Have been turned down for a second mortgage or loan in Waterloo by the banks? A Waterloo private mortgage lender 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 lender who is providing the money. It is also called a home equity loan or private second mortgage. Most private lenders in Waterloo, Ontario tend to only lend in small geographic areas. Some private loans can start from as little as $20,000.00. The term of the mortgage is usually 1 year or longer. The private mortgage lender then 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 loan is not based on your credit score. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%.
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 a mortgage in Waterloo even if you do not have a great credit score.
Our Waterloo, Ontario mortgage brokers can tell you all the option that you have regarding your mortgage or loan. We always try to get our clients the lowest interest rate with the best terms.
For more information go to Statistics Canada Waterloo.