Call: 416-710-5882
Email: info@auroramortgageloans.ca

Mortgage Broker Store# 12800

Aurora Mortgage Broker

Our team at Aurora Mortgage Loans are considered to be one of the best mortgage broker team in York region, with the necessary experience to help you get the best rate  for first time home buyers, New to Canada, or credit challenge clients. We deal with hundreds or properties from Aurora and the GTA, and we make the process as simple and easy as possible.

We deal with every type of mortgage including: first mortgages, second mortgages, reverse mortgages, blanket loans, and more! Traditional lenders, such as banks, have very strict lending criteria. We have different lenders that offer more favourable lending criteria that will aid the majority of our clients to get a loan they need at very competitive rates.

At Aurora Mortgage Loans we have a wide variety of lenders that can fund your next mortgage. We have the lenders compete against each other in order to drive the prices down and save you more money.

An independent mortgage brokerage, not committed to any lender, Aurora Mortgage Loans’ commitment is to our clients and to offering them the best service while delivering the very best mortgage rates.

We have experience in providing both residential as well as commercial mortgages. No matter what your needs are, we will be able to provide the funds that you need at the best rates.

Have any questions? Call or email us today, and get advice from our professionals immediately!

Do you need a Second Mortgage or Line of Credit.

A second mortgage can be defined as a secured loan  that has been placed against a property after a first, initial mortgage.

According to real estate law, there is no firm limit on how many mortgages can be put on a property, in practice having more than three mortgages is extremely rare. The numbering for the mortgages is determined by the order in which the mortgages were placed. The mortgages placed first, would be the first mortgage and so on, regardless of the value of the mortgage.

When it comes time to pay the mortgages off, they must be paid off in the order they were paid. So a first mortgage must be paid first, then the second mortgage must be paid, and so on. Since second and third mortgages must be paid after the first, there is more risk, and are therefore more expensive.

In the case of the length of mortgage terms, the time it takes can vary from 1 year to 30 years. It is best to go over this in details with your mortgage adviser to determine which length would be most suitable for you.

What are reasons to need a second mortgage or line of credit?

  • debt consolidation
  • surprise expenses
  • home renovations
  • pay off judgments and liens
  • gather funding for other investments

 

Home Equity Loans

If you have enough equity in your home you can qualify for an Aurora home equity loan. To qualify for this loan, your existing mortgage can not exceed 75% of the present value of your house.

Bad Credit Mortgage

Many people have bad credit and have been turned down for a loan or mortgage by their local bank. A bad credit mortgage is based on the equity in your home. A bad credit mortgage is not based on your credit score or income.

Need a loan, mortgage, or advice? Don’t wait, call or email us right now.  Get the advice that is right for you !

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