A private mortgage lender in Bolton can help if you have already been turned been turned down for a second mortgage or loan by the major banks, our company 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 a private mortgage financing fits your needs.
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. Most private mortgage lenders 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 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 the your credit. Most private mortgages and second mortgages have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
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 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.
Many of you have already spent hours and hours traveling to the banks and on phone conversations. You have filled out numerous forms and provided everything the banks asked for and you still do not have the loan, this process could take months. Our private mortgage agreement form makes our company one of the fastest private mortgage lenders. Compared to ordeal you have already gone through with the banks this is easy private mortgage money to acquire.
We have a tremendous amount of knowledge regarding the local real estate market within your town or city. We probably have already arranged a private second mortgage or private mortgage funding in your local area.
You may be able to borrow more money with a private investor mortgage than you think; a private mortgage holder may be willing to lend you up to 90% of your total home value. In contrast a bank may only be willing to give you up to 75% your home value. You can now use more of your home equity to manage some immediate bills or consolidate your debt payments. This can result in lower interest payments to you.
Population density per square kilometre 73.6
Land area (square km) 687.04
Persons 15 years of age and over with income 37,130
Median total income of persons 15 years of age and over ($) 32,932
Composition of total income (100%) 100.0
Earnings – % of income 87.0
Government transfers – % of income 4.7
Other money – % of income 8.3
Selected Occupied Private Dwelling Characteristics Bolton, Town
Total number of dwellings 16,110
Number of owned dwellings 14,490
Number of rented dwellings 1,625
Number of dwellings constructed before 1991 11,020
Number of dwellings constructed between 1991 and 2001 5,090
Average value of dwelling ($) 295,583