Private mortgage lending can be a very lucrative investing tool for the average person to add to their portfolio. In BC private money lending on real estate is pretty basic. In general the average investment will go up to 75% LTV or Loan to Value. Higher LTV’s do happen up to 80% but for these examples we will use 75%.
If your primary concern is how to get a home equity loan with low income, or how to get a HELOC with no income, you have come to the right place. Home equity lenders primary focus is your home’s equity, a leverage which allows you to get a home equity loan even without a job. Many times, starting a new business, newly received citizenship or temporary job loss can leave home owners without conventional income to qualify under. With home equity lenders this doesn’t matter as much. We can explore a few options that assist no income home equity loan approval.
Why Is Loan To Value Important To Mortgage Lenders
Loan to value is important to mortgage lender because it help them to determine risk. The higher the degree of risk for the lender usually indicates a higher rate of interest and costs applied to the loan.
If your income doesn’t qualify you for a bank loan and a B Lender is your only option, you might be wondering how much B Lender mortgage rates would cost you. B Lender rates in BC Canada for 1 year fixed rates can start as low as major banks’ 5 year fixed rates. What is important to keep in mind though, is that B Lenders do charge a lender’s fee while the responsibility for all legal & appraisal costs is on you. Since not all B Lenders have the same fees and their mortgage rates are set on a case by case basis, there may be additional costs involved, so get in touch for a complete review of your situation.
For the self employed it is common to wonder if you can get a home equity loan if you are self employed and have low income. Many self-employed individuals think due to their business for self income that banks & other lenders are less likely to approve them for a home equity loan. Banks do have tougher criteria for approving a HELOC and usually look at things like credit & income documents but there are many products out there that can help.
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.
How to pay for vacation or payoff your vacation loan?
Now that we are into the Canada Day Long Weekend, here is a blog that might help someone you know or perhaps you’re considering how to pay for much needed vacation expenses. We all either know someone or have done it ourselves; borrowed too much or extended our budget too far in search of that dream vacation.
Why Pay Property Taxes? Well your property tax payment is one of the largest revenue sources in the Province of BC. These taxes are critical in helping provide programs & services in communities throughout British Columbia.
Is this the end of stated income mortgage insurance or a push to reduce the risk to the crown corporation? Many think this is the first steps in the crown corporation to offset the risk to private insurers.
Income Tax time comes every year but are you ready for it? For many small and mid size business owners in Canada income tax time can be a big dread. You try to prepare by having all your receipts in order and contributing to an RRSP in hopes to reduce the monies you owe. When surprises hit are you ready for them?
