To qualify for a private mortgage, you have to have at least 15% - 20% of down payment or home equity. Here's how it works:

• Fill out an application or call us at (888) 978 4984
• We will let you know the mortgage amount and interest rate you can qualify for
• We will then get an appraisal report on the property
• If there is no red flag on the appraisal report, you are all set to receive funding
• The whole process usually takes no more than a few days

Absolutely! You can qualify for a private mortgage even if you haven't filed your taxes or have a lot of your income in cash. Private Lenders do not verify your income. You can get approved as long as there's enough equity in the property. Book a free consultation today to find out how much you can qualify!

Yes! Private lenders will consider credit scores 500 or below. As long as the property is in a good condition and in a marketable area, you can get approved for a mortgage. See more advice on Bad Credit Mortgage in this article.

Yes! Private Lenders can give you a mortgage even if you are still in a consumer proposal. Lenders usually would like to see 2 years of credit history after you pay off your consumer proposal. That's not the case with Private Lenders in Ontario. As long as you have enough down payment or home equity, you can get approved for a private mortgage.

Yes! However, if the bankruptcy happened in the last two years, your private mortgage interest rate will be relatively high. To get a lower interest rate, you can start applying for a mortgage 2 years after you are discharged from bankruptcy. That's usually how long it takes to rebuild your credit if you can stay on top of your debt obligations.

The main closing costs include an appraisal, lawyer fee, and lender fee:

• An Appraisal Report costs between $300 to $500
• Lawyer Fee ranges between $1,000 to $2,000 depending on the complexity of your deal
• Lender Fee ranges between 1%-3%. If you have enough equity in your home, you may be able to include the Lender Fee into the mortgage, so you don't have to pay for it up front.

A Private 1st Mortgage is usually for homebuyers who need a mortgage to purchase a home. However, a Private 1st Mortgage can also use to consolidate multiple mortgages on a property into 1 mortgage to save interest costs. A Private 2nd Mortgage is for homeowners who already have a mortgage and need additional funds.

A Private 1st Mortgage usually has lower interest rates than a Private 2nd Mortgage. However, it all depends on how much equity is in the home. For example, to purchase a $500,000 property, you will get a lower interest rate by having $150,000 down payment compared to $100,000 down payment.

Most private mortgages are interest-only. It means you only need to pay the interest portion every month. As long as you are up-to-date with your mortgage payments and real estate market stays stable, you have the option to renewal a Private Mortgage every year. The principal amount is due when you can refinance your mortgage back to the banks or when you are able to sell. By only requiring the interest payment, Private Mortgage can help you to significantly reduce your monthly cash flow.