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Mortgage Rates in Barrie

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Mortgage Rates for Barrie Homeowners

 
Mortgage rates in Barrie and throughout Ontario vary according to a number of factors that include:
  • The interest rate.
  • The client.
  • The property.
  • The type of mortgage.
  • The time period.
  • The amount of the down payment.
  • The lender.
The housing market in Ontario has remained buoyant, and Statistics Canada revealed in 2014 that more and more families – particularly young families – are struggling financially with a high debt-to-disposable-income ratio. When you are considering a mortgage, make sure that you understand the terms completely. Talk to an accredited mortgage professional about the options available to you: will a fixed or a variable mortgage be best for your situation? Some clients opt for a hybrid that includes aspects of both types. Do the math so that you know what percentage of your income will be going toward your mortgage. Be sure to factor in any planned lifestyle changes: if you plan to have children, for example, factor in either the cost of one spouse staying home and the resulting income drop, or the cost of monthly daycare.
 
Rob Carrick, Personal Financial Columnist for the Globe & Mail, devised a useful worksheet for those considering a first or second mortgage. Called "The Real Life Ratio”, this tool helps families calculate the percentage of income required for any given mortgage. Before signing, be sure that you will be able to live up to the terms of your mortgage. Penalties for breaking out of a bank mortgage are hefty and should be avoided whenever possible.
 

Private Lenders

 
Recent regulatory measures have tightened already stringent guidelines for lending by traditional financial institutions. If your application for a mortgage or loan has been rejected by your bank, you may be feeling discouraged. However, private lenders often offer rates that are comparable to banks and other conventional lenders. A private lender has several advantages to a bank, including:
  • Speed. Because the pool of money a private lender has is smaller than the huge pools available to banks, private lenders like to keep the money active. This means that the approval and funding wait times are generally shorter than bank timelines. Some lenders aim to provide 24-hour approvals!
  • Credit history. Private lenders are less interested in a client’s credit history than they are in the property involved. Lenders look at the value of the property, as well as the condition, the location and the saleability of it.
The first step toward obtaining a loan from a private lender is to work with a private mortgage brokerage company that offers financing solutions. These companies specialize in getting loans and mortgages for clients who are self-employed, who have a damaged credit rating or who may have a bankruptcy in their credit history. Look for a company that offers a variety of financing solutions, including:
  • First mortgages
  • Second or third mortgages
  • Private mortgages
  • Debt consolidation
  • Refinancing

Consultation

 
Your first consultation with an accredited mortgage professional is usually free. Contact a reputable firm today and find out more about the loan, mortgage and financing options available to you. Get the money you need, when you need it!

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