Private Mortgage Lender in Bowmanville
A private mortgage lender in Bowmanville, Ontario can help if you have already been turned been turned down for a second mortgage or loan by the major Canadian banks, our company 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 a private mortgage financing fits your needs.
What can a private mortgage lender in Bowmanville do for you?
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 tend to only lend in small geographic areas such as Toronto or Hamilton. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Bowmanville Information
Population and Dwelling Counts Bowmanville,
Population in 2001 69,834
Population in 1996 60,615
1996 to 2001 population change (%) 15.2
Total private dwellings 23,619
Population density per square kilometre 114.3
Land area (square km) 611.06
Earnings in 2000 Bowmanville, Town
Persons 15 years of age and over with income 49,215
Median total income of persons 15 years of age and over ($) 30,084
Composition of total income (100%) 100.0
Earnings – % of income 84.1
Government transfers – % of income 7.3
Other money – % of income 8.5
Selected Occupied Private Dwelling Characteristics Bowmanville, Town
Total number of dwellings 23,210
Number of owned dwellings 20,430
Number of rented dwellings 2,775
Number of dwellings constructed before 1991 15,935
Number of dwellings constructed between 1991 and 2001 7,270
Average value of dwelling ($) 184,534