A second mortgage or home equity loan is when you use the equity that you have built in your home as collateral, and take that amount out, either in the form of a lump sum of cash, or a line of credit. If you are in need of a loan, there are several advantages to taking out a second mortgage as opposed to a regular loan from a bank or lender, such as:
Higher loan amount: With a second mortgage, or home equity loan, you are able (in Ontario) to take out as much as 95% of the equity that you have built up in your home. This is likely a much larger sum of money than you would be able to take out with a regular or unsecured loan. In fact, depending on the amount of money that you are looking to get, a second mortgage may actually be your only option to get that sum of money.
Tax benefits: Depending on where you live, you may be eligible to get a deduction for the interest paid on your second mortgage. This is something to discuss with both your mortgage broker, and tax professional.
There are many things to consider when choosing a mortgage broker in Barrie. You will want to find someone who is reputable and has a solid track record of success. Additionally, you will want to find a mortgage broker who can offer you professional advice and guidance. Here are a few tips to help you find the right Barrie mortgage broker:
1. Do your research. Take the time to research different mortgage brokers in the area. Look for online reviews and testimonials from past clients. This will give you a good idea of what others have thought about their experience working with the broker.
2. Ask around. Talk to friends, family, and co-workers who have recently purchased a home in Barrie. They may be able to recommend a good mortgage broker that they worked with during their own home buying process.
3. Meet with several brokers. Once you have narrowed down your list of potential brokers, schedule meetings with each one. This will give you an opportunity to get to know them better and see if they are someone you would feel comfortable working with throughout the home buying process
Matrix Mortgage Global is a mortgage broker in Barrie, Ontario. We offer a wide range of mortgage products and services, including residential and commercial mortgages, refinancing, private lending, home equity loans, and more.
The company is dedicated to helping their clients find the best possible mortgage solution for their needs. They take the time to understand their client's financial situation and goals, and work with them to find the right product. They have a team of experienced professionals who are available to answer any questions their clients may have.
Matrix Mortgage Global is committed to providing excellent customer service. They are available to their clients 24 hours a day, 7 days a week. Their goal is to make the mortgage process as simple and stress-free as possible for their clients.
There are many reasons to work with the mortgage experts in Barrie at Matrix Mortgage Global. First and foremost, they have the experience and knowledge to get you the best mortgage rate possible. They also have a wide range of products and services to choose from, so you can find the perfect fit for your needs. And, they offer competitive rates and terms on all of their products.
But that's not all. The team at Matrix Mortgage Global is dedicated to providing outstanding customer service. They're always available to answer your questions and help you through the process. And, they're committed to getting you the best possible deal on your mortgage. So, if you're looking for a great mortgage experience, look no further than Matrix Mortgage Global in Barrie.
To book an appointment with one of our mortgage brokers, simply give us a call or fill out our online form. We'll then work with you to schedule a convenient time for your consultation. During your meeting, we'll go over all your options and help you choose the best path forward.
Interest rate: When you take out a second mortgage, the interest rate that you get is closer to that of a mortgage rate versus say a credit card. This means that typically with a second mortgage you will have an interest rate in the single digits, versus double digits with other types of loan. This could save you thousands of dollars over time.
At Matrix Mortgage, our brokers can guarantee that they will beat the interest rate that you receive from any competitor.
This means that as a first time home buyer, you will get the lowest possible mortgage payments, thereby making it easier for you to make that transition from renting to paying a mortgage.
At Matrix Mortgage, we can get you approved in mere minutes, and our brokers have experience working with all kinds of financial situations.
No matter what your situation is, our brokers can work with you to get you approved today.
Located on the western shore of Lake Simcoe, Barrie, Ontario is home to just over 136,000 people as of the 2011 Census. It is accessible through Highway 400, and Highway 27. In 2009 Barrie was designated an Urban Growth Centre by the Province of Ontario. This is largely due to its proximity to Toronto, and the need for homes in communities in the GTA. As a result, Barrie has expanded in its southern regions, annexing land from nearby Innisfil in 2010 in order to meet the growing demand for homes in the city.
Largely thought of as a bedroom community of Toronto, Barrie does have several major employers, including Georgian College, Royal Victoria Regional Health Centre, Simcoe County, and Coca Cola Bottling Company. Tourism is also a large industry in the city, particularly in the summer months, due largely in part to its location on the waterfront, as well as its proximity to other cottage towns, such as Collingwood.
As of December 2015, the average price for a detached home in Barrie was $380,944. Average price for a semi-detached home or townhouse was $273,302, and the average price for a condo was $230,419. At Matrix Mortgage, we are a 100% Canadian company and a Top 75 Broker in Canada. If you are looking to purchase a home in Barrie, we would love to work with you to make that dream a reality.
