Whenever you are purchasing any property, be it for personal or commercial use you are going to need financial assistance. Reaching out to a Mortgage Broker St Catharines is always a great option. The broker will work towards understand your needs. Based on that they will find you the ideal mortgage plan. A mortgage broker provides various services, we have listed some of them below.

Refinancing Mortgage

Refinancing the current mortgage can be a great way of settling the mortgage and penalties if the current mortgage isn’t suitable for your current situation. Changes in financial situations can make you unable to live up to the previous terms of the loans. The broker will be able to get you a new contract that would be better suited to your current situation, despite the penalties.

Renewals of Mortgage

Renewing the mortgage is the best way to save money. However, it is one option that is highly underestimated. Renewing the mortgage means the old loan is replaced with the new one. The new loan comes with its own set of terms and a new contract. Three weeks before the renewal is due you would get a notification about the same. If you aren’t happy with the current lender or there has been a change in your financial situation then you can always renew the loan. While renewing you should pay close attention to the terms of the mortgage, increasing or decreasing payment amounts and variable or fixed interest rates. The broker will be able to provide you with sound advice based on your current standing.

Second Mortgage

A home equity loan or a second mortgage gives you the liberty to consolidate a more expensive debt. This is done by cashing out on your home equity. When you are taking a second mortgage you might end up paying a higher interest than what you did on your first loan. Along with that, you need to have an estimate of the cost of the property. It is best to get multiple real estate agents to give you an accurate estimate of the property value. When you are taking out a second mortgage, most lenders will give you up to 90% of the equity of your home, provided you’ve done an appraisal first. You would also have to pay for the closing costs and the payment terms would be shorter as compared to the first mortgage. However, when you do opt for a second mortgage there is a chance that you might not be able to recover all your money.

Private Mortgage

These are secured loans that are provided by private lenders and not bands. It is the best way to get funds quickly and when you have been denied a loan by the bank. It is the go-to option for those who have a bad credit score. This type of mortgage focuses more on the collateral placed for security than the credit history and score.

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