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Second Mortgages Hamilton

As mortgage brokers, our professionals have years of experience providing second mortgages for our Hamilton clients. We can help you get the second mortgage or loan that you need at a very low-interest rate. You cal email or call us to discuss what type of mortgage meets your financial requirements.

What is a Second Mortgage

A second mortgage is a loan that is secured by a house or property. A second mortgage is placed behind a first mortgage in terms of debt priority. Getting a second mortgage is easy if you have adequate equity in your Hamilton home. Second mortgages can be used for consolidating debt, home renovations, business investments, and college tuition payments for your kids or other unforeseen costs.

Most people require a second mortgage to refinance their existing mortgage.  When a property is sold, a second mortgage falls next in line to the first mortgage in the order of payments. If the money received from the sale of the property is not enough to cover the second mortgage, then the lender may lose a small or a huge part of their investment.

Bad Credit Second Mortgage

A second mortgage is a loan based on the equity in the property. It is not based on your credit rating. Therefore many homeowners can still get a second mortgage even with a bad credit rating. Private lenders consider the loan to property value ratio to be the most important criteria when determining your eligibility for a mortgage. The maximum loan to property value ratio for a bad credit second mortgage is 85%.

Hamilton Private Mortgage Lenders

Hamilton second mortgage lenders are private individuals that invest in mortgages and loans. They mostly invest in the local geographic areas where they live. Private lenders will invest an amount between $20,000.00 and $200,000.00 in a property. They mainly invest in first, second and third mortgages. If you have been turned down for a loan or mortgage by any of the banks lately then private second mortgage lenders are an excellent alternative .

Improvements to your Property

Lenders will do a home inspection prior to the final approval of the loan. They look for any kind of substantial defects that could affect the value of the property such as a roof that’s leaking or broken windows. Every homeowner should make sure to clean up their property inside and outside. It is recommended to have a  fresh coat of paint on the walls as it will only reflect to show that the house is properly maintained. In case if the money required is to be used to repair or renovate the home, then show the private lender what work is to be done.

Second Mortgage Appraisal

Most lenders require an appraisal of the property before funding the mortgage. Appraisals are done by Certified Registered Appraisers, the average cost for an appraisal is about $350.00.

Free Mortgage Consultation

Call our Hamilton mortgage agents for a free consultation to find out if you qualify for a loan. Our agents will arrange a private lender that matches your current mortgage requirements.  We will go all-out to make the second mortgage lending experience as easy as possible for you.

 

Call us or Email us to quickly find out if you can get a second mortgage.

Hamilton Neighbourhoods

Hamilton has many unique areas the most striking different is the lower downtown versus the mountain neighbourhoods. Lake Ontario is the eastern boarder which also is the older industrial area. The QEW is on the eastern side of the city. McMaster University is located in the north end of Hamilton.

It is always great to drive up or down the mountain and take in the fantastic view of the city. Taking the Burlington Skyway bridge is always a great way to see Hamilton. Lower Hamilton’s two main streets are King St. and Main St., with Barton St. on the east side. The main cross streets are Wellington St., Queen St. , James St. and Sherman St.

Hamilton Real Estate Market

After many years of decline Hamilton is experiencing a rebound in the real estate market. The older sections which include the industrial area and downtown are being rebuilt. Transportation to Toronto has improve with new GO stations, HOV lanes on the QEW and HWY 403. Home buyers can buy Victorian houses on Barton St. for $200,000.00. Smaller homes on Gage St. and Kenilworth Ave. were sold for $150,000.00. Homes located on the top of the hill on streets such as Fennel Avenue, Mohawk Road and Stone Church Road have an average price above $250,000.00.