WHO, WHAT, HERE IS THE See howWHERE, WHEN AND HOW MortgageGi rls theOF PRIVATE FINANCING! can quickly determine if your home equity qualifies for a 1 st , 2 nd , 3 rd or even a 4 th mortgage. Yes, we said a 4 th mortgage ! Martene Woodward & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: firstname.lastname@example.org
CAN’T PROVE YOUR INCOME ? LOW CREDIT SCORE ? SELF -EMPLOYED ? PREVIOUS BANKRUPTCY ? IN FORECLOSURE? BANK SAID “NO ”? NEED SHORT TERM CASH ? 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 aprivate mortgage is the financing solution for you. Martene Woodward & Jackie Woodward Mortgage Associates, Argentum Mortgages P: 866.932.8412 E: email@example.com
WITH A PRIVATE MORTGAGE , YOU DON’T BORROW FROM A BANK, LENDING INSTITUTION OR GOVERNM E NT AGENCY. INSTEAD, YOU BORROW MONEY WHICH IS SECURED BY REAL ESTATE FROM ANOTHE R PERSON OR BUSINESS. THIS MEANS THE DECISION TO LEND IS BASED ON THE EQUIT Y AND VALUE OF THE PROPERT Y BEING PUT UP AS COLLATERAL AND NOT ON THE BORROWER’S CREDIT. INTEREST RATES WILL BE HIGHER THAN CONVENTIONAL WHO LOANS AND THERE IS USUALLY AN UPFRONT FEE are REQUIRED WHICH IS DEDUCTE D FROM THE INITIAL MORTGAGE . BE AWARE THE RATES AND FEES CHARGE D private CAN VARY GREATLY DEPENDING ON THE BROKER YOU ARE lenders? WORKING WITH AS THEY TOO WILL MOST OFTEN BE CHARGING A FEE FOR THEIR SERVICES.Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: firstname.lastname@example.org
WHAT IS HOME EQUIT Y?Home equity is the dif ference between what your home is wor th today and what is presently owing on the debts which are secured by yourhome. Most of ten, these debts are called mor tgages, 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 mor tgage of $150,000 and a lien registered by Canada Revenue A gency in the amount of $50,000, the amount of your home equity is $ 100,000. ($300,000 - $150,000 - $50,000 = $100,000 )Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: email@example.com
Where your proper ty is located is an impor tant factorin determining which private lender to approac h forfunds and what loan to value they will go to with theloan. Your broker will determine this for you .The loan to value is the amount of the loan ver susthe value of the home. If your proper ty is located in asmall town many miles away from a major centre,one private lender may only want to lend up to 60%of the value. WHERE YOURExample ; 60% of a $300,000 home is $1 80,000. If PROPERT Y ISyou presently owe $ 150,000 , the question is will the LOCATED?extra $30,000 be enough or do the Mor tgagegirl’skeep looking for a lender who will go to a higher loanto value. Mar tene Woodward & Jackie Woodward Mor tgage Associates, Argentum Mor tgages P: 866.932 .8 41 2 E: info@mor tgagegirl.ca
WHEN WOULD SOMEONE GO TO A PRIVATE LENDER? 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 disaf fecting 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.Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: firstname.lastname@example.org
1. WE ESTIM ATE THE VALUE OF YOUR HOME. WE DO THIS BYASKING YOU TO PROVIDE A RECENT APPRAISAL OR MOSTRECENT PROPERT Y TAX ASSESSM ENT HOW2. WE ASK YOU TO PROVIDE MOST RECENT STATEME NTSCONFIRMING ANY MORTGAGE BALANCES OWING.3. THE MORTG AGEGIRLS WILL THEN INITIATE A SEARCH OFYOUR LAND TITLE TO CLARIF Y EXACT LY WHAT IS do we startREGISTERED AGAINST YOUR PROPERT Y the process?4. WE DETERMINE TOGETHER EXACTLY HOW MUCH MONEYYOU NEED TO COME TO A SATISFACTORY FINANCINGSOLUTION. IT IS AT THIS POINT IN THE PROCESS THAT WEADVISE WHETHE R THERE IS SUFFICIE NT HOME EQUIT Y INTHE HOME TO PROCEED FURTHERMartene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: email@example.com
4. AND IF THERE IS ENOUGH HOME EQUIT Y, 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 ) HOW 5. THE MORTG AGEGIRLS WILL THEN FORWARD THIS do we start DOCUMENTATION TO A NUMBER OF OUR PRIVATE LENDER the process? CONTACT S ASKING THEM TO PRESENT US WITH A Continued 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 .Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: firstname.lastname@example.org
CHECK OUT OUR OTHER SLIDESHARE “HOW MORTGAGEGIRLGETS YOU BACK TO BEST RATES” TO FIND OUT HOW WE CANWORK WITH YOU SO YOU DON’T HAVE A PRIVATE MORTGAGE FOREVER.Martene Woodward & Jackie WoodwardMortgage Associates, Argentum MortgagesP: 866.932.8412 E: email@example.com
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