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, Mortgage Broker Store, 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 private mortgage financing fits your needs.
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 that require a huge expense. Due to these factors, borrowers may not qualify for loans or mortgages from Canadian banks or other institutions. Our job is to get you the loans you need. We can arrange your loan even if you do not have a great credit score.
What Is a Private Mortgage?
A private mortgage loan comes from a private mortgage lender. It is also called a home equity loan or private second mortgage. Most private mortgage lenders in Cobourg often only lend in within their local area. Some private mortgage loans can start from as little as $20,000.00. The term of the mortgage is usually one 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. With private lenders, the decision to lend is primarily based on the equity and value of the property offered as collateral, not solely on your current credit standing. Most private mortgages and second mortgages in Ontario have a maximum loan-to-value ratio (LTV) of up to 75%, while in some rare cases, the LTV can be as high as 90%.
Investors
What are private mortgage investors looking for when they provide you with a private mortgage investment? For private second mortgages, your home equity is key, alongside considerations like credit score and job situation.
Looking for expert guidance in navigating the world of private mortgage lending in Ontario? Look no further than Mortgage Broker Store. Jonathan Alphonso and our team specialize in connecting clients with the perfect private lender tailored to their needs. Whether you’re seeking a first mortgage, second mortgage, or specialized loan, we’ve got you covered. Call 416-499-2122 or email ron@mortgagebrokerstore.com to start your journey toward financial solutions today!