Unhappy with your investments, RRSP, stock/bonds, and worse of all your savings account? Why not join the banks and other lenders and become a lender yourself. Remember banks make billions of dollars every year lending money. With banks becoming more and more difficult to deal with many borrowers are looking for lenders who have common sense and understand and appreciate their needs.
Decide how much money you have available to lend. We rarely recommend lending more than 80% of the property’s appraised value.... Once we have determined your parameters we seek out borrowers that meet your criteria.....we find an applicant that matches your requirements and present you with their credit bureau(s), employment history, property address, existing financing if any on the subject property and the applicants repayment history, supporting documents showing the applicants ability to repay and finally the interest rate you will earn. ......if and once your satisfied we prepare a “Mortgage Commitment” conditional on several factors most importantly a new appraisal to ensure the value is supported.....days before the mortgage is funded your lawyer will review your file to ensure all conditions are satisfied and then request you deliver the mortgage funds to them so they can finalize the mortgage.
Not satisfied with your RRSP performance? You can self-direct your RRSP. Why not choose directing yours into mortgages? Call now at 613-341-7365 and we will explain how it works.