Second mortgages are additional mortgages that are placed on properties with an existing mortgage. Second mortgages are becoming increasing popular as it helps cover other costs such as renovations which can help increase the value of your home and tuition fees. Another common use of a second mortgage is for consolidating all debts. Many people have credit cards that charge a rate of interest of as high as 29%. Taking out a second mortgage at a lower rate of interest can save you money and greatly reduce the number of bills that you need to pay at the end of the month. Our mortgage brokers in London can help you get the second mortgage that you need for your home or property
Mortgage Brokers
Ensure you find an experienced second mortgage broker in London as it can be extremely helpful if you’re looking to purchase a home in London. With our expertise and knowledge, Mortgage Broker Store will offer the best solutions for your second mortgage financing needs and will take care of all rate negotiations for you.
Private Lenders
We have private lenders in London that can help you get money for a second mortgage. London private mortgage lenders usually only lend in small geographic. Some private second mortgage loans can start from as low as $20,000.00. The term of the second mortgage is usually 1 year or longer. Private mortgage lenders go through the same process a bank does in registering the loan against your property. The loan is not based on your credit score and people with bad credit can get approved. Most private second mortgage lenders in London Ontario have a maximum loan to value ratio o f 75%. Mortgage Broker Store has in-depth knowledge regarding the local real estate market. We have already arranged private second mortgages in the London area.
Home Appraisers
Buying a new home is usually stressful and at the same time, full of excitement and the last thing you need is unknown additional costs after you purchase your new home. In order to avoid these unknown costs, it’s recommended to have a good home appraiser’s phone number ready before you put an offer on the house you like.
Mortgage Refinancing
Mortgage Refinancing means paying off an existing mortgage with the proceeds from a new one which is usually of the same size.
Refinancing a mortgage can help you consolidate debts such as higher interest credit card balances and loans. This can help you save money and have all your debts in one place. The money saved can be used to renovate your home, invest in stocks and to buy a car or boat.
Whatever your reasons for wanting to refinance your mortgage, Mortgage Broker Store will take a look at your current home equity and recommend the best solutions to meet your future goals.
London Information
London located in the core of south-western Ontario has a population of 366,151 according to the 2011 census. London is a Regional Centre of healthcare and education, home to the University of Western Ontario, Fanshawe College, and several hospitals. London is engulfed with charming streets and the Shakespearean productions in the Grand Theatre which is one of the city’s most popular attractions.
London Real Estate Market
Real estate sales in London, Ontario have recovered entirely since the economy downfall due to the recession in 2007. 2015 proved to be a fantastic year with sales going upwards of 9.9% over 2014 marking it the second highest level of sales in the history. Sales prices look to increase even more to nearly 4% in 2016. Looking further into 2017, sales are predicted to be higher than 2016 due to forecasted job growth and stability, as well as growth noted from 2016. CMHC anticipates a rise of 2.5% in sale price through 2017.