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Current Rates

Terms Our Rates
6 Months 3.10 %
1 Year 2.44 %
2 Years 2.54 %
3 Years 2.69 %
4 Years 2.84 %
5 Years 2.69 %
7 Years 3.39 %
10 Years 3.79 %
Current Prime 2.95 %
5 Year Variable 2.00 %

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Industry Associations...

CAAMP MBABC


Private Mortgage

Private mortgages in Vancouver, and BC.

Private mortgages based mainly on equity in the property, not borrower’s income or credit. Very little or none income verification is required. Private loans usually go up to 75% of the property value, but they can be up to 85% and even 95%. Mortgage can be for purchase and equity take out (usually second or third mortgage).

WHY USE PRIVATE LENDERS?

         -CREDIT PROBLEMS. Any credit will be considered.

         -INCOME VERIFICATION. No income verification required.

         -CONSTRUCTION and COMMERCIAL MORTGAGES, that don’t fit in bank’s guidelines

         -LOCATION AND STATUS OF THE PROPERTY.

         -FORECLOSURE PREVENTION.

         -DEBT CONSOLIDATION.

         -INVESTMENT IN BUSINESS.

         -TIME RESTRICTIONS. Private mortgage can be funded in 2-3 days.

 

     There are three main categories of private lenders:

1. Banks with special programs for borrowers without income verification or credit problems. Usually have lower rates, but require more documentation.

2. Mortgage Investments Corporations or MIC’s. MIC is an investment and lending company designed specifically for mortgage lending (residential and commercial). No income verification required. Only need mortgage application and appraisal. Mortgage can be arranged as Line of Credit.

3. Individuals who invest their savings in private mortgages. No income verification required. Only need mortgage application and appraisal.

 

HOME EQUITY VISA. This is unique product that allows use money when they needed, and only pay for outstanding balance. It works as regular Visa card, but secured by real estate. It has also 1% cash back on your purchases.

No income verification required.

Up to 75% of the property value. Register as a second mortgage.

Rate 7.99%

Legal fees under $500

 

I have access to many Private lenders and Financial Institutions that have “B” mortgage programs. With Institution you can usually get a little better rates, but will need to provide more documentation.

I educate my clients on how to increase their Credit Score and get better mortgage rates.

 

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