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Welland Private Lender – Private Mortgages

If you have already been turned been turned down for a second mortgage or loan in Welland, Ontario Canada by the major Canadian banks, a private mortgage lender in Welland 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. Most private mortgage lenders in Welland 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 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%.

Private Mortgage Lender Welland Information

Welland
Ontario
(City)
Ontario(Province)
Population and Dwelling Counts Welland, City Ontario
Total Male Female Total Male Female
Population in 2001 48,402 11,410,046
Population in 1996 48,411 10,753,573
1996 to 2001 population change (%) 0.0 6.1
Total private dwellings 20,650 4,556,240
Population density per square kilometre 579.9 12.6
Land area (square km) 83.47 907,655.59
Earnings in 2000 Welland, City Ontario
Total Male Female Total Male Female
All persons with earnings (counts) 24,960 13,000 11,955 6,319,535 3,311,105 3,008,425
Average earnings (all persons with earnings ($)) 29,078 35,396 22,209 35,185 42,719 26,894
Worked full year, full time (counts) 13,745 8,045 5,700 3,527,045 2,061,355 1,465,690
Average earnings (worked full year, full time ($)) 39,314 44,747 31,639 47,299 53,937 37,962
Income in 2000 Welland, City Ontario
Total Male Female Total Male Female
Persons 15 years of age and over with income 37,385 8,598,560
Median total income of persons 15 years of age and over ($) 21,505 24,816
Composition of total income (100%) 100.0 100.0
Earnings – % of income 72.3 78.7
Government transfers – % of income 15.3 9.8
Other money – % of income 12.4 11.5
Selected Household Characteristics Welland, City Ontario
Total Male Female Total Male Female
Total – All private households 19,750 4,219,410
Households containing a couple (married or common-law) with children 5,495 1,376,975
Households containing a couple (married or common-law) without children 5,850 1,179,330
One-person households 5,405 990,160
Other household types 3,000 672,950
Median household income, 2000 ($) – All households 44,319 53,626
Median household income, 2000 ($) – One-person households 19,622 25,253
Median household income, 2000 ($) – Two-or-more-persons households 55,917 64,201
Number of rented dwellings 5,520 1,346,990
Average gross monthly payments for rented dwellings ($) 589 753
Number of owner-occupied dwellings 14,225 2,816,220
Average monthly payments for owner-occupied dwellings ($) 794 964
Selected Occupied Private Dwelling Characteristics Welland, City Ontario
Total Male Female Total Male Female
Total number of dwellings 19,755 4,219,415
Number of owned dwellings 14,230 2,862,300
Number of rented dwellings 5,525 1,351,365
Number of dwellings constructed before 1991 17,805 3,615,880
Number of dwellings constructed between 1991 and 2001 1,950 603,530
Average value of dwelling ($) 121,754 199,884

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