THE MORTGAGE MAVEN INC. LIC. # 10136

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  • JOEL KELMAN

Quick Loans Toronto

Updated: Jan 2


How long does it take to get a 2nd mortgage:

Q.

I was looking for a loan on my current residence in Toronto to be used for a down payment on a home I would like to purchase as an income property. How long does it take for a loan from the Mortgage Mavens to be processed?

A.

Second mortgage loans typically take a total of two to three weeks from the initial request to the money in your hand, inclusive of the full appraisal.

At The Mortgage Maven we specialize where others only dabble, we can service clients with no income, no credit and NO APPRAISAL REQUIRED. And best of all, we have closed loans in as little as 48 hours.

That is how we are the fastest legal money in town!

What is the best way to refinance my home:

Q.

My wife and I just purchased a home and decided we would like to add another room and build a pool in our backyard. What is the best way to refinance my home? We are looking for fast refinancing that in addition will increase my home equity in Toronto and possibly help with our debt consolidation

Thank you for your time.

A.

Great question I actually took advantage of the booming market myself! Now is the time to jump on the bandwagon. Home equity loans are now easier than ever to approve as the real estate market surges the equity in your home increases (the portion of money you actually own of your home) and that is the security that a lender will use to give you money.

There is a not of caution though adding a room and a pool might not actually give you the best return on investment as some home purchasers (should you wish to sell in the future) might frown upon a pool as it poses a danger for some elderly and kids. Therefore it might depend on the neighbourhood demographics to determine the true added value. However more square footage will almost always increase your homes value but you would defiantly see more bang for your investment buck if you would renovate your kitchen and/or bath vs. a bedroom.

There are two types of financing options available to you; one being institutional ( bank/trust company) which requires a formal application appraisal and income confirmation documents verifying sufficient income to support the new debt and offering substantially lower rates and lower cost of borrowing. The other being private funds ( from a private investor ) typically much less requirements and possibly no appraisal as well quicker approval and funding times but you can expect higher rates and higher costs of borrowing. If you called our office we would be happy to assist you and explore all available options with you to help you better determine the best choice for you.



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