Private Mortgage Lender in Burlington, Ontario

A private mortgage lender in Burlington, 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 is a Private Mortgage?

A private mortgage loan comes from a private mortgage lender in Burlington who provides the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in Burlington 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 Burlington Information

Population and Dwelling Counts

Population in 2001 150,836

Population in 1996 136,976

1996 to 2001 population change (%) 10.1

Total private dwellings 59,020

Population density per square kilometre 812.2

Land area (square km) 185.71

Earnings in 2000

All persons with earnings (counts) 89,700

Average earnings (all persons with earnings ($) 42,772

Worked full year, full time (counts) 52,770

Average earnings (worked full year, full time ($) 56,572

Income in 2000

Persons 15 years of age and over with income 116,965

Median total income of persons 15 years of age and over ($) 30,559

Composition of total income (100%) 100.0

Earnings – % of income 79.9

Government transfers – % of income 7.1

Other money – % of income 13.1