Second mortgages are additional mortgages that are placed on properties with an existing mortgage. Second mortgages are becoming increasingly popular in London, Ontario, as they help 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 handle 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 one year or longer. Private mortgage lenders go through the same process a bank does when registering a 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 of 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. The last thing you need is the unknown additional costs after you purchase your new home. 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, 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 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
Located in the heart of southwestern Ontario, London has a population of 366,151, according to the 2011 census. As a regional hub for healthcare and education, London is home to Western University, Fanshawe College, and several hospitals. The city boasts charming streets and the Grand Theatre’s Shakespearean productions, one of its top attractions.
London Real Estate Market
Real estate sales in London, Ontario, have recovered entirely since the economic 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 history. Sales prices look to increase even more to nearly 4% in 2016. Looking further into 2017, sales are predicted to be higher than in 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.
Ready to explore your options for a second mortgage in London? Contact Mortgage Broker Store today to discover the best rates and tailored solutions.