A Hamilton private lender can help you get a home equity loan or private second mortgage. Most Hamilton private mortgage lenders tend to only lend in small geographic areas. Some private mortgages can start from as little as $20,000.00. The term of the mortgage is usually 1 year, but could be longer. The lender then approves the loan and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property. The loan is not based on your credit rating. Most Hamilton private lenders have a maximum loan to value ratio of 85%.
Reasons for a Private Second Mortgage
Some reasons for obtaining a private mortgage are debt consolidation and home renovation. Our job is to get you the loan you require. We can arrange your loan even if you do not have a great credit score.
Many of you have already spent hours traveling to the banks and on phone conversations. You have filled out numerous forms and provided everything the banks asked for. This process could take months. Our mortgage agreement makes our company one of the fastest private mortgage lenders in Ontario. Compared to ordeal you have already gone through with the banks our private lenders in Hamilton are easy to deal with.
What are private mortgage investors looking for when they provide you with a private mortgage investment? They look at your credit score and employment history. Private mortgage lenders base their decision mostly on the equity in your home.
Follow this link for the 2011 Hamilton census.
Hamilton has a wide range of homes from small one bedroom to the estate size property. House prices can range from below $100,000 for a condo to over $1 million for the large homes. Location has a large impact on the homes prices in Hamilton. Downtown Hamilton has older and smaller homes which have a lower market value. Homes up on the hill tend to be newer and more expensive. There are many affordable homes in Hamilton and a stable housing market.