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Second Mortgages & Home Equity Loans for Barrie Homeowners
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.
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.
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.
Mortgages for First Time Home Buyers in Barrie
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.
Mortgages & the Real Estate Market for Barrie, Ontario
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.