A private mortgage lender in Cobourg, Ontario can help if you have already been turned down for a second mortgage or loan by the major Canadian 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 in Cobourg only lend in small geographic areas such. 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, and not based on the your credit. Most private mortgages and second mortgages in Ontario have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
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 Canadian 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.
Our mortgage brokers and mortgage agents are always near by or a phone call away. We act as mortgage advisors and give you our expert opinion on the best mortgage for your situation. The best mortgage is not always the mortgage with the lowest interest rate, you need to consider all the terms in the mortgage. Our mobile mortgage advisors can come to your home to discuss your mortgage.
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 in Ontario 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. If you have bad or poor credit then the best mortgage option would be private financing.
What are private mortgage investors looking for when they provide you with a private mortgage investment? They look at your credit score, job situation but for private second mortgages the equity in your home is the key factor in private money lending.
Follow this link for the 2011 Cobourg census.
|Population and Dwelling Counts||Cobourg, Town||Ontario|
|Population in 2001||17,172||11,410,046|
|Population in 1996||16,185A||10,753,573|
|1996 to 2001 population change (%)||6.1||6.1|
|Total private dwellings||7,142||4,556,240|
|Population density per square kilometre||767.6||12.6|
|Land area (square km)||22.37||907,655.59|
|Earnings in 2000||Cobourg, Town||Ontario|
|All persons with earnings (counts)||8,445||4,245||4,195||6,319,535||3,311,105||3,008,425|