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FAST PRIVATE LENDING

WE LEND ON EQUITY NOT CREDIT & INCOME

SECOND MORTGAGES ONTARIO

FREE CONSULTATION: (416)726-6383

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GET PRE APPROVED IN MINUTES

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GET FUNDING IN 72 HOURS

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GET APPROVED ON EQUITY ALONE

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UP TO 85% LOAN TO VALUE

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MOST COMPETITIVE RATES & FES

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HASSLE FREE APPLICATION PROCESS

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RESIDENTIAL, COMMERCIAL

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RATES STARTING AT 5.99%

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LOWEST RATES SECOND MORTGAGS
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SECOND MORTGAGES IN TORONTO AND ALL OF ONTARIO

Do you own your home and are looking for a Second Mortgage in Toronto or anywhere in Ontario? If you’re looking for a top mortgage broker, at Mortgage Central, we’re experts at hard to place private mortgages and second mortgages. As a matter of fact, 90% of our clients have poor credit and we pride ourselves on getting approvals within 24hrs.

Whatever your reason for a Second Mortgage, whether it’s to fund a home renovation project, pay for education or any other reason, we’re here to help. If you own your home, you’re approved!

5 REASONS A SECOND MORTGAGE MAY BE RIGHT FOR YOU

Not sure where to get some much-needed funds or if you should go for a loan? If you’ve got home equity, then a second mortgage should not be a problem for you!

What is Second Mortgage?

Second mortgage is any other mortgage you make while you are still paying off your first mortgage. Usually, a second mortgage is backed up by a real estate property such as your home because it requires you to have something that has equity to borrow against. The equity can be from your home’s appreciation, your principal mortgage down, or from a large initial down payment you’ve made when buying property. By going for a second mortgage, you can refinance up to 85% of your property’s value!

So now that we know what a second mortgage is, let’s talk about the top 5 reasons why most people get one!

1.) Buying Another Property

Buying a rental property is a wise investment because the rent from such can go into paying for the property itself, thereby earning you some profits once the property is fully paid off. The clincher is you often have to chalk up about 20% of the property’s value for your down payment – that’s where a second mortgage can come handy.

2.) Investing
They say that it takes money to make money – so it goes without saying that to start a business or invest into something, you’ll need to first come up with a considerable amount of cash. You can use a second mortgage to start a business or beef up your portfolio. Just be sure to invest on something that will be worth your while.

3.) Paying Off Debt

Debt that is left unattended can swell to unmanageable amounts because of high interest rates. Because second mortgages these days often have a low interest rate, it would be wise to use one to get rid of debts that have a high interest rate. You can also pay off several loans at once, leaving you with just a second mortgage to manage.

4.) Renovating Property

Home renovations can get very expensive and getting loans for home renovations is often tricky. By going for a second mortgage, you can use your home equity to get what needs to be done, done!

5.) Paying for School

Going for higher education can be very expensive. If you’ve got home equity, you can use that to get a second mortgage and go back to school or send your kid to school. Higher education also means better jobs and making more, so this is truly a wise way to use a second mortgage for!

WHY BORROW A PRIVATE MORTGAGE LOAN?

A private mortgage loan in Toronto and Across Ontario is ideal for home buyers, home owners, real estate investors , home builders who are  are facing challenging financial times or simply need access to funds that tradional banks will not offer due to their income or dredit status.  Normally clients in need of private mortgage loans in Ontario need the funds fast since they may need  to stop power of sale and foreclosure of their property or simply pay back taxes owed to CRA or for debt consolidation

HOW A PRIVATE MORTGAGE LOAN WORKS

 The equity in your home is the most vital element in your approval of private mortgages loan in Toronto and across Ontario. The home equity is simply defined as Most recent appraised value of your home less the amount of your current first mortgage. When getting private mortgage loans processed by private lenders in Ontario an appraisal will be needed to determine the current market value of your property. In case you already have an existing second mortgage attached to your property then the total amount of first mortgage and second mortgage needs to be subtracted from the appraised value of your property inorder to calculate how much equity you have.   Example, if your home appraisal is valued at $1,000,000 and your first mortgage is $400,000  and your second mortgage is $100,000  then your home equity is $500,000 which is  calculated as follow: (1,000,000 – 400,000-100,000= $500,000

We lend on equity and not credit & income, so the most important element for our private lenders is the amount of home equity you have in order to get your private mortgage loans approved in Ontario. Having a bad credit is not usually a big concern if there is sufficient amount of equity in your property but private lenders look at factors such late payment on the mortgage as well as any judgement or money owing to CRA which will need to be paid firs before you have access to the funds. Income is not an issue we can work with clients who have low income and no income due their current life situation as long as there is sufficient amount of equity to work with. Other important factors are the location of  your property, type of property , marketability and current condition of you home. Your employment is of importance since the lenders want to make sure you are able to payback the private mortgage loan and have a better understanding of your exit strategy. Our strong network of private lender can lend private mortgage loans in Ontario however most of our private money lenders located in Greater Toronto Area. This allows us to have GTA as our primary private lending region to fund nd arrange private mortgage loans in Canada.

The private mortgage interest rate in Toronto and Ontario essentially have a higher rate  than the qualified loans from the banks. The reason for higher interest rate has to do with the higher risk the private money lender is undertaking. The interest rates may vary from lender to lender and from  loan to loan, so contact us today for more information and book your free consultation to discuss your particular financial need and find out how we can provide you with private mortgage for your property.

SOURCES FOR PRIVATE MORTGAGE LOANS

The private mortgage lending  sources in Toronto and across Ontario are either Institutions such MIC which stands for Mortgage Investment Corporations that are registered pool of investments by many private mortgage investors or individuals tht have gained financial succes through different ventures and are looking to lend private mortgage in Toronto and Ontario to diversify their investment profolio.  In case you wonder how you can invest in Private mortgages in Ontario please contact us and we will show you how you can get started. 

WHAT ARE THE FEES INVOLVED?

 Private mortgages are ideal for individuals who are not qualified to borrow mortgages and loan from major banks & institutions due to their current credit  and income or having a high debt ratios. Clients who re  unqualified to receive  loans, are bound to pa extra fees to the higher risk to the private lenders in Toronto and rest of Ontario. This is In addition to the  usual legal fees, appraisal cost and  broker fees  Private mortgage loans in Toronto, Ontario are unique financial solutions and the fees such as lender fees & broker fees vary from one private mortgage and private loan to other. It is always wise to request mre than original amount you require to ensure all fees & cost associated with closing a private mortgage loan is covered.

Please allow us to guide you through the process ad let you knoiw what processes is involved in borrowing the private mortgages and private mortgages in Toronto & private mortgage loans in Ontario.Our Private mortgage agents and brokers can put together cutom draft for you so you know exactly how much every process cost.  All fees are deducted from the toroal private mortgage that is advanced and further if there is no approval there is no broker fees involved.

Apply Now online  or Contact our experienced private MORTGAGE specialists  to discuss and review your Private mortgage solution options 

PRIVATE LENDERS TORONTO , ONTARIO

An alternative source of financing for mortgages are Private mortgage lenders. The fund is provided by an individual, groups or institutions who directly invests in your house. When banks and institutions have turned you down Private mortgage lenders can lend you the private funds you need. Private mortgage lenders require less documentation, credit criteria and income requirements.

Our Ontario based private mortgage lenders will lend you the loans based on the amount of equity in your home. Most of our private mortgages and loans call for a maximum loan to value ratio of 85%. You may have a low and weak credit score and our private investors still provide you the private funds since you have equity in your property.

Private mortgages may be utilized to pay for your home renovations, paying down high interest rate credit cards, debt consolidations or as you see fit. Private mortgage loans often contain a higher level of risk associated with them. In order to reduce and offset the risk associated with private mortgages, the lenders may ask for higher interest rates.

The sources for The Private Mortgage Financing may be Trust Companies, Mortgage Investment Corp (MIC), Mortgage syndicates or an individual. Essentially any non bank lender are considered Private Mortgage Lender. Private lenders naturally have higher risk tolerance and therefore the funds are borrowed at a higher rate and fees.

Read More About Ontario & Toronto Private Lenders

COMMON SENSE LENDING PARAMETER

“WE LEND ON EQUITY NOT CREDIT”

Our lenders evaluate the value , condition, marketability and strength of the property instead of the borrower. 

  • Fist Mortgages Starting at 6.5%
  • Second Mortgages Starting at 9%
  • Lender Fees Starting at 2%
  • 80% LTV on Residential, LTV’s of up to 85% are considere on a case by case basis.
  • 70% LTV on Commercial , LTV’s of up to 80% are considered on a case by case basis.
  • No income verification/ No employment verification
  • No TDS/GDS
  • No Business financial requirements
  • Cross collateral is OK
  • Tax arrears
  • No appraisal requirements on lower LTV’s
  • Mortgage arrears 
  • Construction Projcts/ Construction loans
  • Student Housing
  • Stop Power of Sale/ Stop Foreclosure
  • Mixed Use Residential/ Commercial
  • vacant Land
  • Places of Worship
  • High/ Low rise Condos/Apartments
  • Industrial
  • Same day Commitments
  • 1-2 years interest only mortgages & loans
  • You may prepay the entire term interst upfront from the advanced funds. 
  • Approval in 24 Hours
  • You get funded in 3-5 business days
  • No minimum / maximum loan amount

Second Mortgage Info

We Help You To Make A Wise Decision

 

At Toronto Mortgage Brokerage we do not pressure you into making a decision so that we can earn off of you. Being our valued customer, we hold your best intentions when advising you and making changes. A second mortgage is a serious decision and should be made wisely. By working with us, you will also get the lowest possible rate for your second mortgage and you won’t be charged with ridiculous fees like you will be at some of our competitors. Depending on the amount that you need and for the time that you need for, we will create a unique solution for you. Contact us today to discuss getting your second mortgage..

 

 

Second Mortgage Benefits

 

People get a second mortgage or even third, typically to consolidate debt without disrupting their first mortgage. There are many of other reasons however as well. The main benefit is that a second mortgage can become a fantastic source for additional money to flood in. Nonetheless this second mortgage will have to be paid off eventually. Before any funds go to paying off the second mortgage, the first loan would need to be taken care of completely.

  Call Us Today (416) 726-6383

   Questions? We Can Help !

FAST PRIVATE LENDING

WE LEND ON EQUITY NOT DREDIT & INCOME

Reasons to Get a 2nd Mortgage:

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FAST & EASY APPLICATION PROCESS

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SAME DAY APPROVAL ON SECOND MORTGAGES

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mOST COMPETITIVE 1ST & 2ND MORTGAGES

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CANADA LARGEST POOL OF PRIVATE LENDERS

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WE FUND YOU WHEN BANKS DECLINE YOU

We Make You Aware Of Pros & Cons

 

If you are in need of extra cash and feel that a second mortgage is the way to go then let us help you at Toronto Mortgage Brokerage to go through the process of getting it correctly. You have to keep in mind that there are risks involved as with any loans and because of that it is very important to turn to a reliable professional.

 

We Educate You About The Options You Have

 

If you have already paid off a portion of your home and/ or the market value of the home had risen then you are especially a good candidate for a second mortgage. Even if this is not the case for your situation, then there are still options that we can provide for you.

LET'S GET YOU APPROVED NOW!

Frequently Asked Questions

How Does a Second Mortgage Work?

Superficially, a second mortgage works much like a first one. You will borrow a sum of money from a lender based on the value of your home. You will then need to repay this principal amount, along with the interest, over a set period of time. The difference is that you will now effectively be being off two mortgages on the same home that may or may not be of equal value.
Another difference is that should anything happen that causes you to become unable to pay off your mortgage and the bank takes possession of your home, the first lender will be compensated first. Only if anything is left will the second lender be compensated. This is why requirements are often stricter on second mortgages and the rates are higher.

Why Get a Second Mortgage?

Is there anything that costs a large amount of money that you want to buy but you just don’t have the money on hand? Yes, you could also buy it on credit. However, large purchases like a boat, a new car, or that massive renovation project may not be available on credit or the interest rates can be much higher than compared to a mortgage from a bank or lender.
If you are in this situation, getting a second mortgage on your home might be the best option. Your interest rate payment will be slightly higher than your first mortgage but should still be better than buying on credit, opening a line of credit, or a vehicle/chattel loan. As your home is a “fixed asset”, you also know that your collateral is safe and sound as long as you can keep up your payments.

How do I Qualify for a Second Mortgage?

The process to apply for a second mortgage will be very similar to applying for a first mortgage and any broker or lender might offer a second mortgage. However, there are usually fewer lenders willing to do so as not everyone is equally risk-tolerant.

The requirements for a second mortgage will also be higher than for your first mortgage. Because you already have a mortgage to your name, your debt-to-income ratio will naturally be higher from the onset.

 

The following factors will play a big role:

  • Credit score: You will need a good credit score that’s at least 600 but preferably between 700-900 for most lenders.
  • Equity: This refers to the amount of your home’s value that’s technically no longer mortgaged. The closer you are to fully owning your home and amortizing your mortgage, the better.
  • Income: Lenders will be even stricter on a stable source of income that’s sufficient to cover your debts for the foreseeable future.

Get a Second Mortgage – The Fastest Way to Borrow Money From Your Home Equity

If you have been struggling with your monthly payments due to high interest rates on your credit cards or unsecure loans, you can now use your home equity to take out a second mortgage to consolidate your high interest debt into a more manageable loan and become debt free sooner. Our second mortgage program opens the door to many private lender mortgages that offer you the ability to take out a 2nd mortgage or a private mortgage even if you have are going through::

 Bankruptcy
 Power of Sale
 Tax Arrears
 Mortgage Arrears
 Low/No Income
 No Employment
 Bad Credit/No Credit
The second mortgage is the fastest and easiest way to borrow money from the equity you have built in your home. Whether you live in a major urban area or a rural area, as long as your home is in Ontario and you have sufficient equity in your home, then you are qualified to apply for a second mortgage. I have access to many private lenders in each area with flexible lending policy that do not require income or credit qualifications.

What is a Second Mortgage And How Does it Work?

A second mortgage, also known as a home equity loan, is created when homeowners that already have a first mortgage decide to take out a second mortgage based on the equity in their home. Second mortgages are then registered second on the title and thus carry higher risk for the lender. Therefore second mortgage lenders charge higher interest rate to compensate for the added risk. Since 2nd mortgages have one or two year terms, homeowners who take out a second mortgage can pay out these loans by refinancing their first mortgage when it comes up for renewal which means the homeowners increase their first mortgage amount during the refinance to pay out the second mortgage.
MORTGAGE ARREARS

Pay out tax and mortgage backlogs to save your home from the province

DEBT CONSOLIDATION

Lower your monthly payments by paying out high interest debt and credit cards

Consumer Proposal

Pay off your consumer proposal

Emergency Cash

Access to quick and easy cash to pay consumer proposal, judgements or urgent bills

FASt CLOSING

Fast approval & quick closing mortgages available

Renovate / Invest

Use the funds to renovate your home or as a down-payment for a new purchase

Past Bankrupticy

Your past bankruptcies won’t stop you

NO CREDIT/INCOME

Your credit is not an issue, all credit types accepted

No Credit and Income Qualification Required

Second mortgage lenders and private lenders are often referred to as equity lenders since they are less concerned with your credit and income and more focused on the equity in the property. In fact, I have private lenders that do not even consider income or credit that is why I can approve clients that have lost their job or going through consumer proposal and power of sale. Your equity determines how much you can borrow.

 

How Much Can I Borrow?

One advantage of second mortgages is that the amount you are approved to borrow is directly related to the amount of equity you have in your home not your credit or income. Thus with sufficient equity, you can borrow a large sum of money regardless of how much you earn, your current credit, consumer proposal or past bankruptcies.

 

How to Apply For a Second Mortgage

The process is really simple. First you fill out an easy application which takes only a few minutes. I will then shop your request through my extensive network of lenders to find you the most suitable financing. The lender will then provide you with the rate and terms in a commitment letter (in some instances, the lender will require an appraisal to establish your home value). I will guide you through the whole process to ensure an easy and smooth closing.

private mortgages

second mortgages

COMMERCIAL MORTGAGES

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HOME EQUITY LOANS

BRIDGE LOANS

CONSTRUCTION FINANCING

RENOVATION LOANS

MORTGAGE REFINANCING

BAD CREDIT MORTGAGES

STOP POWER OF SALES

DEBT CONSOLIDATION

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PRIVATE LENDERS

EASY AND SIMPLE!

OUR SIMPLE &  HASSLE FREE PROCESS

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Complete our Quick and Easy Online Form or Call us (416)726-6383 

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Get Pre Approved in Minutes & get funding in 72 Hours

Why Choose My Services

Who are you calling? Ask yourself what happens if you just called RE/MAX or walked to their office to sell your home? Who would pick up the call? Would it be the best salesperson in the office? In fact the opposite is more likely. The chances are your call will be routed to the first person picking up the phone or you would meet those sitting around in the office because they don’t yet have enough experience/clients; and thus, you may not receive the level of service you had hoped for. Mortgages are no different. Therefore, it is absolutely critical to KNOW WHO WOULD BE WORKING ON YOUR FILE.

With access to OVER 500 PRIVATE LENDERS, I can approve mortgages that many other agents and brokers including those that specialize in bad credit and second mortgages cannot. I have built an extensive network of private lenders so that I can approve tough situations all around including in small towns and rural areas of Ontario.

Private mortgages are different from traditional mortgages in that it is up to each agent/broker to find his or her own source of private funds. Most agents have only a few lenders they use for every situation which results in high fees, rates and turn-downs due to the fact that not every lender is able to finance every area or type of property.

Since each applicant’s situation is unique, I submit your request to the lender which can best serve your financial needs based on your location, type of property and LTV. This ensures that not only you receive the second mortgage funds you need on time but that you receive an outstanding service as well as low rates and fees. Contact me today to discuss your financing needs

LET'S GET YOU APPROVED NOW!

 UP TO %85 LTV – NO INCOME/NO CREDIT – APPROVAL ON EQITY NOT DREDIT & INCOME

we are commited to serve your equity based borrowing needs!

approvals in 24 hous

reduce monthly payments in half

most competitive rates in the market

largest network of private lenders

bad credit? no credit? no problem!

no income? low income? no problem!

get pre approved in minutes ! get funding in 72 hours !

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Jone Doe

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David Smith

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About US

A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of.

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