JESSE BRUN

Second mortgage financing in Richmond Hill is mostly using private financing. To get approved for second mortgage financing in Richmond Hill a person needs to have a fair amount of equity in their home. Mortgage lenders who do second mortgage financing in Richmond Hill will usually provide short-term mortgage financing for 1 or 2 years until the borrower can be approved by a bank, credit union or B lender. Some second mortgage lenders will borrow up to 85% of the value of the property being used as security if the property is located within a major city. Second mortgage lenders will usually not approve a mortgage for more than 80% of the value of the property unless the property is located in a city with a population of over 50,000 and the home would need to be in good condition as well. Second mortgage lenders normally prefer to give second mortgage on properties which are located within city limits however some private lenders will do second mortgage in small towns or rural areas as well. The second mortgage lender may only finance between 60% to 70% of the value of the property when financing outside of the city especially in very rural areas. Private lenders in Richmond Hill mostly focus on the equity of the property and the condition of the home instead of focusing on a person’s credit history, income, etc. This is why private mortgage financing is sometimes known as “equity lending”. There are other factors that determine how much a lender will be willing to borrow against a property. Some of the factors are the condition of the home, property marketability, exact location and credit but for the most part the location, condition of the home and equity in the property are the most important factors that lenders consider when determining how much they will borrow as a second mortgage against the home.

Getting a second mortgage can be very beneficial and crucial in some situations. Second mortgage financing is often used to stop foreclosures, pay off major collections, pay off judgements against a property, settle income taxes owed, take-out equity to buy another home and much more. If you’re looking for any kind of mortgage financing I would be happy to help you by answering any of your questions, analysing your situation and then providing you with the best options for your situation. My team is here to help you and your business is important to me. Please do not hesitate to contact my office anytime at 1(888)878-4660 or please fill out the very short application form above my website. This will allow us to analyse your scenario and get back to you within a few hours. Thank you very much for considering my services and we look forward to helping you soon!

Jesse
Mortgage Agent
1(888)878-4660
homeloans@jessebrun.com