A second mortgage can cover unexpected expenses like debt consolidation, schooling, or home improvements. A second mortgage is a loan taken out on a property that is currently mortgaged by a primary home loan. Determined by the amount of equity in your home or the difference between the value of your home and the outstanding mortgage balance, a second mortgage can be a powerful financial tool for a homeowner, with applications such as financing the purchase of an investment property or extensive home renovations.
With real estate sales activity increasing by 21.5% over last year, the average sale price for a home in North Bay has risen 3.5% from 2016, making now a great time to investigate getting a second mortgage in North Bay.
North Bay Mortgage Brokers
A mortgage broker can be an invaluable ally to any homeowner interested in investigating the possibility of a second mortgage. A North Bay mortgage broker helps homeowners navigate lending, finding the most competitive terms and lowest rates.
Private mortgage consultants are licensed professionals offering deep insight into North Bay’s real estate and lending environment. Mortgage brokers use close connections with local lenders to save on fees and provide personalized, one-on-one service.
Private Lenders
A private lender is often an attractive option for many homeowners seeking a second mortgage in North Bay. Private lenders, non-institutional and independent of banks, offer unique advantages compared to traditional financial institutions.
The relationship-based nature of private lending, facilitated by a local North Bay mortgage broker, offers advantages such as easier qualification criteria that can take into a homeowner’s specific situation, which also offers a shorter approval process. Private lending is also great for “fixer-upper” investment homes when a demonstrable return on investment is apparent.
North Bay Home Appraisers
A home appraiser is essential to investigating the possibility of taking out a second mortgage. Deeply involved in the local real estate industry, he provides accurate and fair property market value appraisals.
A home appraiser is typically engaged by the lender to determine the equity value of a home by conducting a full survey of the interior and exterior and combining their observations with market insight. A home appraiser evaluates structural integrity, materials, amenities, upgrades, and land value to determine a home’s current value.
Mortgage Refinancing
Replacing the original mortgage on a home with a new mortgage is known as refinancing. Refinancing a home offers benefits like better interest rates and converting from variable to fixed-rate loans.
Refinancing a home can be risky due to complex factors that are difficult to understand. Consult a mortgage specialist to make the best decision.
North Bay Information
North Bay, by Lake Nipissing, boasts lakeside views, rich culture, and a strong real estate market. Established in 1891, North Bay is roughly 210 miles north of Toronto and owes its origins to the development of the Canadian Pacific Railway, which began its westward expansion from what was then a small town in 1882.
North Bay, with over 50,000 people, is a booming economic hub and Canada’s 93rd-largest municipality. With origins in the lumber, mining and railway industries, North Bay is now a major university hub, home to Nipissing University and Canadore College.
Real Estate Market
The North Bay real estate market is currently experiencing a bull market, with average housing prices increasing from $232,534 in November 2015 to $233,933 in November 2016, a 3.5% year-to-date increase. Home sales have similarly increased by a massive 21.5%.
With over 136 new listings in the last market report commissioned by the Canadian Real Estate Association and an average inventory time of 6.2 months, down from 9.8 months last year, the North Bay real estate industry is thriving, placing homeowners in a positive position to consider a second mortgage.
Ready to explore your options for a second mortgage in North Bay? Contact Mortgage Broker Store today for the best rates and solutions tailored to your needs. Whether you want to renovate your home, consolidate debt, or fund your business, we’ve got you covered.