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Kitchener is a city in the Regional Municipality of Waterloo, Ontario. Located approximately 100 km (62 mi) west of Toronto, Kitchener is the regional seat. It was called the Town of Berlin from 1854 until 1912 and the City of Berlin from 1912 until 1916.
The City of Kitchener covers an area of 136.86 square kilometres and had a population of 233,222 at the time of the 2016 Census. The Kitchener metropolitan area, which includes the smaller, neighbouring cities of Waterloo to the north and Cambridge to the south, has 523,894 people, making it the tenth largest Census Metropolitan Area (CMA) in Canada and the fourth largest CMA in Ontario.
Kitchener and Waterloo are considered “twin cities” which are often referred to jointly as “Kitchener–Waterloo” (K–W), although they have separate municipal governments. Including Cambridge, the three cities are known as “the Tri-Cities”. All are part of the Regional Municipality of Waterloo, which was created in 1973, when it replaced Waterloo County, which had been created in 1853.
A second mortgage in Kitchener-Waterloo can let you borrow money against the equity in your property. In the case of a second mortgage, the equity of your property is the difference between the existing mortgage amount and the appraised value of the property. Generally the longer you continue to make your mortgage payments, the more equity you will have. The exact amount that you can borrow depends on your equity and the location of your property. A second mortgage can be put on properties with an existing mortgage and offer interest rates far lower than that of credit cards and personal loans.
Since a second mortgage uses your home equity, you can quickly get a large loan and use it for any purpose you’d like. For a second mortgage in Kitchener-Waterloo, you are able to borrow up to 80 per cent of the value of your home. Credit cards and personal loans are usually more difficult to get in any large amount and come with extremely high-interest rates. A second mortgage might carry an interest rate of 8 per cent while a credit card would charge 20 per cent in interest. In this case, a homeowner can save a lot of money by using a second mortgage to pay off the credit card debt. Second mortgages are great sources of cash for people looking to pay off more expensive debts, renovate a property, pay for tuition, or are looking to invest. Second mortgages usually have more flexible terms than traditional first mortgages. Many second mortgages are short, have single year terms and can be cancelled at any time.
The first thing you should do is contact a mortgage brokerage that specialises in alternative lending. We focus exclusively on alternative lending and has helped over 300 Ontario homeowners get financing when the banks wouldn’t help. Our team will take the time to understand your situation as well as the nature of your property. We can let you know within a day if a mortgage is possible, and if it is we can begin to set the mortgage up the same day. Our team is always upfront with all costs, so there are never any surprises down the road.