We’ve been helping residents across St. Catharines access second mortgage financing for years now. Our lenders offer extremely low mortgage rates. Regardless of what your mortgage need is, we’re here to help. If you’re seeking a second mortgage in St. Catharines, it’d never be a better time than now. The rates lie at an unbelievable low.
If you need St. Catharine mortgage brokers with years of experience, then you can trust us, thanks to our extensive network of lenders. We’ll get you the lowest rates for your second home. We also specialize in second mortgages in St. Catharines for those with bad credit. Unlike major Canadian banks, we approve people on equity rather than credit.
Second Mortgages
Second mortgages are loans secured by houses or properties. They fall behind first mortgages when it comes to debt priority. Many individuals and families seek these loans. Various reasons prompt one to take a second mortgage, including covering part of the down payment on their first mortgage to evade the requirement of property mortgage insurance, financing home improvements, and consolidating debts.
Second mortgages tend to carry higher interest rates than the first mortgages despite being secured with similar assets. But it’s fairly simple to get a second mortgage if you’ve got sufficient equity in your house. Often, second mortgages come with a renewable one-year term. Also, you’ll have the option of making interest-only payments. Second mortgages have a maximum loan-to-value ratio of 85 in major cities. Properties found in rural areas often come with a max loan-to-value ratio of 75%.
Private Lenders
Private lenders mostly fund second mortgages. We’ve got a vast network of private mortgage lenders who finance properties across St. Catharines. We obtain quotes from multiple lenders to ensure that you will win the best deal.
The money is availed by someone who directly invests in your property. The loan is often based on the equity amount in your home. Private loans aren’t based on one’s credit score. A low credit score doesn’t imply that you won’t qualify for a second mortgage. You can use private mortgages to finance home renovations and debt consolidation, among other purposes.
Home Appraisers
You can tap into your home’s equity when you need cash. It’s a smart move that potentially offers tax savings. Second mortgage rates can be lower than interest rates on credit cards. You could borrow against home equity. Your friendly Realtor might give you your home’s market value. But a lender won’t accept either of the figures. He/she’ll want an appraisal.
Appraisals are different from home inspections. They’ll provide a more accurate, professional estimate of a home’s market value. Appraisers look at the property and check the sales figures of other properties in the same location. They’ll then perform a thorough examination, considering the differences between the properties. Finally, they’ll deliver a presumably accurate but professional estimate of the home’s current value.
An appraiser’s final report will include the home’s flaws and a list of issues that could be dragging down its value, like poor street access. Lenders use the above information to determine how much they can lend. If possible, get a copy of the appraisal to determine your home’s worth in the lender’s eyes.
Mortgage Refinancing
Mortgage refinancing in St. Catharines can reap considerable dividends if you’ve got enough knowledge and are deliberate about doing so. Refinancing your second mortgage can decrease monthly payments, lower interest rates, and reduce or eliminate private mortgage insurance. Also, it could enable you to change the loan terms if your financial status has changed. In several cases, refinancing can allow one to consolidate their first and second mortgages into one loan.
We’ll connect you with lenders who can refinance your mortgage. We’ll do the shopping for you and find the best deal for you. You’re assured of excellent interest rates. Together, we’ll review all the paperwork and documentation that are required to ensure accuracy. We assure you that you’ll enter into a contract that you’re fully knowledgeable about and in full agreement with.
St. Catharines Information
St. Catharines, nicknamed as the Garden City, is located in an exceptional area for trade and commerce in the Ontario Province. In fact, it’s the largest city in the Niagara Region, having a population of over 200,000. It derives its nickname from the 1,000 acres of garden, parks, and trails which are meticulously groomed.
It’s situated right between the Fort-Erie Buffalo metropolitan and the Greater Toronto areas. This city’s dominant industry is manufacturing, true to its heraldic motto – Industry and Liberality.’ It lies on a major telecommunication backbone between the United States and Canada. For that reason, multiple call centres operate in St. Catharines.
Lots of infrastructural developments have been implemented over the recent years. This city takes pride in the Welland Canal (running 43.4 kilometres) as a remarkable transportation icon. As well, there are well-connected air, rail and road transport lines. St. Catharines offers multiple educational opportunities and credit to institutions like Brock University, Michael G. DeGroote’s School of Medicine, Ridley College, and other Catholic secondary schools.
St. Catharines Real Estate Market
St. Catherine ranks among the top 40% when we list all suburbs in Canada according to real estate prices. A cheaply priced house would go for between $300,000 and $400,000. But there are innumerable neighbourhoods where you can invest. An important leading indicator for property investors is how much stock is fairing on the market. In St. Catharines, the stock volume has decreased. That’s a positive indicator when it comes down to house prices. The area is quite promising, holding a considerable lot for the future.
Ready to explore your options for a second mortgage in St. Catharines? Contact Mortgage Broker Store today to discover the best rates and tailored solutions.