New Life Mortgages Claimed

New Life Mortgages (Owner)
2 weeks ago
Absolutely, you can obtain a private mortgage in Ontario. Here's what you need to know:

Private mortgages are offered by corporations or individuals using their own funds. They are a reliable choice for those who might not meet the typical lending criteria.

Interest rates: These typically vary from as low as 3.99% to as high as 13% for first mortgages and from 6.99% up to 18% for second mortgages.

Crucial Requirement: You must have at least 20% equity in your home or a 20% down payment to be approved by most private lenders in Ontario. (In some cases 15% equity is sufficient)

Terms: Private mortgages usually have a term ranging from six months to three years, and they are interest-only. (Most private deals are usually a year)

Please note that while private mortgages offer flexibility and quick access to funds, they often come with higher interest rates and fees. Therefore, it's essential to look carefully at your financial situation and seek professional advice.