A second mortgage can provide you with a large amount of money at a reasonable interest rate. Whatever your needs may be – whether it be a sudden and unexpected financial crises, or maybe you’d like to put one of your children through college without any debt of their own, 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, the property values have seen an upward trend and you might even have more value in your home than you think.
Second Mortgage Brokers
Taking out a second mortgage is a simple process when working with an experienced mortgage broker. If you decide 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 making sure that 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 and make this process easy, uncomplicated and save you money.
Bad Credit Second Mortgages
The biggest hurdle to acquiring a second mortgage is your loan to value ratio – or the calculation that loan officers make. Loan to Value is the value of existing mortgages divided by the appraised value of the property. Our lenders are able to consider you even with bad credit. Since a bad credit mortgage is considered risky, lenders may charge more in fees and interest than a traditional bank lender.
Private Lenders
Private lenders are people or organizations who exist outside of the general banking ecosystem, and can often offer loans with much 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 amongst them.
Mortgage Refinancing
If you do set up a bad credit mortgage for your Thunder Bay home, or any mortgage of any kind – it’s worth taking note of the terms and conditions surrounding when and if you’re able to refinance, later, for a better rate. If you expect your financial situation to constantly improve and also envision your credit rating and loan to value ratio to keep improving, then it’s in your interest to ensure you’re able to refinance at an opportune time for you – and therein save thousands – or more – on interest over the length of your term. You can also refinance many small debts such as payday loans and credit cards using a private lender mortgage.
Information
The city 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 actually composed of two proper cities – Port Arthur and Fort William. – which were amalgamated into the larger community on Jan 1, 1970. Both of these cities have their own individual and distinct business centers and urban areas – making Thunder Bay a truly interesting area of the world to call home.
Thunder Bay Real Estate Market
It’s actually a convenient and wise investment to consider a second mortgage now, as the real estate market in Thunder Bay is improving – especially when compared to markets East of the city. According to a MoneySense article written in 2016, Thunder Bay is the #1 Canadian city to buy in currently – as the market is expected to continually improve, and has no indication of slowing down. This spells a great theoretical situation should an existing property owner in the city decide to shop for a second mortgage – as it ensures that opportunistic loan officers have a high regard for the total value (and potential value) for your property.