A second mortgage is a mortgage on a piece of real estate already under an existing mortgage. Securing bank loans is an uphill task for a good number of Canadians. Many people are turning to private second mortgage lenders for loan services.
With some credit card companies setting interest rates at well over 25%, second mortgages are the best options available for people seeking for affordable loans.
Many second mortgage lenders vary on the rates offered, our team can help you secure yourself the most attractive second mortgage rates Cambridge has to offer.
Mortgage Brokers
If you are having difficulty with financing your mortgage you may need the services of a mortgage broker. Many mortgage brokers specialise in hard to place mortgages for people who have been turned down by banks. Our Cambridge Mortgage Brokers are well versed with the Cambridge mortgage market and have a network of mortgage lenders. We will give you professional insight into any mortgage decisions you want to make.
Cambridge Private Lenders
Bad credit locks out the banks on your loan situation. They are not an option if you have bad credit. Private lenders, however, step in where no other institution will dare to.
Private lenders are the only remaining option for a good number of people. They cover a growing niche. We are connected to a wide network of private lenders. Some of our private lenders finance homes to well over 80% of their value.
Different private lenders have different loan criteria. We will connect to you the best offers in Cambridge, and, have you choose the one that best addresses your needs.
Cambridge Home Appraisers
Most mortgage lenders will require an appraisal on a property before agreeing to provide a mortgage. A registered Ontario appraiser can make informed estimations of a property’s value which lenders will use when offering a loan. This will also make you more informed about the particular issues with your property.
Cambridge Mortgage Refinancing
Mortgage refinancing is the substitution of your existing high-cost debts with a new low-cost mortgage. What this does is to consolidate your debts and reduces your monthly payments. Instead of paying off different loans, you can pay off a single loan with reasonable interest payments.
Refinancing unlocks the equity in your home. Before you make that decision to refinance, it is important you first understand your individual situation. Why you need to refinance. The available options that work for your situation. And, whose rates are most favourable to your situation.
Cambridge Information
Cambridge is a city at the confluence of two rivers, Speed and Grand. It is located in the municipality of Waterloo. The Toyota Motor Manufacturing Branch in Cambridge is the biggest employer in Cambridge. It employs 45,000 of the City’s 128,748 people.
Cambridge is an amalgamation of four towns. The City of Galt is Cambridge’s biggest town. It is also a very old town with a post office that dates back to 1886. It covers the southern half of the city. The other towns are Preston, Hespeler, and Blair.
Cambridge has a humid continental climate. Its winters are generally moderate. The deep freeze is an exception rather than a normalcy. During summers, temperatures clock the high twenties on the celsius scale. As is common to southern Ontario, Cambridge can experience some discomforting long stretches of humidity.
Cambridge Real Estate Market
Cambridge tops the Bay state when it comes to home prices. $1,675,000 was the median price of a family home in the fist third of the year 2016. This represented a 28% increase over the previous year. This is due to a surge in demand for pieces of real estate in Cambridge.
This combined with a severe shortage of homes has seen prices soar to all-time highs. $ 1.6 million does not even bring you close to the lovely old Brattle Street mansions as would be the case in most states. For such a mansion you need upwards of 4 million dollars and prices are still rising.