A private money comes from a private mortgage lenders in Ontario who providing the money; it is also called a home equity loan or private second mortgage. Most private mortgage lenders in Woodbridge tend to only lend in small geographic areas. Some private second mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on the your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Follow this link for Woodbridge and Vaughan demographic information.
|Earnings in 2000||Woodbridge, City||Ontario|
|All persons with earnings (counts)||106,460||56,090||50,365||6,319,535||3,311,105||3,008,425|
|Average earnings (all persons with earnings ($))||40,946||49,937||30,932||35,185||42,719||26,894|
|Worked full year, full time (counts)||64,735R||38,030||26,705||3,527,045R||2,061,355||1,465,690|
|Average earnings (worked full year, full time ($))||52,572||60,648||41,071||47,299||53,937||37,962|
|Income in 2000||Woodbridge, City||Ontario|
|Persons 15 years of age and over with income||133,550||8,598,560|
|Median total income of persons 15 years of age and over ($)||29,865||24,816|
|Composition of total income (100%)||100.0||100.0|
|Earnings – % of income||86.2||78.7|
|Government transfers – % of income||6.1||9.8|
|Other money – % of income||7.7||11.5|