An Ontario private mortgage can help if you have already been turned down for a second mortgage or loan. Our mortgage brokers can still help you get the funds that you require. We will look at your total financial situation to fully assess if a private mortgage financing fits your needs.
An Ontario private mortgage comes from a private lender who is providing the money. It is also called a home equity loan or private second mortgage. Most Ontario private mortgage lenders 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 or longer. The lender then goes through the same process as a bank and registers the loan against your property. This means that the decision to lend is based on the equity of the property being put up as collateral. Private mortgages are not based on your credit rating. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio of 85%.
Some reasons for obtaining a private mortgage loan include debt consolidation and home renovations. Canadian banks will not provide loans to people with a poor credit history. A private mortgage is based on the equity in your property and your income. Most private mortgages require an appraisal before the mortgage is approved. The amount of money that you can borrow is based on the appraisal. We suggest that each home owner clean the house before the appraisal so that you can get the highest value.
Our job is to get you the private mortgage that you are looking for. Please call or email us, we can arrange your loan even if you do not have a bad credit score.