If you have already been turned down for a second mortgage or loan in Thornhill, Ontario by the major Canadian banks, a private mortgage lender in Thornhill 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.
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. A private mortgage lender in Thornhill will tend to only lend in small geographic areas. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgage lenders in Thornhill, Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are: debt consolidation, home renovation, recent job loss, divorce, recent illness and many others. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from Canadian banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
You may be able to borrow more money with a private investor mortgage than you think; a private mortgage holder may be willing to lend you up to 90% of your total home value. In contrast a bank in Ontario may only be willing to give you up to 75% your home value. You can now use more of your home equity to manage some immediate bills or consolidate your debt payments. This can result in lower interest payments to you.
What are private mortgage investors looking for when they provide you with a private mortgage investment? They look at your credit score, job situation but for private second mortgages the equity in your home is the key factor in private money lending. Follow this link for the Thornhill census map.
|Earnings in 2000||Thornhill, Town||Ontario|
|All persons with earnings (counts)||121,780||63,095||58,685||6,319,535||3,311,105||3,008,425|
|Average earnings (all persons with earnings ($))||39,260||48,020||29,842||35,185||42,719||26,894|
|Worked full year, full time (counts)||67,325||38,565||28,760||3,527,045||2,061,355||1,465,690|
|Average earnings (worked full year, full time ($))||54,163||63,105||42,172||47,299||53,937||37,962|
|Income in 2000||Thornhill, Town||Ontario|
|Persons 15 years of age and over with income||157,045||8,598,560|
|Median total income of persons 15 years of age and over||25,290||24,816|
|Composition of total income (100%)||100.0||100.0|
|Earnings – % of income||83.2||78.7|
|Government transfers – % of income||5.8||9.8|
|Other money – % of income||10.9||11.5|