Private Mortgage Lender in Cobourg
A private mortgage lender in Cobourg, 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 who providing the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in Cobourg only lend in small geographic areas such. 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%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are: debt consolidation, home renovation, recent job loss, divorce, recent illness and many others. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from Canadian banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
More Funds
You may be able to borrow more money with a private investor mortgage than you think; a private mortgage holder may be willing to lend you up to 90% of your total home value. In contrast a bank in Ontario may only be willing to give you up to 75% your home value. You can now use more of your home equity to manage some immediate bills or consolidate your debt payments. This can result in lower interest payments to you.
Investors
What are private mortgage investors looking for when they provide you with a private mortgage investment? They look at your credit score, job situation but for private second mortgages the equity in your home is the key factor in private money lending.
Private Mortgage Lenders Cobourg Information
| Cobourg Ontario (Town) |
Ontario
(Province) |
||||||
| Population and Dwelling Counts | Cobourg, Town | Ontario | |||||
|---|---|---|---|---|---|---|---|
| Total | Total | ||||||
| Population in 2001 | 17,172 | 11,410,046 | |||||
| Population in 1996 | 16,185A | 10,753,573 | |||||
| 1996 to 2001 population change (%) | 6.1 | 6.1 | |||||
| Total private dwellings | 7,142 | 4,556,240 | |||||
| Population density per square kilometre | 767.6 | 12.6 | |||||
| Land area (square km) | 22.37 | 907,655.59 | |||||
| Earnings in 2000 | Cobourg, Town | Ontario | |||||
| Total | Male | Female | Total | Male | Female | ||
| All persons with earnings (counts) | 8,445 | 4,245 | 4,195 | 6,319,535 | 3,311,105 | 3,008,425 | |
| Average earnings (all persons with earnings ($)) | 31,253 | 37,958 | 24,463 | 35,185 | 42,719 | 26,894 | |
| Worked full year, full time (counts) | 4,865 | 2,780 | 2,085 | 3,527,045 | 2,061,355 | 1,465,690 | |
| Average earnings (worked full year, full time ($)) | 43,089 | 48,724 | 35,599 | 47,299 | 53,937 | 37,962 | |
| Income in 2000 | Cobourg, Town | Ontario | |||||
| Total | Total | ||||||
| Persons 15 years of age and over with income | 13,165 | 8,598,560 | |||||
| Median total income of persons 15 years of age and over ($) | 23,550 | 24,816 | |||||
| Composition of total income (100%) | 100.0 | 100.0 | |||||
| Earnings – % of income | 67.7 | 78.7 | |||||
| Government transfers – % of income | 14.3 | 9.8 | |||||
| Other money – % of income | 17.9 | 11.5 | |||||
| Selected Household Characteristics | Cobourg, Town | Ontario | |||||
| Total | Total | ||||||
| Total – All private households | 6,980 | 4,219,410 | |||||
| Households containing a couple (married or common-law) with children | 1,860 | 1,376,975 | |||||
| Households containing a couple (married or common-law) without children | 2,200 | 1,179,330 | |||||
| One-person households | 1,930 | 990,160 | |||||
| Other household types | 985 | 672,950 | |||||
| Median household income, 2000 ($) – All households | 47,046 | 53,626 | |||||
| Median household income, 2000 ($) – One-person households | 22,382 | 25,253 | |||||
| Median household income, 2000 ($) – Two-or-more-persons households | 56,832 | 64,201 | |||||
| Number of rented dwellings | 2,320 | 1,346,990 | |||||
| Average gross monthly payments for rented dwellings ($) | 700 | 753 | |||||
| Number of owner-occupied dwellings | 4,665 | 2,816,220 | |||||
| Average monthly payments for owner-occupied dwellings ($) | 803 | 964 | |||||
| Selected Occupied Private Dwelling Characteristics | Cobourg, Town | Ontario | |||||
| Total | Total | ||||||
| Total number of dwellings | 6,980 | 4,219,415 | |||||
| Number of owned dwellings | 4,665 | 2,862,300 | |||||
| Number of rented dwellings | 2,315 | 1,351,365 | |||||
| Number of dwellings constructed before 1991 | 5,760 | 3,615,880 | |||||
| Number of dwellings constructed between 1991 and 2001 | 1,220 | 603,530 | |||||
| Average value of dwelling ($) | 150,135 | 199,884 | |||||