Mortgage Lenders for Cambridge Homeowners

 

Cambridge, Ontario, located at the confluence of the Speed and Grand Rivers, is a beautiful and fast-growing community. Boasting a population of over 125,000, Cambridge features high quality schools, health care facilities, stores, libraries, public transportation, and opportunities for leisure and cultural activities. An average single-family dwelling in Cambridge sold for more than $350,000 in the fall of 2014.

 

If you are a Cambridge homeowner, however, you may find it difficult to obtain a second mortgage on your home. Banking regulations are stringent, and bank personnel have little flexibility to lend to clients who may have outstanding tax or mortgage payments or a bruised credit rating. Fortunately, private lenders have more latitude, and most are more interested in the property in which a client holds equity than in the record of the client. Although interest rates from private lenders are usually higher than bank rates, obtaining a loan is quicker and easier.

 

You can find the right lender by working with a private mortgage broker. These professionals maintain relationships with private lenders and help you to put together an attractive package for investors. Private mortgages have short terms and are intended for homeowners who need a short-term loan.