mortgage services

PRIVATE MORTGAGE

Mortgages of Canada has access to private lenders who will get money in your hands in less than 7 days. Due to the lenders being private, there are fewer requirements needed to qualify for a loan. Our second mortgages are strictly EQUITY BASED mortgages. Please see our guidelines below:

1) Lending Area: Most major cities in Ontario

2) Loan amount: $15,000.00 – $2,000,000.00

3) Income: No Income Required

4) Credit score: NOT REQUIRED

5) Maximum loan to value: Up to 85% for single detached and townhouses and 80% for Condos

6) Property types: Principal residence or principal residence and rental

7) Interest rate: 10.00% – 14.99% annual depending on credit rating and history.

8) Payment Terms: Monthly, Interest Only.

9) Prepayment conditions: Fully open with 3 month interest penalty

10) Term: 3 months, 6 months, 9 months and 12 months

11) Appraisal: Paid by borrower (other arrangements can be made)

12) Lawyer and legal fees: Paid with equity. You NEVER have to come out of pocket when you refinance or get a second mortgage with Mortgages of Canada.

Contact the team at Mortgages of Canada to see if a private mortgage is right for you. There is no obligation to apply so call today.

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