Ontario Second Mortgages and Private Mortgage Lenders
As mortgage brokers we can help you get the mortgage or loan that you need. We can provide first and second mortgages, private mortgages, home equity loans, stop foreclosures and power of sales in Ontario and across Canada.
Volatile financial markets means that having access to more lenders makes more sense than ever before. We offer mortgage rates and products from over 40 different mortgage lenders. Our job is to match the right mortgage rate and a lender with your needs.
What is a second mortgage and how do I get a second mortgage?
A second mortgage is a loan that is secured by a house or property. A second mortgage falls behind a first mortgage in terms of debt priority. Getting a second mortgage is fairly easy if you have enough equity in your house. Call us or fill out our application to quickly find out if you can get a second mortgage.
Interest Rates Comparable to Bank Rates
To get a low interest you need good credit and equity in your home. You can get a lower rate of interest through a mortgage broker than you could at your bank.
You can refinance up to 75% of your home value. Use the equity in your home money to do what you always wanted or start your own business.
Second Mortgages (2nds)
Canadian’s can use the money from second (2nd) mortgages on their houses to invest in other properties or pay personal debts. Many people have a first mortgage that does not make sense to break due to the penalties. This is when a second mortgage makes sense. A second mortgage can replace high interest credit card debt with a lower interest second mortgage.
A second mortgage is a loan that is secured by some type of real estate. A second mortgage has the second claim to the property after the first mortgage. Since a second mortgage is not as secured as a first mortgage the interest rate may be higher than a first mortgage. Second mortgages usually come with a 1 year term which can be renewed. You can also have the option to make interest only payments. Most second mortgages are funded by private lenders.
Second mortgages usually have a maximum loan to value ratio of 85% for major cities across the country. Properties in rural areas have a maximum loan to value ratio of 75%. We provide second mortgages for homes across Canada.
Home Equity Loans
A home equity loan is very similar to a second mortgage with some of the same terms and conditions. If your home has a high level of equity you could qualify for a home equity loan. Most home equity loans have a loan to value ratio below 70%. Home equity loans are a very good option for people on a fixed income or who are self-employed.
Home equity loans are primarily based on the equity in your home. Factors such as a bad credit score or a low income are usually not considered. For example, if you have a house in Toronto, Ontario with no debt worth $300,000 our lenders could provide you with a home equity loan of about $210,000.
Power of Sales and Foreclosures Stopped
Foreclosures and power of sales happen in most cities across the country. If you are trying to stop a power of sale or foreclosure of your home in Canada we may be able to assist you. Each power of sale or foreclosure is unique and our mortgage agents can explain your options. In most cases the best way to stop a power of sale or foreclosure is to pay off the existing mortgage with a private mortgage. Another option to stop a power of sale or foreclosure is to sell the house.
In the case of a “foreclosure” the lender is taking the property away from the present owner. The owner receives no money from the sale of the house even if there is a large amount of equity. A “power of sale” happens when a house is put up for sale. The present owner still has title to the property, but no longer controls the house. The lender now controls the house and can sell the house for any amount of money. The original home owner may get some money when the house is sold.
Documents such as a “Notice of Default” or “Statement of Claim” should be acted upon quickly. Once the legal process is started it can be very expensive and difficult to stop. Management and legal fees can wipe out any equity in the home. Provinces have different laws, therefore the laws in Ontario maybe quite different to laws in Quebec. The lender may still have the right to sue the home owner for any loss on the property. Here is our recommended lawyer list for real estate transactions..
Bad Credit Second Mortgages and Loans
We can provide loans to people in Ontario and across Canada with bad credit scores. We can even provide loans for people with no credit history in Canada. Home equity loans are not based on your credit score and your credit history will not be a factor.
Has Your Bank Turned Down your Mortgage Application, Did you File for Bankruptcy or do you have a Poor or Bad Credit Rating
bad credit, score of 575 and lower?
what ever your credit situation may be we have a mortgage for you
Private Mortgage Money Lenders Ontario, Canada
Private mortgage lenders are an alternative source of financing. The money is provide by an individual who directly invests in your property. Private mortgage lenders can provide the private money you need when other lenders have turned you down. Private mortgage lenders have a more flexible set of criteria for loans than most lenders.
Our lenders across Ontario base the loan on the amount of equity in your home. Most private loans will have a maximum loan to value ratio of 85%. Private loans are not based on your credit score. You could have low credit score and still qualify for a loan if you have equity in your home.
Private mortgages can be used to finance home renovations, debt consolidations and many other purposes.Private mortgage loans usually have a higher level of risk associated with them. Private loan lenders will ask for a higher interest rate to offset the risk.
Follow this link for the Bank of Canada.
How do I get a second mortgage?
We have specialized private mortgage brokers in every province including Ontario. They can quickly assist you in getting the money you need. Our private mortgage brokers can tell you within a matter of minutes if you qualify for a loan.