Private Mortgages Canada
Private mortgage lenders in Ontario, Canada are available for the following...
Refinancing Mortgages
New Home Purchases
Second Mortgages
Mortgage Arrears
Power of Sales
Or, you may need an 'unconventional' mortgage for a residential or mixed use property?
Are you purchasing a 'nonconforming' property and have been told it can't be financed?
Have you been turned down by a bank, or several banks, due to any number of reasons?
Do you need financing fast and you can't wait for the bank to make up their mind?
Are you being treated badly because you have bad credit, unverifiable income or you want to buy a unique property
If you answered yes to one or more of these questions then...we have private mortgage lenders in Toronto, Canada that can help.
Depending on where the property is located our private lenders in Canada will fund a refinance or 2nd mortgage up to 90% of the value of your home.
Maybe you should look at private mortgage investors in Canada!
Private mortgage lenders in Ontario, Canada are individuals or groups who want to make a better return on their investment than 2% in a GIC at their bank. They are comfortable with investments that are secured by real estate and they will look past bad credit, bankruptcy, and environmental or zoning issues. Basically they invest in people and property and not reports and numbers.
One thing is for sure, they will listen to your story and make a decision based on all of the information. Canadian private mortgage investors look at things like bank statements, recent appraisals, employment letters, whatever you can provide to show them why you, and your property are a good investment.
Some rough guidelines and facts:
Rates - typically higher than bank posted rate. Generally 10-15%.
Term - 1 to 3 years, longer if there is a valid reason.
Payments - interest only and amortized payments are possible.
Region - typically they invest in their own area but not always.
Approval - approvals can take 1 day to 2 weeks depending on the deal.
Funding - funding can happen in less then a week but generally in 3 weeks.
To get access to private lenders in Canada and mortgage investors you generally need to deal with a private mortgage broker and that's where we come in. We'll take a look at the entire application, including the back story, package it as an investment and present it to the most appropriate private mortgage lender in Ontario for approval.
Some reasons why you may need private mortgage money in Canada
- You’ve recently lost your job and you need a home equity mortgage while you are in between jobs
- A recent bankruptcy is restricting you from obtaining a conventional mortgage from an instituational lender
- Your TDS (Total Debt Service ratio) is too high but you do not want to lose your house
- A recent divorce, judgment or life event has dramatically affected your credit rating
- Lower income has impacted your qualification ability
- To purchase land with less than the traditional 50% down
- To get out of a pending power of sale or foreclosure
What information do I need?
You can be better informed by getting some information ready in advance for private mortgage lenders in Ontario to look at. You should know your credit rating, employment history and the value or equity remaining on your property.
Your credit score in Ontario is available on line for free at "http://canadian-creditreport.com/free.htm".A lower credit rating in Canada usually means you will pay a higher mortgage interest rate. Your employment history or your ability to make regular home mortgage payments is a factor, but not an important factor.
The primary factor that a private mortgage investor in Ontario will look at is the value of the asset or property being secured. Private mortgage loan investors will base their decision on the home equity remaining on your property. You should try to determined the present market value of your property, look at what comparable homes in your local area have sold for. If, for example, your home is in Scarborough, Ontario and it has a present market value of $400,000 and you have a mortgage for $200,000, the total equity in your home is $200,000 and the loan to value ratio (LTV) is 50%. The LTV ratio is a key factor for a private mortgage investment, the lower your LTV the easier it will be for you to get a private mortgage loan in Ontario. Even if you have recently filed for bankruptcy in Ontario, you can still get a home equity mortgage loan because a private mortgage investor can secure their investment against the equity in your home.
Examples of private mortgage financing
Refinancing of an existing conventional home mortgage happens when your mortgage comes up for renewal. Your present home mortgage lender may not be willing to give you a new mortgage home loan or you may be able to get a lower rate of interest from another lender.
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