How Fast Can I Receive The Money?

The timing varies depending on the transaction, but typically borrowers can receive their funds between 48 hours and 4 business days

Are Appraisals required for First or Second Mortgages?

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.

Can I arrange my mortgage payments to be prepaid?

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.

What Is The Difference In Interest Rates Between First And Second Mortgages?

Although every situation is different, second mortgages have a higher rate of interest.

Can I Repay My Second Mortgage Early?

In some circumstances, the borrower is entitled to repay the mortgage early without any prepayment penalty.

What Is The Maximum Amount That I can Borrow?

Mortgage Assist does not have a maximum that can be borrowed.

Will You Check My Credit?

While banks always check the borrower’s credit, in the majority of transactions Mortgage Assist does not conduct a credit check.

I am purchasing a property but my bank financing fell through, what should I do?

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.

How Do I Make My Mortgage Payments?

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.

What is the term of a mortgage?

There is no minimum term for your mortgage loan and the maximum term if one year.

Why Should I consider getting a second mortgage?

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.

Are private mortgages, whether they are first or second mortgages, expensive?

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.

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 1206 Centre street Suite 207 Vaughan, Ontario L4J3M9