Loan for Money

Our mortgage brokers can provide a loan for money fairly quickly, usually within a couple weeks. The money for loan is based mostly on any equity that you have on property that you own. The property could be your home, cottage, rental property, commercial building or a vacant lot. The money for loan is not based on your income or credit score which gives our brokers a lot more flexibility in choosing a loan that will meet your needs and have the lowest interest rate.

If your credit score is above 700 you should have no problem going to a conventional bank such as RBC or BMO. If your credit score falls below 700, the banks will look at other factors such as your income and how long you worked at your present job, but you have should still be able to get a conventional mortgage. The problems for most people occur when their credit score falls below 600; at this point most traditional Canadian banks will not provide money to loan due to the higher level of perceived risk.

If your credit score is below 600 an alternative loan for money would be a private mortgage investor. Private mortgage investors provide money to loan for many different types of properties across Canada. Private mortgage investors do not base their loan for money criteria on the same conditions as the major Canadian banks.

For people who have a very poor credit score or are unemployed, money for loan may have a higher interest rate since a private mortgage investor will base the lending decision on the amount of equity in your property. A low credit score also means that a loan will have higher risk, to offset this risk a private mortgage lender will provide only low loan to value mortgages.

Most private mortgage investors will not exceed a loan to value ratio of 85%. If the property is in rural area or is vacant land the lender may not want to go above a 60% loan to value ratio. Finding the right investor for you needs is what our mortgage brokers specialize in.

Our brokers do not charge any upfront fees and we strongly advise you to avoid any person who says that they have money to loan but they want some money in advance before they can get you a loan. This is not the standard business practice for most Canadian mortgage brokers, our brokers get paid only if they arrange the money for loan. So give us a call, there is no cost and could save on your loan for money.