Any non-bank mortgage lender can either be refereed to as a Private Mortgage Lender or an Alternative Mortgage Lender. Private lenders are typically individuals while alternative lenders are organizations such as trust companies, mortgage syndicates, and mortgage investment corps (MICs). These lenders primarily service people who cannot qualify for bank mortgages. These lenders have a high tolerance for risk, but charge setup fees and higher interest rates than banks do. We have many Toronto private lenders and private lenders across Ontario to fund your mortgage.

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When mortgage payments are not made, or other terms of the mortgage agreement are not met, the lender has the right to recover their investment via the Power of Sale or Foreclosure process. In Ontario the vast majority of mortgage lenders opt to use the power of sale process since it is faster and less costly. The key differences is that power of sale is a faster, cheaper process that allows the lender to sell the property to recover their money while foreclosure grants the lender ownership of the property. Any excess profits from the property’s sale must go to the former homeowner, however this typically isn’t much. Any fees incurred by the lender to process the power of sale or foreclosure are charged back to the mortgage. The final fee at the end of the process can be upwards of $30,000 which typically results in the former homeowner receiving nothing. If you are a homeowner under power of sale or foreclosure, it is strongly recommended to deal with the situation before the lender takes control of the property.

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A Home Equity Loan is any type of loan where a person’s house is used as collateral. In order to get approved for this kind of loan, the homeowner must have a sizable amount of home equity. Home equity is the difference between the value of the property and the value of the existing debts on the property. Home equity loans can take several forms including first mortgages, second mortgages, and personal loans (which may be registered as either a lien or mortgage). Home equity loans are different from Home Equity Lines of Credit (HELOC) which are revolving lines of credit and can be used similar to a credit card. Private and alternative lenders are the most common sources of high risk home equity loans.

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Scarborough, East York, North York, Etobicoke and the former City of Toronto were amalgamated to form the present City of Toronto.

Scarborough

Scarborough is on the eastern side of Toronto, it was made up of smaller towns which include Agincourt, Guildwood, West Hill, The Bluffs , Wexford and Woburn. Scarborough has a number of near by colleges which include Seneca College, Centennial College and the University of Toronto’s Scarborough campus. There are many different shopping locations which include Scarborough Town Centre , Parkway Mall, Bridlewood Mall, Eglinton Square and Malvern Town Centre.

Some of the main north south streets in Scarborough Victoria Park, Warden Avenue, Brichmount Road, Kennedy Road, Brimley Road, McCowan Road, Markham Road, Morningside Road and Port Union Road.  The main east west roads are Kingston Road, St. Clair, Eglinton Avenue, Lawerance Avenue, Ellesmere Road, Sheppard Avenue and Finch Road.

East York

East York has a distinct feel to it. The Beach or Beaches area is on the north side of Lake Ontario. This has always been one of the most desirable places to live in Toronto. It has fantastic older homes with a mix of new homes, condos and semi-detached homes. Queen Street East is the main area for restaurants and shopping. Danforth Avenue is home Greek town it has the best Greek restaurants in Toronto. Playter Estates is on the north side of Danforth Ave and has many older Victorian style homes. Riverdale is on the south side of Danforth Avenue has Victorian homes with detached and semi-detached homes. Leslieville is one of the hottest real estate markets in Toronto, it has a mix of detached and semi-detached homes.

The main north south roads are Woodbine Avenue, Coxwell Avenue, Greenwood Avenue, Pape Avenue, Broadview  Avenue. The main east west roads are Queen Street, Gerrard Street, Danforth Avenue and O’Conner Drive.

North York

North York is a great area to live in with many smaller communities which include, Bayview Village, Willowdale, Don Mills, York Mills, Don Valley, Downsview, Newtonbrook and Wilson Heights. North York is also has the Bridle Path area, this is where some of the largest and most expensive homes in Canada are located.

North York has Yorkdale Shopping Centre, The Shops at Don Mills, and many other smaller shopping locations such as Peanut Plaza and Bayview Village.

The Don Valley Parkway and Highway 401 are the major highways. The main north south streets are Don Mills Road, Leslie Street, Bayview Avenue, Yonge Street, Bathurst Avenue