough, Ontario will arrange a private lender and take care of most of the paperwork related to the loan. The borrower is usually required to sign the final documents at a lawyers office.
Debt consolidation loans – this type of loan can be very useful for people who have high interest credit card debt, auto loans or student loans. Some credit card companies charge an annual interest rate of around 29%, while a debt consolidation loan will have an interest rate of around 10 to 15%. The usual minimum amount for this type of loan is around $20,000.00, a smaller loan amount is not justified since there were be fees associated with the loan.
Home Renovation Loan – you may need a loan to put a second floor on your home or an addition to the back of your home, in both cases you are increasing the value of your property. Most lenders look favorably on this type of loan since the increase in property value is usually greater than the amount of money being borrowed. For this type of loan most lenders pay out the funds upon stages of job completion. This ensures that the money is directly going to the builder and not for any other purposes. Our Scarborough mortgage brokers have helped many people make their renovation dreams come true and we can also help you.
Personal debt – many people have debts they they have accumulated over the years. In some cases it makes sense to combine all the personal debt into one loan. The advantages of this type of loan include a lower overall interest rate a the reduction of the total number of bills to pay. The main goal of this loan is to reduce your monthly payments by reducing the level of interest that you pay.
The average mortgage broker in Scarborough has access to a limited number of lenders, usually less than 20. In comparison our company has access to well over 50 lenders. We have over 20 years of experience and we have access to a large number of private lenders that other brokers don’t have, this increases your chances of getting financing where other lenders may turn you down.
You should feel comfortable with your mortgage brokers Scarborough, Ontario, we take the time to get to know you and find out your needs and wants. We will treat you like one of our own family and get you the best mortgage loan possible. We will assist you from start until finish, and if you have any questions throughout the term of the Scarborough mortgage brokers will be there to help you out. Call us now for your free consultation.