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PRIVATE MORTGAGES
If you cannot qualify for an institutional mortgage at discounted or bank posted rates or alternative lending rates then I could provide you with a private lender mortgage financing.
It doesn’t matter what your situation is… if you have home equity then we can help!
Home equity is the difference between your appraised home value and your current mortgage balance(s), if any.
For example:
If your home is valued at $350,000 and you currently owe $200,000 to 1st mortgage lender then you have $150,000 in equity.
Now let’s say you are 3 months behind on your mortgage payments and your mortgage arrears are say $6,000 plus you owe $4,000 in back property taxes, and your 1st mortgage lender sent you a notice of sale where they added additional late payment fees & legal cost giving you X number of days to bring your mortgage current before they will start power of sale or foreclosure.
Well, the last thing you need is for the Sheriff to kick you out from your home at 9:00 am placing all your furniture and belongings on the front lawn so you decide it’s time to get a new mortgage and this is where we can help!
We can arrange a small second mortgage through one of our private lenders or we may be able to use our own private funds and stop your power of sale or foreclosure fast.
In this example we can lend up to 75% of your appraised value and in some instances up to a maximum of 85% of your appraised home value.
If we go to 85% of appraised value then to calculate your loan amount we take $350,000 x 85% = $297,500 less 1st mortgage amount of $200,000 = $97,500 therefore your maximum private second mortgage loan amount would be $97,500.
Now to continue with this example where you need only about $15,000 to stop foreclosure, we will add your private mortgage closing costs on top of $15,000 and give you $10,000 or $15,000 in extra cash which you can put into your emergency account.
Let’s say we end up doing $30,000.
This $30,000 would have monthly payments $373.84 based on 25 year amortization at 15% private mortgage rate.
Private mortgage rates are higher than regular bank rates due to increased risk to the lender. Each situation is different but we always try to match you with the private lender who offers the lowest rates for your particular situation in order to keep your monthly payments and costs down.
Avoid hard money lenders who have rates in excess of our rates here below…
TODAY'S PRIVATE MORTGAGE RATES
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Credit Score
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max. 75% LTV
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max. 80% LTV
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max. 85% LTV
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700 +
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9.00%
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10.00%
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11.00%
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650 to 699
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9.75%
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10.75%
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11.75%
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600 to 649
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10.50%
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11.50%
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12.50%
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550 to 599
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11.25%
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12.25%
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13.50%
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500 to 549
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12.00%
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13.00%
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14.25%
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below 500
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12.75%
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13.75%
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15.00%
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Our maximum loan-to-value is 85% and rates are subject to change without notice. Maybe you are not in foreclosure yet but require private mortgage funds for other reasons.
You can use our private mortgage money for:
- Home Purchase
- Debt Consolidation
- Payoff Revenue Canada
- Stop Foreclosure or Power of Sale
- and any other reason you can think of…
TESTIMONIAL
| It has been a month since I received the 2nd mortgage to stop my power of sale with all your help and I am very very grateful. I am now able to get back with doing my job without so much worrying and sleep much better at night. The way you were able to approve me right away made me feel as though that even though I messed up in the first place, I had help, you and your team there to help.
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If you would like to take advantage of our private money then applying is easy as 1, 2 and 3…
First, you’ll need to gather most of your supporting documentation so you can complete your request fully and accurately. This will ensure your mortgage application is processed immediately and we can close your transaction as soon as possible.
Here is a general list of supporting documents. You don’t need all of them but please select those pertaining to your situation and have them ready to fax or email upon request.
1. Copy of Transfer/Deed (confirms your home ownership)
2. Copy of "Registered" Mortgage Charge of Land (confirms original mortgage balance)
3. Confirmation of Current Mortgage Balance via Current Dated Mortgage Statement from Existing Lender (confirms balance & payment)
4. Tax Bill or Certificate (if taxes not paid through 1st mortgage)
5. Union Gas Bill (to confirm your home ownership & identity)
6. Copy of Driver License to confirm identity (please scan front & back of drivers license or any government photo ID except OHIP card)
7. Proof of Self-employment (Master Business License or Articles of Incorporation or GST return)
8. Last 2 years Revenue Canada Notice of Assessment to confirm average income on line 150 (if you have other income in addition to your annual salary, bonus, overtime or if you earn a commission)
9. Last 3 years Revenue Canada Notice of Assessment (if you are self-employed and are applying under “qualified” income product)
10. Letters of Employment for both applicants on company letterhead indicating start date, position and annual salary. Letter must be signed by person preparing letter and include their contact number.
11. Most recent pay stubs for both applicants
12. Last T4s or T4A’s
13. Copy of Home Insurance Binder (front page)
14. Notice of sale documents
15. Divorce Certificate or Separation Agreement (if separated or divorced)
16. List of creditors you wish to pay from proceeds (start with the most important on top and include creditor name, balance, account numbers)
17. Agreement of purchase and sale (if purchasing)
18. Your closing solicitor name, address, phone and fax
Next, select one of the mortgage application links below to be redirected to our secure server where you will apply online in less than 10 minutes and I will contact you shortly.
Please make sure you provide correct phone numbers & email address, and use the comment section at the bottom of the mortgage application form to let us know when the best time for us to call you is.
SELECT A PROFESSIONAL...
Get Approved Using My Proven Services...
... in Less Than a Day!
APPLY ONLINE IN LESS THAN 10 MINUTES
If you answered "YES" and you want to take advantage of my proven mortgage services -- HERE ARE THREE EASY WAYS FOR YOU TO GET STARTED:
- CLICK HERE TO APPLY ON-LINE ON MY SECURE SERVER
Remember... there are NO upfront costs and NO obligations. If you are not satisfied with my work then you can cancel at anytime!
- CLICK HERE TO PRINT & FAX APPLICATION
The online application is securer but if you prefer faxing it then print my 'printable' application form and fax it to me toll free to 1-888-416-4096
- MAIL YOUR APPLICATION
If you prefer using "SNAIL MAIL" then mail the 'printable' application to the following address: VERICO Mortgage Network London Inc. Attn: Joe Malek, AMP... 321 Springbank Drive, London, Ontario, N6J 1G6
For faster service please use online application. Your request will get a top priority and you could receive your approval in less than a day!
Sincerely,
Joe Malek, AMP
Your Mortgage Agent (Lic.# M08004649)
Accredited Mortgage Professional and Debt Consolidation Expert!
P.S. That's all it's to it... no running around... no time consuming appointments... no office visits... and the lowest rates around!
P.P.S. Don't forget to
, subscribe to my mortgage tips newsletter and check out my mortgage blog
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VERICO Network is the fastest growing mortgage organization in Canada. Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $7 Billion in mortgage loan volume.
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