If you have already been turned down for a second mortgage or loan in Unionville by the banks, a private mortgage lender in Unionville 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.
What Is a Private Mortgage?
A private mortgage loan, also called a home equity or private second mortgage, comes from a private lender. Most private mortgage lenders in Unionville tend to only lend in small geographic areas. Private mortgage loans can start at $20,000.00, with terms usually one year but sometimes longer. The private mortgage company follows the same process as a Canadian bank, registering the loan against your property.
Lending decisions are based on the property’s equity and value as collateral, not on your credit. Most private and second mortgages in Ontario have a maximum LTV of 75%, sometimes reaching up to 90%.
Market in Unionville Information
In May 2024, homes in Unionville had an average price of $1.3 million, marking an 8.2% increase from the previous month. This rise is complemented by a substantial 19.2% uptick in the quarterly data, although there was a 6.1% decrease in year-over-year comparisons. These statistics indicate a dynamic market environment in Unionville. Private lending options have also contributed positively to the Unionville housing market, offering enhanced flexibility and advantageous opportunities for prospective buyers and sellers.
Need Private Lending Advice?
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!