• First Mortgage
  • by admin
  • 03 May

Thank you to Mortgage Assist

Dear Mortgage Assist,

I cannot thank you enough for arranging a private first mortgage for me in order to purchase my dream home. I have worked hard all my life, but have been stuck in “renting complacency” because I thought that house ownership was merely a pipe dream.

I own my own business and I assume that, coupled with the fact that the banks have instituted the new“Stress Test”- disqualified me from obtaining a mortgage from a bank.

From beginning to end, the process was fast and easy. I applied online and received a call from a mortgage specialist within 30 minutes. He explained what my options were and a private first mortgage was the one that best suited my needs. From there, I met with my lawyer the next day to sign the documents which were not onerous, and I received the funds quickly to close my purchase.

I was advised of any fee prior to signing the documents, which was nice as many secondary lenders have a negative reputation for adding hidden fees. I was apprised of everything beforehand and knew what I was getting into. Yes, a private mortgage, be it a private first mortgage or a private second mortgage, is more expensive than a mortgage from a bank. However, it was worth it to me as I now own my own home and intend on refinancing once the loan term of 1 year has elapsed.

Thank you for making my dream come true.

Nanci B
Toronto, Ontario

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