The timing varies depending on the transaction, but typically borrowers can receive their funds between 48 hours and 4 business days
The answer depends largely on the facts of the transaction. For example, if the loan to value is low, then an appraisal would not be required. In other situations an appraisal or drive by inspection may be required.
Yes, we can arrange a first or second mortgage for you with all your payments prepaid for the term if there is enough equity in the property.
Although every situation is different, second mortgages have a higher rate of interest.
In some circumstances, the borrower is entitled to repay the mortgage early without any prepayment penalty.
Mortgage Assist does not have a maximum that can be borrowed.
While banks always check the borrower’s credit, in the majority of transactions Mortgage Assist does not conduct a credit check.
If you have signed an Agreement of Purchase and Sale and are unable to close the purchase, you would be at risk of losing your deposit and being sued. To avoid such a scenario, you can obtain a private mortgage from Mortgage Assist and we will process your application quickly.
Your mortgage can be paid 3 ways
(1) Providing monthly post-dated cheques for the term of the mortgage
(2) The entire interest can be prepaid whereby the interest is deducted from the net advance of funds to you
(3) A combination of the above whereby some months are prepaid and monthly post-dated cheques are provided for the remainder.
There is no minimum term for your mortgage loan and the maximum term if one year.
Private second mortgages are useful for a variety of reasons, including, but not limited to, paying off high interest credit cards, paying property tax arrears or avoid power of sale. Additionally, the prepayment penalty on your first mortgage may be prohibitive and it would make financial sense to keep the first mortgage in place and obtain a second mortgage.
Private mortgages, whether they are first mortgages or second mortgages are more expensive than bank mortgages. The reason for the increase in cost is due to the fact that they are riskier since individuals who cannot obtain a mortgage from a bank likely have damaged credit, unverifiable income or employment or have declared bankruptcy. At Mortgage Assist, we do not believe that these factors should prevent individuals from home ownership.