| |
|
|
| |
|
|
| |
|
|
|
| |
|
|
| |
|
We lend money to Individuals and Corporations for various purposes, some of these include
- Residential Purchase.
- Residential Refinance.
- Commercial Purchase/Refinance.
- Construction Mortgages.
- Interim, Short Term and Bridge Financing.
|
|
|
| |
|
|
| |
|
It’s your money Whether you are requiring funds to start a new business, take a vacation or buy a new car. You can use your borrowed funds however you please, there are no restrictions on how funds borrowed are used. |
|
|
| |
|
|
|
| |
|
|
| |
|
Absolutely! Sometimes walking into a bank and telling the loans officer you are ‘self employed’ is no different than saying you are ‘unemployed’. Your application would not be turned down simply because you are self employed. |
|
|
| |
|
|
|
| |
|
|
| |
|
Yes! depending on your specific circumstance you may still meet our lending criteria. For example if you are temporarily between jobs, receiving a steady pension income, or are receiving rental property income, and we are satisfied that you can make your monthly payments. |
|
|
| |
|
|
|
| |
|
|
| |
|
We lend you money based on current equity in your home, it’s that simple. Although having good credit may help you obtain a better interest rate and lower payment, credit generally does not factor into our lending guideline. If you own your own home (or are buying a new home), have sufficient equity and you can afford the mortgage payments, we can lend you money! |
|
|
| |
|
|
|
| |
|
|
| |
|
Absolutely! Unlike conventional lenders, we lend truly based on the equity in the property regardless of the purchase price. Many times we can provide you with a mortgage tailored to your specific needs. If your plan is to sell or rehab your property, we may be able to offer you an ‘interest in’ mortgage that includes your interest payments for a specified period so you can focus on the project at hand. |
|
|
| |
|
|
|
| |
|
|
| |
|
Based on an overall assessment of your borrowing needs, we will advance funds upon signing your new mortgage and obtaining the necessary documents , usually we can provide you with a partial advance within as little as 24-48 Hours while waiting to obtain all required documents for a full advance such as appraisal, etc. |
|
|
| |
|
|
|
| |
|
|
| |
|
The following is a list of items that we generally require to fund you a new mortgage*:
- A completed application.
- A current statement of your existing mortgage or mortgages if applicable.
- A consent form allowing us to obtain information on your existing mortgage(s), taxes, and condominium fees if applicable.
- Proof of insurance/insurance authorization.
We may also require the following prior to full or partial funding of your mortgage*.
- Proof of income and/or copy of lease agreements.
- Current Appraisal.
*these are the most common documents required to fund a mortgage, however, additional documents may be required based on your unique lending requirements. |
|
|
| |
|
|
|
| |
|
|
| |
|
Unfortunately we do not offer unsecured loans at this time, we strictly lend based on the security of your home. |
|
|
| |
|
|
|
| |
|
|
| |
|
Each borrower has different lending criteria. Generally speaking a new first mortgage can range from 8.75%-11% APR**, for a second mortgage rates range anywhere from 12-18% APR** based on the credit risk and a multitude of other factors. Below is an example diagram illustrating payments based on a $25,000, $50,000, $75,000 and $100,000 mortgage.
|
|
|
| |
|
|
| Type of Mortgage |
Mortgage Amount |
Interest Rate (%) |
Monthly Payment |
1st Mortgage |
|
|
|
1st Mortgage |
|
|
|
1st Mortgage |
|
|
|
1st Mortgage |
|
|
|
|
|
|
|
2nd Mortgage |
|
|
|
2nd Mortgage |
|
|
|
2nd Mortgage |
|
|
|
2nd Mortgage |
|
|
|
|
|
| |
|
|
**APR = Annual Percentage Rate |
|
| |
|
|
The above illustration is an example only and is based on our lowest rates offered, interest only payments, these figures and payments may vary based on your borrowing criteria and qualification |
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
