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FAST PRIVATE LENDING

WE LEND ON EQUITY NOT CREDIT & INCOME

HOME EQUITY LOANS 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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NO INCOME / CREDIT REQUIREMENTS

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UP TO 85% LOAN TO VALUE

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MOST COMPETITIVE RATES & FES

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GET APPROVED ON EQUITY ALONE

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HASSLE FREE APPLICATION PROCESS

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RESIDENTIAL, COMMERCIAL

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RATES STARTING AT 5.99%

GET APPROVED TODAY

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 NO EMPLOYMENT, NO CREDIT & NO INCOME REQUIREMENTS

Get access to your home equity
no income no credit requirement
GET FUNDING IN 72 HOURS

GET ALOW RATE HOME EQUITY LOAN NOW

get a low rate home equity loan NOW!

LET'S GET YOU APPROVED NOW!

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

Home Equity Loans in Ontario

A home equity loan is a kind of loan where a piece of real estate is used as security. Home equity loans are typically given as mortgages which are registered on a property. The main basis for being approved for a home equity loan is the equity in the property, or in other words, the value of the home minus the value of existing debts on the property. This is different from a bank mortgage since factors like credit score and job security are considered to be less important than the amount of home equity. Our team of professionals has years of experience with providing home equity loans in Ontario.

Terms and Payment Options for Home Equity Loans in Ontario

YOU MAY NEED MONEY FOR SHORT TERM PLANS:

VACATION

WEDDING

RENOVATION

INVESTMENT IN OTHER PROPERTIES

A standard home equity loan is a one-year open first or second mortgage with an interest rate of 7% to 15%. As an open mortgage, there is an option to end the mortgage early and only pay a three-month interest penalty fee. Home equity loans, unlike traditional bank mortgages, are flexible and can be customized to best meet the needs of your unique situation. One of our loan professionals can speak with you and decide what options would be best for you.

Popular Custom Options Include

  • Interest Only Mortgage: Only the interest is paid and the principal is untouched.
  • Blanket Mortgage: The mortgage is placed on several properties at once, which helps secure financing.
  • Construction Draw Mortgages: We can pay the construction contractors as the work is completed.

In addition to these, other custom options can be written into the loan agreement. Our specialists are happy to discuss your unique situation and the kinds of options that are available to you.

How Much Can I Borrow with a Home Equity Loan

The amount a person can borrow is dependent on the value of the home, and the value of existing debts on the property. Lenders will calculate a metric called a Loan to Value (LTV) ratio. LTV is equal to the value of existing debts divided by the appraised value of the property. Our network of lenders will generally loan up to 85% LTV on properties in Ontario. While LTV is the key deciding metric, some lenders may also be sensitive to credit score and employment history.

Common Uses for Home Equity Loans

 

 

The Difference between Home Equity Loans and Home Equity Lines of Credit (HELOC)

The money you borrow with a home equity loan can be used in any way you feel is best. Generally, the best uses of money our company sees are to pay off expensive debts or investing in a home renovation, higher education, or capital for a business. Some other people choose to use the money to purchase cars or vacation packages. The best use of the money depends on your individual needs and circumstances.

  • Renovation: Money for renovations can be used to repair or make upgrades to your home.
  • Debt Consolidation: You can use the money from this loan to pay off other high-interest debts.
  • Education: You or your children can go to school and pay the tuition fees
  • Business Investing: If you need capital to fund a business, a home equity loan can be a cash source.

Loans that we provide can also be used for other less common uses such as paying for emergency treatment, helping family members, or stopping a power of sale or foreclosure.

A home equity loan and a home equity line of credit (known as HELOC) are two distinctly different types of loans. A home equity loan is an installment loan which means it has a fixed term and number of payments. A HELOC is a kind of revolving credit, similar to a credit card, which does not have a set number of payments. Typically a home equity loan has a fixed interest rate which is stated in the original loan agreement, in contrast, a HELOC will typically feature a variable interest rate. With a HELOC, a borrower may take out money at whatever time they need it as long as the credit limit is not exceeded. With a home equity loan, an initial lump sum is given, and a new loan contract must be drawn up in order to borrow additional money.  With both types of financing, approval and interest rates are primarily based on a property’s loan to value ratio.

Am I really approved if I have bankruptcy, power of sale and horrific credit?

Yes you are approved if you have sufficient equity. Since your home serves as collateral to secure the funds provided by the home equity loan, the home equity lenders are far less concerned with events surrounding your credit and income. This is why a home equity loan can be provided to save a homeowner’s home when he or she is under power of sale for defaulting on the first mortgage.

How quickly can I receive my funds?

Another great benefit of home equity loans is the speed and turnaround time associated with these mortgages which make these mortgages a perfect option for meeting emergency situations when you need urgent access to a large sum of money. Since private lender are not so concerned with credit and income, In most situations once the amount of equity is established, you can receive your money in as quickly as 2 business days.

OUR SIMPLE & HASSLE FREE PROCESS

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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
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

Why Choose My Services

Home equity loans, the fastest way to borrow money if you own a home

Home Equity Loan is the fastest and easiest way of borrowing money from your home equity. Whether you are looking for debt consolidation, a home renovation loan or pay urgent bills, home equity loan is a great solution as the only qualifying factor you require to have is equity in your home since home equity lenders are not so concerned with your credit or income. This means that regardless of your income, employment or credit you are qualified to borrow a substantial amount of money as long as you have sufficient equity in your home even if you have are going through:

 Bankruptcy
 Power of Sale
 Tax Arrears
 Mortgage Arrears
 Low/No Income
 No Employment
 Bad Credit/No Credit

With access to a very large network of private and institutional lender, you are approved for a home equity loan in Ontario whether you live in a major metropolitan are or you live in a rural community. So long as you have sufficient equity you can borrow the funds for your specific purpose quickly and easily .

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

What is a home equity loan?

A home equity loan in short is a type of mortgage that allows homeowners to borrow money against the equity in their home. For instance if a borrower owns a home worth $300,000 and has a first mortgage on this property with a balance of $200.000, the homeowner has $100,000 worth of equity in his or her home. Thus, the homeowner can use a home equity loan to borrow money against this equity. Depending on the area and type of property, the homeowner could borrow up to 90% of his or her home value. This means the homeowner can borrow as much as seventy thousand dollars as shown here: [($300,000 * 90%) – $200,000] = $70,000

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

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ADVANTAGES & DISADVANTAGES OF HOME EQUITY LOANS

You can decide to take the equity takeout mortgage as a line of credit. If you take this route you can borrow just what you need when you need it. You pay interest only on the amount that you have borrowed. With this type of loan, you obtain approval for a given amount but you don’t have to take it all at once. You can pay back the principal amount at your own discretion.

The Advantages of an Equity Takeout

  • You can use the home equity to arrange relatively large loans that you require for renovations improving the value of your home
  • If you use the equity takeout for investment property, the interest repayments are tax deductible
  • You can use the money for debt consolidation, or anything else you choose

Disadvantages

  • The mortgage will attract closing costs
  • Your home secures the loan. If for any reason you fail to make repayments, you risk losing your home

Certified Mortgage Brokers Toronto have the expertise and the contacts to help you make the right choices and to match you with the lender that suits your needs.

FAST PRIVATE LENDING

WE LEND ON EQUITY NOT DREDIT & INCOME

LET'S GET YOU APPROVED NOW!

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 !

apply now

call us 24/7

Reasons to Get a home equity loan

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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.

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Jone Doe

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David Smith

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Janet Chavez

we work for you not the banks !

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