A second mortgage can give you much money at a reasonable interest rate. Whatever your needs may be – whether it be a sudden and unexpected financial crisis, or maybe you’d like to put one of your children through college without any debt, or maybe even for startup business capital. A second mortgage makes it possible to acquire a significant loan based on the equity you’ve built in your property. The good news is that, in Thunder Bay, property values have seen an upward trend, and you might even have more value in your home than you think.
Mortgage Brokers
Taking out a second mortgage is a simple process when working with an experienced mortgage broker. If you’re looking for a second mortgage, you should consider speaking to our team, as we have experience servicing Thunder Bay. We can help you throughout this process and help you make the best financial decision for your unique situation. Our staff are experts in ensuring you get the best mortgage offer, and they’re always on your side. Contact us today, and we will help you assess your options for a second mortgage in Thunder Bay. We will make this process easy and uncomplicated and save you money.
Bad Credit
The biggest hurdle to acquiring a second mortgage is your loan-to-value ratio—or the loan officers’ calculation. Loan-to-value is the value of existing mortgages divided by the property’s appraised value. Our lenders can consider you even with bad credit. Since a bad credit mortgage is risky, lenders may charge more fees and interest than a traditional bank lender.
Private Lenders
Private lenders, outside the banking system, often offer loans with shorter terms and higher interest rates. They are able to approve far more applicants than ‘A’ lenders. We have a large network of private lenders in Thunder Bay. When we receive offers from private lenders, we present you with the best offers and help you choose.
Mortgage Refinancing
Note the terms for refinancing your bad credit mortgage later, as it may allow for a better rate. If you expect your finances to improve, refinance immediately to save thousands in interest over your term. Using a private lender mortgage, you can refinance many small debts, such as payday loans and credit cards.
Information
The city is known as The Canadian Lakehead’ for being geographically positioned on the Canadian border of the Great Lakes – Thunder Bay is a metropolis boasting over 100,000 residents. Founded originally as French trading posts in the 1600s and 1700s, the city had seen tremendous growth throughout various points in history and stands today as one of Ontario’s most beautiful and populous locations. Thunder Bay is today the largest city in Northwestern Ontario and is the region’s commercial and cultural hub.
Thunder Bay is composed of two proper cities—Port Arthur and Fort William—which were amalgamated into the larger community on Jan 1, 1970. Both cities have unique business centers and urban areas, making Thunder Bay a fascinating place to call home.
Thunder Bay Real Estate Market
Considering a second mortgage now is wise, as Thunder Bay’s real estate market improves compared to areas east of the city. This benefits city property owners seeking a second mortgage, increasing the value perception among loan officers.
Ready to explore your options for a second mortgage in Thunder 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.