Where do you find a Vancouver Mortgage Broker for second mortgages?
When a home owner is looking for a Vancouver Mortgage Broker for a second mortgage, chances are that he will search the internet to locate a Mortgage Broker nearby. In Vancouver, BC a search will turn up a few Mortgage Brokers who have the contacts and experience to arrange for the money required by the home owner.
What are second mortgages?
Second mortgages are loan contracts secured on real properties which already have prior first mortgage charges on them. Most second mortgages are private mortgage loans provided by private mortgage lenders. These private mortgage loans fill the gaps that some financial institution such as banks and credit unions are unable or unwilling to fulfill.
Private Mortgage Lenders
Second mortgages are secured high yield investments private investors understand, and at the same time have some control on the investments. A private mortgage is a relatively safe investment. Most private lenders capped their investment risks to not more than 85% of the real estates provided as securities. The interest rates payable on 2nd mortgage loan contracts are from 9% to 18% per annum.
Some common features of a 2nd mortgage are:
1). Financing up to 85% of house value.
2). Interest rates from 9% to 18%.
3). Term – generally from 1 to 3 years.
4). Payments – mostly interest payment only.
5). Lender/broker fees – varies from 4% to 8%
6). Approval time – may take 1 day to 5 days.
7). Loan funding – can be done in less then 10 days.
If you like to find out more information about Vancouver second mortgage, kindly contact James Wong at 604-721-4817