Have you been turned down for a second mortgage or loan in Windsor by the banks? Banks are strictly regulated by the government and private lenders are not. If you have a private mortgage lender in Windsor may still be able to help you get the money that you require. We will look at your total financial situation to fully assess if private mortgage financing fits your needs.
The mortgage or loan comes from private lenders who provide the money. It is also called a home equity loan or private second mortgage. Most private mortgage lenders in Windsor 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. The loan is not based on your credit score. Most private mortgage lenders in Windsor have a maximum loan to value ratio (LTV) of 80%, in some cases, the LTV can be as high as 90%.
Second mortgages are loans that are placed behind a first mortgage. Most second mortgages are equity based loans and are not based on your credit score. The maximum loan to value ratio is usually about 80% in the Windsor area. Private lenders are the most common source for funding of second mortgages. Most private lenders like to inspect the property themselves before approving the loan. Your home should be clean and tidy before any inspection of the property is done.
When a private lender is considering you as a client, they will want to know why you need the financing. Most reasonable answers are acceptable. Here are some common reasons private lenders are given:
Private lenders in Windsor usually deal with people who have been turned away by the bank. Private lenders can help people who don’t qualify at banks. We also prepare a plan to help your overall situation and qualify for less expensive financing in the future.
Windsor is a city located in the south part of Ontario and right beside Detroit, Michigan. Windsor is known as one of the hubs of Canada’s automotive industry. Windsor is experienced strong increases in home prices as the limited supply cannot keep up with demand. The region is one of the most affordable regions in Ontario. The high price gains and high demand for housing is what attracts invests to the Windsor real estate market. The employment rate is on an upward trend and overall economic outlook has been favourable.