Peterborough, Ontario, is currently one of Canada’s most robust housing markets. Getting a second mortgage may be the best idea for anyone looking to borrow a large amount of money. A second mortgage allows you to borrow against the equity you’ve built up in your home and use it for any purpose. A second mortgage in Peterborough typically carries lower interest rates than other unsecured debts and is the cheapest way for many people to get the money they need.
Peterborough Mortgage Brokers
Most banks do not offer second mortgages on houses, and many mortgage brokers specialize in getting clients second mortgages. If banks and other lenders have turned you away, you can contact our specialized brokerage, which has over ten years of experience providing second mortgages. Our team has connections to a vast network of lenders and can get you multiple offers for your new mortgage. Our team takes the time to explain each offer and can advise which offer is best for your particular situation.
Peterborough Private Lenders
Several private lenders specialize in lending on second mortgages in Peterborough and across Ontario. As larger banks’ standards have become more stringent, there are many smaller lenders that have appeared to service those turned away by banks. The best way to reach many of these specialized lenders is to work with a specialized mortgage brokerage. These lenders have unique lending criteria; they are mainly concerned with the value of the home and the existing debts secured against the home. Home equity is the difference between the value of the property and the value of existing mortgages. Private lenders typically can lend up to 75% of a property’s value.
Peterborough Second Mortgage Appraisers
The first step in getting a second mortgage is finding a registered Ontario home appraiser. This step is quite important, as mortgage lenders cannot determine the value of your home without a home appraisal. The appraised home value lets lenders determine how much they can lend on a particular property. We’re connected with reputable Peterborough home appraisers and can connect you with one.
Peterborough Mortgage Refinancing
Refinancing uses your home equity to replace high-interest debts with a lower-interest mortgage. Our clients save on monthly bills by paying off credit cards and loans with second mortgage funds. Mortgage refinancing will let you come out on top with a better interest rate and loan terms. Our team reviews your monthly fees to identify the best ones to pay off for maximum savings.
Peterborough Information
Peterborough, with 116,000 residents in 27 square miles, boasts a strong economy and beautiful scenery. The Otonabee River is an ideal place to build a home and life.
Peterborough Real Estate Market
Peterborough’s real estate market is on par with the average clip of Canada’s national median home listing price of $299,900. With a monthly growth of 39.84%, it is a safe bet for anyone looking to add to their real estate investment portfolio. Early in a residential area here could mean steady long-term growth and financial gain.
Ready to explore your options for a second mortgage in Peterborough? Contact Mortgage Broker Store today to discover the best rates and tailored solutions.