If you have already been turned been turned down for a private mortgage, second mortgage or loan in Milton, Ontario by the major Canadian banks a private mortgage lender in Milton 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 private mortgage financing fits your needs.
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 Milton 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 mortgage lenders in Milton, Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
A second mortgage can be used to pay off tax arrears, property liens or personal loans. Second mortgages are based on the equity in the property. You can qualify even if you have a bad credit rating or no income.
You can qualify for a mortgage even if you have bad credit. Private lenders will provide up to 85% loan to value.