Mortgage BC – Examples Of Mortgages BC

Mortgage BC Lenders – How Do You Know What A Good Rate is On A 2nd Mortgage

I get this question all the time; What is your best rate Home Equity Loan?

I have decided to post some basic information on some of the last couple of months files I have closed. This  gives potential borrowers a broader understanding of mortgage rates on home equity loans and 2nd mortgages based on property types, property location, different LTV (loan to value) and quality of credit/income or ability to pay.

 

Private Mortgages Recently Funded

 

Strata Condo  North Vancouver BC

 

2^nd Mortgage North Vancouver $90,000 @ 7.5%

39% Loan to Value

To consolidate Debt for pensioned home owners no income verification.

 

House in Dawson Creek BC

1^st Mortgage Dawson Creek $55,000 @ 7.75%

26% Loan to Value

Pensioned Client with multiple collections on Bureau (BAD CREDIT) funds used to debt consolidate to lower payment.

 

House in Burnaby BC

 

3rd Mortgage behind bank 1^st & LOC $240,300 @ 7.99%

65.41% LTV

Funds to payout $150,000 credit card debt balance to take care of medical bills. Stated income clients with great credit history but high credit card debt.

 

House in Vancouver BC

 

2^nd Mortgage of $420,000 @ 10%

75% LTV

Payout 2^nd mortgage & liens on title home was listed for sale. Client has rental income but bad credit.

 

Manufactured Home in Louis Creek BC

 

1^st Mortgage of $187,000 @ 10.95%

53% LTV

Funds used to payout 1^st mortgage & family debt as well as business expansion for BFS stated income client. Client has low credit due to high balances but no missed payments.

 

House Vancouver BC valued at $5,850,000

 

2^nd Mortgage $750,000 @ 11%

72% LTV

Funds used to debt consolidate and complete cosmetic construction of home. High income earner with great credit rating.

House West Vancouver BC 

 

2nd mortgage $150,000 @ 10.25%

Behind a 1st mortgage of $1,404,323

66.17% Loan to Value

Funds used to consolidate debts and do some home improvements. Good Employment but low credit due to high credit card balances not poor payment history.

House Kelowna BC

 

2nd Mortgage $65,000 @ 6.24% (THE LOWEST 2ND MORTGAGE RATE I HAVE EVER OBTAINED A CLIENT)

41.45% Loan To Value

Client has excellent credit but low income due to the expansion of a new business. Funds for business expansion.