Living In Cambridge, Ontario
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.
Getting A Second Mortgage in Cambridge
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.
Contacting Canadalend
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.