Second mortgages are mortgages that are placed on properties with existing first mortgages. A second mortgage is a popular source of cash for people who are looking to borrow a large amount of money without excessive interest rates. Getting a second mortgage is a simpler process than getting a first, as the approval requirements are more lenient. Our team specialises in getting second mortgages for people in Sault Ste. Marie and other cities across Ontario.
Getting a second mortgage from conventional banks can be extremely difficult. Second mortgages are generally higher risk than first mortgages, and banks try to keep their risk to a minimum. Our team specialises in connecting people with lenders that can provide second mortgages.
Our brokerage helps clients get the best mortgage lenders and get the lowest possible interest rates.
Sault Ste. Marie Mortgage Brokers
When looking for a second mortgage, it is important to use a mortgage broker that specialises in alternative lending. Conventional banks will usually not be able to provide a second mortgage. We help homeowners that have been turned away by banks by connecting them with lenders who can approve them for a second mortgage. Our team is connected with many private lenders that offer second mortgages in Sault Ste. Marie and other cities across the province.
Sault Ste. Marie Private Lenders
People who are looking for second mortgages, or have low income or bad credit will not be approved for a loan at a bank. This is especially for self-employed people or work-at-home mothers, who don’t have verifiable income. While there are many private lenders in Sault Ste. Marie, not all of them specialise in second mortgages and bad credit mortgages. Our team has over 10 years of experience negotiating with private lenders in order to get the best deal on a second or bad credit mortgage.
Sault Ste. Marie Home Appraisers
A home appraisal from a registered Ontario home appraiser is a necessary step in getting a mortgage from a lender. During our process of getting a new mortgage, we can also set up the home appraiser visit. The appraised value of the home is a very important metric, it tells the lender how much can be borrowed against a property. Our mortgage team is connected with the most reputable home appraisers that can provide appraisal reports which are accepted by all major lenders.
Sault Ste. Marie Mortgage Refinancing
Mortgage refinancing is when you place a new mortgage on a property in order to pay off higher interest debts or mortgages. In most cases, a person can get substantial savings every month by using a second mortgage to pay off credit cards and other unsecured debts. For years, our experienced brokers have helped clients in Sault Ste. Marie save on their monthly bills. We go through all your existing debts and help you decide which should be paid off in order to save money.
Sault Ste. Marie Information
Sault Ste. Marie is located in Ontario’s St. Marys River, located nearby the USA – Canada border. As it is one of the biggest cities in the province of Northern Ontario, there is a huge property development, whether it is personal or business property. This is also an industrial city, which also becomes the main destination for worldwide tourists, thanks to its massive arrays of beautiful natural scenery, interesting festivals and events, and also exciting outdoor adventures.
Sault Ste. Marie Real Estate Market
Sault Ste. Marie has such a fast growing property development, due to the increasing population number in the city. Though the real estate market development here is not as fast as Ottawa or other bigger cities in Canada, Sault St. Marie has a significant rising for up to 10% of property demand in 2015, as compared to the previous year, for both private homes and apartments.