Have already been turned down for a mortgage or loan in Newmarket by the banks. A Newmarket private mortgage lender in may still be able to help you get the money that you require. We will look at your total financial situation to assess if a private mortgage fits your needs.
What is a Private Mortgage?
A private mortgage loan comes from a private 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 Newmarket or Aurora. Some private mortgage loans can start from as little as $20,000.00. The term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral. The mortgage is not based on the your credit score. Most private mortgage lenders in Newmarket have a maximum loan to value ratio (LTV) of 85%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are debt consolidation or home renovation. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from the banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
Follow this link for the City of Newmarket 2011 census.
|Population and Dwelling Counts||Newmarket, Town|
|Population in 2001||65,788||11,410,046|
|Population in 1996||57,125||10,753,573|
|1996 to 2001 population change (%)||15.2||6.1|
|Total private dwellings||21,589||4,556,240|
|Population density per square kilometre||1,728.0||12.6|
|Land area (square km)||38.07||907,655.59|
|Earnings in 2000||Newmarket, Town|
|All persons with earnings (counts)||39,220||20,080||19,140||6,319,535||3,311,105||3,008,425|
|Average earnings (all persons with earnings ($))||39,593||49,341||29,368||35,185||42,719||26,894|
|Worked full year, full time (counts)||23,655||13,860||9,790||3,527,045||2,061,355||1,465,690|