Private Mortgage Lender in Vaughan
If you have already been turned been turned down for a second mortgage or loan in Vaughan, Ontario Canada by the major Canadian banks, a private mortgage lender in Vaughan may still be able to help you get the funds that you require. We will look at your total financial situation to fully assess if private mortgage financing fits your needs.
What is a Private Mortgage?
A private mortgage loan comes from a private mortgage lender who providing the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in Vaughan tend to only lend in small geographic areas. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Private Mortgage Lender Vaughan Information
| Vaughan Ontario (City) |
Ontario
(Province) |
||||||
| Population and Dwelling Counts | Vaughan, City | Ontario | |||||
|---|---|---|---|---|---|---|---|
| Total | Total | ||||||
| Population in 2001 | 182,022 | 11,410,046 | |||||
| Population in 1996 | 132,549 | 10,753,573 | |||||
| 1996 to 2001 population change (%) | 37.3 | 6.1 | |||||
| Total private dwellings | 54,359 | 4,556,240 | |||||
| Population density per square kilometre | 665.5 | 12.6 | |||||
| Land area (square km) | 273.50 | 907,655.59 | |||||
| Earnings in 2000 | Vaughan, City | Ontario | |||||
| Total | Male | Female | Total | Male | Female | ||
| All persons with earnings (counts) | 106,460 | 56,090 | 50,365 | 6,319,535 | 3,311,105 | 3,008,425 | |
| Average earnings (all persons with earnings ($)) | 40,946 | 49,937 | 30,932 | 35,185 | 42,719 | 26,894 | |
| Worked full year, full time (counts) | 64,735 | 38,030 | 26,705 | 3,527,045 | 2,061,355 | 1,465,690 | |
| Average earnings (worked full year, full time ($)) | 52,572 | 60,648 | 41,071 | 47,299 | 53,937 | 37,962 | |
| Income in 2000 | Vaughan, City | Ontario | |||||
| Total | Total | ||||||
| Persons 15 years of age and over with income | 133,550 | 8,598,560 | |||||
| Median total income of persons 15 years of age and over ($) | 29,865 | 24,816 | |||||
| Composition of total income (100%) | 100.0 | 100.0 | |||||
| Earnings – % of income | 86.2 | 78.7 | |||||
| Government transfers – % of income | 6.1 | 9.8 | |||||
| Other money – % of income | 7.7 | 11.5 | |||||
| Selected Household Characteristics | Vaughan, City | Ontario | |||||
| Total | Total | ||||||
| Total – All private households | 52,960 | 4,219,410 | |||||
| Households containing a couple (married or common-law) with children | 28,220 | 1,376,975 | |||||
| Households containing a couple (married or common-law) without children | 13,690 | 1,179,330 | |||||
| One-person households | 4,375 | 990,160 | |||||
| Other household types | 6,675 | 672,950 | |||||
| Median household income, 2000 ($) – All households | 80,321 | 53,626 | |||||
| Median household income, 2000 ($) – One-person households | 30,328 | 25,253 | |||||
| Median household income, 2000 ($) – Two-or-more-persons households | 85,001 | 64,201 | |||||
| Number of rented dwellings | 4,080 | 1,346,990 | |||||
| Average gross monthly payments for rented dwellings ($) | 1,111 | 753 | |||||
| Number of owner-occupied dwellings | 48,865 | 2,816,220 | |||||
| Average monthly payments for owner-occupied dwellings ($) | 1,265 | 964 | |||||
| Selected Occupied Private Dwelling Characteristics | Vaughan, City | Ontario | |||||
| Total | Total | ||||||
| Total number of dwellings | 52,960 | 4,219,415 | |||||
| Number of owned dwellings | 48,880 | 2,862,300 | |||||
| Number of rented dwellings | 4,080 | 1,351,365 | |||||
| Number of dwellings constructed before 1991 | 28,895 | 3,615,880 | |||||
| Number of dwellings constructed between 1991 and 2001 | 24,065 | 603,530 | |||||
| Average value of dwelling ($) | 320,999 | 199,884 | |||||