Hi, My name is Ronald Alphonso, if you have been turned been turned down for a second mortgage or loan in Sault Ste. Marie, we may be able to help you.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 comes from a private mortgage lender who providing the money; it is also called a home equity loan or private second mortgage. A private mortgage lender in Sault Ste. Marie will 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 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 mortgage lenders in Sault Ste. Marie have a maximum loan to value ratio (LTV) of 85%, in some cases the LTV can be as high as 90%.
Second mortgages are loans that are placed behind a first mortgage. Most second mortgages are equity based loans and are not based on your credit score. The maximum loan to value ratio is usually about 80% in the Sault Ste. Marie area. Private lender are the most common source for funding of second mortgages. Most private lender like to inspect the property themselves before approving the loan. Your home should be clean and tidy before any inspection of the property is done.
Follow this link for the City of Sault Ste. Marie.
Call our mortgage brokers for a private lender in Sault Ste. Marie.