A second mortgage is a great way to use your existing house to obtain low-cost financing. Second mortgages allow you to quickly gather much money for any purpose you deem fit. Our team specializes in providing people with second mortgages in Waterloo, even if they have already been turned away by a bank.
Mortgage Brokers
A mortgage broker in Kitchener can help explain the different financial options available and help you decide on the best option. We can negotiate the mortgage rates and terms on your behalf and help you get the best deal for your unique situation.
Private Lenders
A private lender will consider the value of your property instead of your credit score, income, etc. A private lender will first look into the equity and appraised selling price of the property. If the loan-to-value (LTV) ratio is less than 75%, a private lender can provide a mortgage without issue. Our team has connections with various private lenders that service Waterloo and can provide you with a mortgage quickly.
Second Mortgage Interest Rates
A second mortgage can help you save money by providing lower interest rate loans than a credit card. To get a low-interest second mortgage, you will need sufficient equity in your home.
House Appraisers
The lender will use the appraisal in order to determine the LTV of the property. The appraisal is provided to the homeowner upon request.
Property Inspectors
Many lenders require that the property be inspected by either their own staff or a certified property inspector. Any property has many potential issues, and an inspection can help determine those issues. A professional inspection can also help you avoid problems with properties and get an idea of the cost of any repairs.
Mortgage Refinancing
Mortgage refinancing can help you save money by allowing you to pay off high-interest loans using a lower-interest mortgage. Credit cards and personal loans typically charge a very high amount of interest, and paying these off with mortgage money will result in a far lower monthly payment. You can also refinance your existing mortgages to borrow more money for any purpose.
Waterloo Information
Waterloo is located in the southern part of Ontario, immediately next to the city of Kitchener. It is one of the larger cities in the area, with a population of 98,780 as of 2011. Kitchener and Waterloo are commonly referred to jointly as “Kitchener-Waterloo.”
Waterloo Real Estate Market
Waterloo’s real estate market is characterized by high demand and low supply. Bidding wars on sales of detached homes are common in Waterloo. On average, nearly 700 homes are sold monthly in the city, and prices have seen double-digit increases for the past few years.
Ready to explore your options for a second mortgage in Waterloo? Contact Mortgage Broker Store today to discover the best rates and tailored solutions.