Private Mortgages- Who, What, Where, When & How

See how

the MortgageGirls

can quickly determine i f

your

home equity qual i f ies for a

1 s t , 2 n d ,

3 r d or even a 4 t h mortgage.

Yes, we said a 4 t h mortgage !

HERE IS THE WHO, WHAT, WHERE,

WHEN AND HOW OF PRIVATE FINANCING!

Martene Woodward & Jackie Woodward Mortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

http://www.mortgage-broker-edmonton.com/Private-Mortgages

mailto:[email protected]

http://www.mortgage-broker-edmonton.com/Edmonton-Mortgage

http://www.mortgage-broker-edmonton.com/Edmonton-Mortgages

Whatever your reason is, we understand and we are here to help. “NO” means “YES” with the MortgageGirls! We will

use our 30 years of mortgage underwriting experience and

connections to a large number of lenders to determine if a private

mortgage is the financing solution for you.

CAN’T PROVE YOUR INCOME? LOW CREDIT SCORE? SELF-EMPLOYED? PREVIOUS BANKRUPTCY?

IN FORECLOSURE? BANK SAID “NO”? NEED SHORT TERM CASH?

Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: [email protected]

http://www.mortgage-broker-edmonton.com/Home-Equity-Loan










WHO are private lenders?

WITH A PRIVATE MORTGAGE, YOU DON’T BORROW FROM A BANK, LENDING INSTITUTION OR

GOVERNMENT AGENCY. INSTEAD, YOU BORROW MONEY WHICH IS SECURED BY REAL ESTATE FROM ANOTHER PERSON OR BUSINESS. THIS MEANS THE DECISION TO LEND IS BASED ON THE EQUITY AND

VALUE OF THE PROPERTY BEING PUT UP AS COLLATERAL AND NOT ON THE BORROWER’S

CREDIT. INTEREST RATES WILL BE HIGHER THAN CONVENTIONAL LOANS AND THERE IS USUALLY AN

UPFRONT FEE REQUIRED WHICH IS DEDUCTED FROM THE INITIAL MORTGAGE. BE AWARE THE

RATES AND FEES CHARGED CAN VARY GREATLY DEPENDING ON THE BROKER YOU ARE WORKING

WITH AS THEY TOO WILL MOST OFTEN BE CHARGING A FEE FOR THEIR SERVICES.





http://www.mortgage-broker-edmonton.com/Edmonton-Home-Equity-Loan

http://www.mortgage-broker-edmonton.com/Best-Mortgage-Rate-Edmonton

http://www.mortgage-broker-edmonton.com/Edmonton-Second-Mortgage




Home equity is the diff erence between what your home is worth today and what is presently owing on the debts which

are secured by your home. Most often, these debts are called mortgages, however, there are many other types of “debts” that can be registered against your home such as

lines of credit, liens or judgments. Example; If your home is valued at $300,000 and you have a

mortgage of $150,000 and a lien registered by Canada Revenue Agency in the amount of $50,000, the amount of your home equity

is $100,000. ($300,000 - $150,000 - $50,000 = $100,000)

WHAT IS HOME EQUITY?










Where your property is located is an important factor in determining which private lender to approach for funds and what loan to value they wil l go to with the loan. Your broker wil l determine this for you.

The loan to value is the amount of the loan versus the value of the home. If your property is located in a small town many miles away from a major centre, one private lender may only want to lend up to 60% of the value.

Example; 60% of a $300,000 home is $180,000. If you presently owe $150,000, the question is wil l the extra $30,000 be enough or do the Mortgagegir l ’s keep looking for a lender who wil l go to a higher loan to value.

Martene Woodward & Jackie WoodwardMortgage Associates, Argentum Mortgages

P: 866.932.8412 E: [email protected]

WHERE YOUR PROPERTY IS LOCATED?






The Mortgagegirls often say “bad things happen to good people”. If you are going through a rough patch in

your life and have lost your job or are going through the breakdown of a relationship, something may be

disaff ecting your ability to go through a bank or lending institution. This is a time where a private

lender may be the answer as they base their lending decision on common sense and do not have to follow

strict guidelines.

WHEN WOULD SOMEONE GO TO A PRIVATE LENDER?







HOW do we

start the process?

1 . WE ESTIMATE THE VALUE OF YOUR HOME. WE DO THIS BY ASKING YOU TO PROVIDE A RECENT APPRAISAL OR MOST RECENT PROPERTY TAX ASSESSMENT

2. WE ASK YOU TO PROVIDE MOST RECENT STATEMENTS CONFIRMING ANY MORTGAGE BALANCES OWING.

3. THE MORTGAGEGIRLS WILL THEN INITIATE A SEARCH OF YOUR LAND TITLE TO CLARIFY EXACTLY WHAT IS REGISTERED AGAINST YOUR PROPERTY

4. WE DETERMINE TOGETHER EXACTLY HOW MUCH MONEY YOU NEED TO COME TO A SATISFACTORY FINANCING SOLUTION. IT IS AT THIS POINT IN THE PROCESS THAT WE ADVISE WHETHER THERE IS SUFFICIENT HOME EQUITY IN THE HOME TO PROCEED FURTHER







HOW

do we start the process?Continued

4 . AND IF THERE IS ENOUGH HOME EQUITY, WE THEN ASK YOU TO COMPLETE ONE OF OUR CREDIT APPLICATIONS AS WELL AS PROVIDE WRITTEN AUTHORIZATION TO ORDER YOUR CREDIT REPORT. ( WE MAY SKIP THIS LAST STEP IF YOU ALREADY HAVE A RECENT CREDIT REPORT AVAILABLE THAT YOU ORDERED YOURSELF)

5 . THE MORTGAGEGIRLS WILL THEN FORWARD THIS DOCUMENTATION TO A NUMBER OF OUR PRIVATE LENDER CONTACTS ASKING THEM TO PRESENT US WITH A PROPOSAL TO EXTEND FINANCING.

6 . WITHIN A COUPLE OF DAYS, WE WILL COME BACK TO YOU WITH THE OFFERS AND DETERMINE WHICH ONE BEST SUITS YOUR UNIQUE FINANCIAL CIRCUMSTANCES .




CHECK OUT OUR OTHER SLIDESHARE “HOW MORTGAGEGIRL GETS YOU BACK TO BEST RATES” TO

FIND OUT HOW WE CAN WORK WITH YOU SO YOU DON’T HAVE A PRIVATE MORTGAGE FOREVER.






Private Mortgages- Who, What, Where, When & How

Economy & Finance

Transcript of Private Mortgages- Who, What, Where, When & How