For more information regarding 1st mortgages. We will be happy to answer any of your questions or explain more about this service to you.
A 2nd mortgage is also a registered lien against your home that takes 2nd position behind the 1st mortgage.
A 2nd mortgage usually carries a higher interest rate depending on the Loan to Value - abbreviated as LTV. LTV is the amount of money owing on the property versus the value of the property. In short, the higher the LTV or risk for the lender, the higher the interest rate will be for the 2nd mortgage.
Second mortgages can be taken out against your property for the same reasons as your 1st mortgage. Either to complete the financing for a purchase or again to pay off loans and credit cards.
Another reason a client can avail of a 2nd mortgage is if or when their 1st mortgage was to fall into default for whatever reason - a job loss or unexpected bills. A 2nd mortgage can be taken out to pay up any arrears and bring the 1st mortgage back into good standing.
At a later date the 1st and 2nd mortgages can be rolled into one brand new 1st mortgage to reduce the monthly payments with a lower rate. A 2nd mortgage is usually a short-term fix to unexpected debt problems.
Contact us for more information regarding 2nd mortgages. We will be happy to answer any of your questions and explain more about this service to you.
Private Mortgages
A private mortgage is a fast, easy and safe way to obtain funds quickly for either the short- or long-term for any purpose. Private funds obtained through a mortgage broker, who has access to private investors/lenders who lend their own funds for investment opportunities in real estate.
With the decline in 2nd mortgage lenders in Canada, private mortgage investors/lenders have fast become the “normal” avenue to acquire funds for that 1st, 2nd, or 3rd mortgage.
A Professional Registered Licensed (FSRA) Mortgage Broker MUST TAKE all the necessary required steps set out by the regulator (FSRA) before using the services of a private lender, in order to ensure that the consumer has full protection at all times.
Only use a fully licenced professional mortgage broker when dealing with private mortgages, as professional mortgage brokers are trained to walk you through each step of the process.
Private mortgage Investors/lenders are much more lenient where credit is concerned than say a bank or institutional lender. Private lenders are primarily equity lenders and are more concerned about the property than the credit. But having said that, the mortgage must make sense to all concerned, and the suitability of the mortgage must meet and match the needs of the client at all times.
Contact us for more information regarding private mortgages. We will be happy to answer any of your questions and explain more about this service to you. Contact us at 905-665-3417 and we will gladly discuss further.
There's nothing more exciting than buying your first home. For couples, it represents an important step toward building a life together. For others, it's the most enjoyable investment you'll ever make.
With today’s low mortgage rates and in some cases, rising property values in some areas, many Canadians are choosing to refinance their existing mortgages and use the equity in their homes to pay off credit card and loan debt. Now is a great time to consolidate all of the high interest-bearing loans and credit cards and dramatically decrease your monthly payments. In order to take advantage of this program you must be a home owner and have at least 10% equity or more in your home.
If you have a question regarding debt consolidation, we’ve got the answer. You can contact us at 905-665-3417
With over 15 major Canadian lenders to choose from, we do all the work for you—free of charge! Simply put, our purpose is to shop for the best mortgage to fit your specific needs. The lenders will then bid for your business.
If you have a question regarding mortgage renewals, we’ve got the answer. You can contact us here at 905-665-3417.
When your mortgage term is coming up for renewal, most banks will send a renewal notice in the mail. Generally, this notice is sent 30-60 days before the mortgage is due, but the rate that's on offer to you is a non-discounted posted rate. And amazingly enough, 60% of Canadians sign this renewal form without research or seeing what else is available in the marketplace.
But it can also be a little scary the first time around and therefore it's very important to speak to experts in the field before you commit to one of the biggest purchases you'll make in your life. With that said, we've spent some time answering some of your most common questions. We’ll even spend even more time sitting with you, discussing your needs, explaining all the options, and making you feel completely at home about the whole process.
If you have a question regarding your first mortgage, we’ve got the answer. You can contact us here 905-665-3417.