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Equity Mortgage Rates and Fees (Lower Mainland of BC)

license info: FICOM

Equity Mortgages mean these types of mortgages are based on the equity and not the income, credit or age of the borrower. If you're looking at this for an option most likely you cannot provide traditional income verification and you may have bruised credit.

There is a solution, the rates and fees are higher due to this being a riskier mortgage as unlike banks we do not require income verification or a certain credit score to qualify.

Here are some of the features if you are looking at securing a private equity mortgage:

- open terms, meaning you can pay off the mortgage at anytime without a penalty.
- stated income, no need to provide income verification or NOA's.
- interest only on most mortgages.
- proof of down payment not required
- $200 renewal fee
- HELOC's available (rates are higher)

LTV means Loan to Value, if your home is worth $1,000,000 and you would like a first or second mortgage amount of $600,000 you are at 60% LTV. **Please Note** all files require an appraisal we order (your cost approx $350) we do not use your yearly city property tax assessment, that is what your property taxes are based on and not today's market value.

Rates & Fees
1st Mortgage Rates: 2% Fee is deducted from loan amount, all loans are Open

50% LTV 6.95%
51%-75% LTV 7.49%

2nd Mortgage Rates: 4% Fee is deducted from loan amount, all loans are Open

50% LTV 8.49%
55% LTV 8.95%
60% LTV 9.49%
65% LTV 10.49%
70%-75% LTV 10.95%

**rates are not guaranteed and are subject to underwriting (foreclosure, bankruptcy will affect these rates)**

Yes these rates and fees are higher than traditional lenders as our risk is higher, if you are in business for yourself and gross $150,000 and claim after deductions $40,000 and have equity in your home we can approve you.

Process:
- fill in an application.
- you will receive a commitment letter letter stating all terms, rates and fees.
- an appraisal is done to confirm value.
- sign at lawyer and receive funds (usually deposited the next day).

If you want a quote on rate and fees all I need to know is:

- when do you need funds by?
- current market value? NOT the property assessment.
- amount of funds you are looking for?
- is this a first or second mortgage?
- if it's a second mortgage I need to know the amount of the first mortgage?

Any questions please contact me:
Neil Beaumont
Equity Mortgage Professional
  • do NOT contact me with unsolicited services or offers

post id: 6983388333

posted:

updated:

best of [?]