A second mortgage is a great way to use the house you already own to obtain low-cost financing. Second mortgages are placed on properties with existing first mortgages. Second mortgages allow you to quickly gather a large amount of money for any purpose you deem fit. Our team specialises in providing people with second mortgages in Waterloo, even if they have already been turned away by a bank.
A mortgage broker in Kitchener can help explain the different financial options available to you and help you decide on the best option. Our team can quickly tell you if you can be approved for a second mortgage. If you can be approved for a mortgage, we can submit your info to several different lenders and present you with the mortgage offers from each lender. We can negotiate the mortgage rates and terms on your behalf and help you get the best deal for your unique situation.
Many people in Waterloo cannot qualify at banks, and many private lenders specialise in servicing people who have been turned down by banks. 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 the appraised selling price of the property. If the Loan to Value (LTV) ratio is less than 85% than a private lender can provide a mortgage without issue. Our team has connections with a variety of private lenders that service Waterloo and can provide you with a mortgage quickly.
Second Mortgage Interest Rates
A second mortgage can help save you 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.
For many mortgage lenders, having a home appraisal done is a requirement for approving the mortgage application. The appraisal will be performed by a certified register home appraiser that works at one of the lender’s preferred companies. The lender will use the appraisal in order to determine the LTV of the property. The appraisal is provided to the homeowner upon request.
Many lenders will require that the property is inspected by either their own staff or a certified property inspector. There are many potential issues with any property, and an inspection can help determine what those issues would be. It is highly recommended to have a professional inspection done on any properties you plan to purchase. A professional inspection can help you avoid problem properties and get an idea of the cost of any repairs.
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 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 you’d like.
Waterloo is located in the southern part of Ontario and is immediately next to the city of Kitchener. Waterloo 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 is best known for the tech companies that operate in the city as well as the University of Waterloo.
Waterloo Real Estate Market
Waterloo has a real estate market which is characterised by high demand and low supply. Bidding wars on sales of detached homes is common in Waterloo. Average monthly home sales in the city are nearly 700 homes sold. The houses in the city have seen double-digit increases in price for the past few years.