Welland 3rd Mortgages

Financing with Third Mortgages

In Welland, Ontario, Canada just as well as most parts of the world, a 3rd mortgage can be described as a mortgage that is subordinate to the existing first and second mortgage liens. In the event a borrower defaults on their mortgage payments, the first and second mortgage lenders will be given preference (respectively) when the property or home has to be sold off to recover the loan balance amount. For this reason, it has become quite difficult and very rare to find home equity lenders that offer third mortgages these days. They were much more common during the late 20th century; that is, the seventies and the eighties. Few, however still offer Welland 3rd mortgages. Third mortgage loan agreements are very difficult to secure nowadays; however there are a few private money lenders that continue to offer this type of alternative financing.

Third Mortgage Loan Agreements

This is an agreement that is recognized and controlled by the authorities. When you decide to apply for a Welland 3rd mortgage loan, as a borrower, you will need to make sure that your agreement is written and that it clarifies certain areas – this way, there will be fewer surprises and risks.

The borrower needs to be aware of the following;

  • How the payments will be made – cash, cheque, or any other means and where they should be made
  • The payment arrangements – when are they due and how much will the installments be?

Proper documentation of the agreement is also necessary. It protects both the borrower and the lender.

Benefits of Securing Welland 3rd Mortgages

Most people have a negative attitude towards third mortgages. They seem to think that they are risky, they are difficult to find, and that if a borrower does find a lender willing to advance a third mortgage to them, then the interest rates charged on them will be unrealistically high. Granted, third mortgages are hard to find and some private lenders who offer them, do so at extremely high-interest rates, but there are still a few who can arrange loan offers that suit your needs. Contrary to popular beliefs, third mortgages actually have benefits and these are discussed below;

    1. Debt Consolidation Loans

Lenders offering third mortgage loans often provide other services like Debt Consolidation to help the borrowers manage their debts more effectively.

    1. 3rd Mortgage Refinancing

It goes without saying that third mortgages offer the borrower refinancing options. These funds can be put to better use such as renovating the house and increasing its market value – something that works in favor of both the lender and the borrower.

    1. Interest Only Payment Options

Some lenders will also have the option of arranging for interest only payments with the borrower. Interest only payments are much lower. This is usually common in long-term loans, and it gives the borrower some room to adjust and adopt for a few years before starting to make more monthly payments.

  1. These kinds of loans can be helpful for people who want to release equity so that they can flip properties. By having the rehab costs or downpayment on the investment property, it makes flipping houses possible.

WHAT PEOPLE ARE SAYING…

  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

    KKP, HAMILTON
  • “I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Expert Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.”

    M.D, Mississauga, ON
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
  • “My ex-wife’s lawyer gave me 30 days to buy out her half of our house or have it put up for sale. I had no job and I was in bankruptcy. My bank manager laughed at me. I thought it was hopeless until I saw your flyer. I don’t know how you qualified me for the mortgage. You’re a miracle worker. Thank you!”

    J.R. Burlington, ON
  • “We were 6 months behind on our mortgage and the Sheriff was coming in 5 days to lock us out of our home. Every other mortgage broker said NO! I can’t believe you were able to get us a second mortgage that fast. You saved our home and I will refer everyone I know to you.”

    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON