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 affordable loans.
Many second mortgage lenders vary on the rates offered, but our team can help you secure yourself the most attractive second mortgage rates Cambridge has to offer.
Mortgage Brokers
If you face difficulties financing your mortgage, a mortgage broker may be able to assist. Many brokers specialize in hard-to-place mortgages for individuals who have been turned down by banks. Our Cambridge mortgage brokers are well-versed in the local market and have an extensive network of lenders. We offer professional insights to help you make informed mortgage decisions.
Cambridge Private Lenders
Bad credit can prevent you from obtaining a loan from traditional banks, but private lenders can often step in. These lenders cater to a niche market, offering financing options that other institutions will not. We are connected to a wide network of private lenders, some of whom finance homes up to 80% of their value. Each lender has different criteria, and we can connect you to the best options available in 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.
Mortgage Refinancing
Mortgage refinancing is the substitution of your existing high-cost debts with a new low-cost mortgage. What this does is consolidate your debts and reduce 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 and why you need to refinance. The available options that work for your situation. And whose rates are most favourable to your situation.
About Cambridge
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’s real estate market has seen significant growth. In early 2016, the median price for a family home was $1,675,000, marking a 28% increase from the previous year. This surge in demand, combined with a shortage of homes, has driven prices to all-time highs. High-end properties, such as those on Brattle Street, can exceed $4 million.
Ready to explore your options for a second mortgage in Cambridge? 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. Email ron@mortgagebrokerstore.com or call 416-499-2122.