We Provide the most competitive Rates in BC. Looking for a Home Equity Loan Rate, Second Mortgage Rate or Private Mortgage Rate.
TMG The Mortgage Group Canada Inc.
BEWARE, RATES ARE NOT ALWAYS WHAT THEY SEEM!
When looking for a private mortgage rate consider all the costs involved. Some lenders offer low introductory rates but yield the rate up with a lender fee. Some lenders have high payout penalties and some other lenders offer a percentage of the total amount of the mortgage to renew. All these can affect your true cost to borrow when looking for First & Second Mortgage Rates.
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Take for example a home equity loan rate at 8.95% on $100,000 loan amount. If the lender charges a fee of $2,500 you are essentially paying 11.45% for that 1 year term.
Another example; a payout penalty of 4 months for early payout. This could add another 4% annually to your cost of borrowing.
And again look at your renewal fee. Some lenders have a onetime fixed fee yet others charge a 1% or 2% of the loan amount to renew. These can effectively change the rate of borrowing in the next year of your term.
Consult with me your BC Mortgage Broker. My job is to make you aware of all your options. 1-877-744-3436 Jeff Di Lorenzo
Private First Mortgage Rates can start as low as Prime + 3% and go up depending upon the strength of your application. When sourcing a Private Mortgage you need to consider what lender to use. The big Home Equity Loan companies, like the Big Banks sell only their mortgage products and don’t always have the products that could best suit your Mortgage Application needs. Deal with me your BC Mortgage broker enables you to access more products the market offers.
Private Second Mortgage Rates can start as low as 8.25% and go up depending upon the strength of your Mortgage Application. Although these rates may seem high for a mortgage they are used to consolidate high interest credit cards debt and since they usually are interest only or amortized over 25 years this can considerably lower your monthly payment. It is a good idea to deal with a Mortgage Specialist that has access to a variaty of Private Mortgage products that way you can be confident that they have sourced you a competitive rate and product. The big Home Equity Loan Lenders like the Big Banks sell only their mortgage products and don’t always have all the products that could best suit your Mortgage Application .
Private Mortgage BC
Private Mortgage Alberta
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