Condo Mortgages Loans Private Lenders
Many people live in condominium units across the country and most need mortgages. A condo mortgage is very similar to a traditional mortgage, but with a few changes. All condos have maintenance fees and condo rules that individual owners must meet. Many cities across Canada have seen a dramatic rise in condominium values. Many cities have had a steady rise in condos prices for over a decade.
Condos are the cheapest type of home ownership properties on the real estate market. They are also considered a leading indicator of the local real estate market.
Private lenders for real estate fill a void created by the major banks that will not provide loans to people who have a poor credit rating, are self employed or are on a pension. Private lenders for real estate can provide loans for second and third mortgages or even home renovation loans when a bank will not. Private lenders for real estate are a viable alternative to traditional banks; they have flexible criteria that can fit many different situations.
Second and third mortgages in most cases exceed the 75% LTV ratio and even more importantly they are not first in terms of payment priority. This factor becomes very important if the property is put up for “power of sale” or “foreclosure” since the first mortgage holder may incur fees which can greatly reduce the remaining equity and therefore reduce the chances of repayment for the second and third mortgage holders.
Trying to find the mortgage needed for your mortgage can be a very stressful experience, without knowing exactly how private lender real estate operate a borrower will have little chance of getting funding. When you call our mortgage team we can tell you within minutes if your loan will be approved and when you can get the money from a private lender.