Mortgage Brokers Barrie
From downtown condominiums to small town farms, uptown city estates and lakefront homes, property owners have been obtaining loans and mortgages from major Canadian banks for as long as one can remember.
Our BSM Mortgages team can advise on all (non-) private and second mortgage needs. At BSM, we service the Barrie and surrounding areas for all your private lending, second mortgage and private mortgage needs.
Mortgage Broker compared to private lending services
A second mortgage is a mortgage that is taken out while your first mortgage is still ongoing. Once you’ve obtained your 2nd mortgage both your first and second mortgages will run simultaneously. Our mortgage brokers in Barrie would be happy to guide you through all the concerns you may have when dealing with your mortgage and private loans.
As the political and economic landscape continues to reconstruct, citizens of Canada find themselves turning to other avenues for financial consultation. Moreover, when it comes to applying for a second mortgage, a majority of Canadians are being turned down due to extreme restrictions and guidelines that have recently been put in place. Here at BSM our agents specialize in private lending and educating our clients when it comes to loans, private mortgages and more.
When researching a Barrie mortgage broker or private lender, look no further than BSM. At BSM Mortgages our experts will determine and use the equity of your property to assess how much value you’ve retained since the purchase of your home. Equity is the difference between your current mortgage amount and your properties value.
Now that you know what a 2nd mortgage is and how we work with home equity, here are some unique benefits to obtaining a second mortgage.
- Funding education
- Paying off previously owed loans
- Vehicle payments
We know buying and owning a home was a big step in your life and that is why home ownership is a big deal to us. Using your property and its equity we can get you started right away on paying off your debts, building that home extension, or making those long-awaited travel plans. Let us help you when no one else will.
We have also assisted our clientele with everything from land investments to home and business renovations. Maybe tax season is around the corner, or you need to pay off your child’s college or university loans, whatever the case may be give us a call. With BSM you are closer to approval than you think.
Private mortgage lenders and mortgage brokers
- Consent Form & Application
- Appraisal process
- Document approval
- Signature proceedings
Mortgage brokers and private lenders compared to banks
Financial Lenders and most major banks have long used the classic TDS/GDS processes to establish a baseline when assessing approval options for a potential client. TDS, otherwise known as Total Debt Service, is your income percentage necessary to pay off all your loans. GDS, otherwise known as Gross Debt Service, is your income percentage necessary to pay off your monthly debt. This includes your P.I.T.H. (Principle, interest, taxes, heat).
This process can get tedious and exhausting, and more so, the cause for why the banks may tell you they cannot help you, BSM can.
People living in Barrie always have concerns and questions about their mortgage that brokers can assist with. Here at BSM Mortgages we take great pride in offering assistance and consultation to Barrie and Simcoe County. When working with BSM, our specialists use only your property and its equity to obtain a qualified financial solution for you and your loved ones.
We have helped our clients with everything from having credit re-established to making renovations on your land or property. This is a smart option for Canadian homeowners looking to push up the value of their currently owned property. Perhaps it was bad credit records or a checkered financial history that stopped you initially. Unlike the banks, BSM will only work with your property and the equity it has accrued over time.
Many residents of Ontario are looking to obtain the services of a Barrie mortgage broker or private lenders in Barrie. When it comes to private lending, mortgage brokering and your private mortgage needs, find out why so many Canadians across the country are working with BSM and have been provided the funds to pay off their debts or do renovations.