A second mortgage is a loan taken after the first mortgage. Getting a second mortgage in Brantford is an excellent idea for those who want to avoid paying private mortgage insurance on their first mortgage or consolidate debt. Other reasons people might consider one would be if they wished to create a home equity line of credit or if they had plans for home renovations.
Brantford Mortgage Brokers
A good mortgage broker in Brantford is important to ensure you have the best possible rates and the appropriate terms for your situation. While there are various criteria for approving a loan, a mortgage broker will help you assess the loan-to-equity value of your home. Since they are licensed professionals with a trusted network of lenders, they can secure you the most favourable deal.
Brantford Private Lenders
It can be beneficial to seek a private lender because their criteria for offering loans are often more flexible than larger institutions. They offer loans to those facing obstacles with traditional loans, such as those with lower credit ratings or self-employed. Private lenders in Brantford offer benefits like quick approval within days and better rates than credit cards. Our Ontario brokers give you access to trusted private lenders who can quickly provide the necessary funds.
Brantford Home Appraisers
It will be difficult to finalize a mortgage without knowing how much your property is valued. Property size, bedrooms, bathrooms, and age affect value, but the sale prices of similar homes in the area are crucial. Typically, a licensed appraiser completes the appraisal in a few weeks, as it must adhere to several regulations.
Brantford Mortgage Refinancing
Mortgage refinancing can be an excellent option for paying off old mortgages. It can unlock built-up equity or allow the borrower to consolidate debt. Refinancing often lowers monthly payments, especially if the homeowner’s credit score improves or interest rates decrease. Or, you might opt for higher monthly payments but a shorter loan period, allowing you to gain equity faster. If you secure an interest rate of more than two percent lower, refinancing fees and costs are generally worth it. When refinancing with a second loan, borrowers can combine the two or pay off the second one.
Brantford Information
Located on the Grand River, Brantford attracts big businesses due to its strategic location despite its past as a hub. Currently, the manufacturing industry accounts for over 40 percent of employment. A multicultural town, it is also located near the Six Nations of the Grand River First Nation reserve. Brantford’s historical sites include Alexander Graham Bell’s family home and the Bell Telephone Memorial. The city also has over 40 kilometres of natural trails that stretch to the nearby cities of Cambridge and Hamilton, and each year hosts the International Villages Festival, which has been held for the last 30 years. Several universities and colleges have campuses in Brantford.
Brantford Real Estate Market
With a record number of homes sold in Brantford in 2015 and a similar trajectory expected for 2016 and 2017, Brantford has a booming real estate market. Thanks to an affordable housing market, people are moving to Brantford from other municipalities in Ontario, particularly nearby Hamilton, and property values increased by an average of 4.7 percent each year since 2012. Moreover, steady employment growth is predicted for 2017, which will boost demand for accommodation. Most of this growth is expected to be in single-detached housing instead of multi-unit housing such as apartments.
Ready to explore your options for a second mortgage in Brantford? Contact Mortgage Broker Store today to discover the best rates and solutions tailored to your needs. Whether you’re looking to renovate your home, consolidate debt, or fund your business, we’ve got you covered.