Whitby private lenders that can help you get money for a second mortgage or home loan. If you are self employed or have bad credit we can help. Have you been turned down for a second mortgage or loan in Whitby by the banks. If you have then a private mortgage lender in Whitby may still be able to help you get the money that you need. We will look at your total financial situation to fully assess if you can be approved with private mortgage lenders in Whitby. We will get you the lowest interest rate possible for your property.
A private mortgage loan comes from companies and individuals who provide the money. The loan is also called a home equity loan or private second mortgage. Most private mortgage lenders in Whitby 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 lenders then approve the loan and usually go to inspect the property. This means that the decision to lend is based on the equity and value of the property being put up as collateral.
In most cases a private mortgage is not based on your credit score. Most private mortgages in Whitby have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
You can get a second mortgage in Whitby even if you have bad credit. Second mortgages are based on the equity in your home not your credit rating or income.
Whitby has good transportation routes and a diverse local economy. Whitby has grown dramatically over the past 60 years from a very small town to a town with all the amenities of a big city, but at a lower cost. The combination of a high level of income and reasonable housing prices makes investing in Whitby fairly safe, the low level of financial risk results in good borrowing terms for anyone living in Whitby. This means that because your property is located in Whitby, private lenders will provide money for mortgages or loans even if the banks have declined your application.
Our mortgage agents have a very strong knowledge of the housing market in Whitby. We have arranged many mortgages and loans for home owners in this area. Call us for a fast risk free consultation so that you can quickly determine if a private mortgage or loan is the best solutions to your money problems.