Private Mortgage Loans from Mortgage Intelligence Oshawa and Elfie’s Team of Mortgage Agents.

In addition to the resources of over 50 Institutional Lenders in Canada, “Your Durham Region Mortgage Doctor” has aligned it’s self with a diverse group of Private Lenders.

This allows us to offer solutions that are not available through insured mortgages.

Why Consider a Private Mortgage?

A private loan can be the solution for borrowers who find themselves in financial difficulties and still need to get a mortgage. It may stop foreclosure or power of sale proceedings, pay back taxes or simply refinance all debts into one consolidated loan.

How Private Mortgages Work:

The equity of your property is one of the principal factors in the approval of a Private mortgage. Your equity is the value of your property minus the balance of the existing first mortgage. The first step in the approval is preparing an appraisal to determine the market value of a property. If you currently have a second mortgage as well as a first, then both mortgages must be subtracted from the value.

For Example: Value of home is $300,000 and you have a 130,000 first mortgage plus a $40,000 second, then your home equity is: ($300,000 – 130,000 – 40,000 = $130,000)

Since home equity is the focus of this type of mortgage, bad credit is not typically a problem. The key factors that will affect approval are, location, type of property, condition of property, and the ability to repay the mortgage based on your income.

Private Mortgage Rates and Fees:

Private mortgage rates are almost always high due to increased risk for the private lender.

Since the rate is assigned to the approval based on that risk, you must discuss the entire application with “Your Durham Region Mortgage Doctor” member to determine your rate.

There are fees associated with Private Lending. In addition to the appraisal fee, there are Broker fees and in many cases, Lender fees as well. Private Mortgages are all unique situation and fees can vary from one loan to another. You may want to ask for additional funds in the mortgage to assist you in covering these additional costs.

Contact your “Your Durham Region Mortgage Doctor” member for an individual discussion about your private mortgage application or Apply online today to begin the process. There is no fee if an approval is not given.


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