Scarborough private mortgage lenders can help you get money for a loan or second mortgage. If you are self employed, need a home equity loan on your home or property we can help. Have already been turned down for a second mortgage or loan in Scarborough by the major Canadian banks. A private mortgage lender in Scarborough 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 Scarborough will tend to only lend in small geographic areas. Some private mortgage loans can start from as little as $20,000.00, the term of the mortgage is usually 1 year, but could be longer. The private mortgage company then goes through the same process a Canadian bank does and registers the loan against your property. This means that the decision to lend is based on the equity and value of the property being put up as collateral, and not based on your credit score. Most private mortgages and second mortgage lenders in Scarborough have a maximum loan to value ratio (LTV) of 85%.
Reasons for a Private Mortgage
Some reasons for obtaining private mortgage loans are: debt consolidation, home renovation, recent job loss, divorce, recent illness and many others. Due to some of these factors the borrower may not be able to take a loan or mortgage on their property from Canadian banks or other financial institutions. Our job is to get you the loans you require, we can arrange your loan even if you do not have a great credit score.
|Earnings in 2000||City|
|All persons with earnings (counts)||1,359,615||701,815||657,805||6,319,535||3,311,105||3,008,425|
|Average earnings (all persons with earnings ($))||37,833||45,010||30,175||35,185||42,719||26,894|
|Worked full year, full time (counts)||740,420||411,450||328,975||3,527,045||2,061,355||1,465,690|
|Average earnings (worked full year, full time ($))||50,516||57,794||41,415||47,299||53,937||37,962|