Private Mortgage BC Lenders – How Do You Know What A Good Rate is On A 2nd Mortgage
I get this question all the time; What is your best rate Home Equity Loan?
I have decided to post some basic information on some of the last couple of months files I have closed. This gives potential borrowers a broader understanding of mortgage rates on home equity loans and 2nd mortgages based on property types, property location, different LTV (loan to value) and quality of credit/income or ability to pay.
Private Mortgages Recently Funded
2nd Mortgage North Vancouver $90,000 @ 7.5%
39% Loan to Value
To consolidate Debt for pensioned home owners no income verification.
1st Mortgage Dawson Creek $55,000 @ 7.75%
26% Loan to Value
Pensioned Client with multiple collections on Bureau (BAD CREDIT) funds used to debt consolidate to lower payment.
3rd Mortgage behind bank 1st & LOC $240,300 @ 7.99%
Funds to payout $150,000 credit card debt balance to take care of medical bills. Stated income clients with great credit history but high credit card debt.
2nd Mortgage of $420,000 @ 10%
Payout 2nd mortgage & liens on title home was listed for sale. Client has rental income but bad credit.
1st Mortgage of $187,000 @ 10.95%
Funds used to payout 1st mortgage & family debt as well as business expansion for BFS stated income client. Client has low credit due to high balances but no missed payments.
2nd Mortgage $750,000 @ 11%
Funds used to debt consolidate and complete cosmetic construction of home. High income earner with great credit rating.
2nd mortgage $150,000 @ 10.25%
Behind a 1st mortgage of $1,404,323
66.17% Loan to Value
Funds used to consolidate debts and do some home improvements. Good Employment but low credit due to high credit card balances not poor payment history.
House Kelowna BC
2nd Mortgage $65,000 @ 6.24% (THE LOWEST 2ND MORTGAGE RATE I HAVE EVER OBTAINED A CLIENT)
41.45% Loan To Value
Client has excellent credit but low income due to the expansion of a new business. Funds for business expansion.