Reliable Financial Group Inc(RFGI) Kitchener ON is best source of Private Mortgage
Following private mortgage feature would like you:
- Open Terms Standard
- No Deposits required before Instructing Lawyers
- Stated Income
- Interest Only and amortized Payments
- Only 1 Lawyer required on Refinances
- 1 Page Commitment
- Negligible Renewal Fees
- HELOC Available too
- Some time lender fees less then 1%
For Borrowers:
- Lender: We have in our connection experienced private lenders who can lend money on residential and commercial properties whether it is purchase or refinance. At present RFGI has pull of more than 20 in house private lenders.
- Interest rate: Interest rate on private lending varies from 6.5% to 10% on first mortgage and 7.50% to 15% on 2nd The interest rate varies depends upon the location, credit and credit history, income, equity in the property, type of the property etc.
- Appraisal Report:
- Lender fees: Varies from lender to lender. 0% to 10% depends upon the mortgage amount
- Brokerage fees: Minimum 1 % to 10% depends upon the mortgage situation
- Mortgage Amount: Minimum $10,000
For Lenders:
Reliable Financial Group Inc (RFGI) mortgage brokerage house is always looking for private lenders who are interested to invest their money in to the mortgage investment. Please contact us for your any question.
Current mortgage interest for alternative to bank, MIC and Private Mortgage
Alternative lending Rates for 1st Mortgage: Depends upon credit score:
|
Credit Score |
1 Year |
2 Years |
3 Years /ARM |
4 Years |
5Years /ARM |
|
680+ |
5.34% |
5.19% |
5.09%/5.35% |
6.59% |
5.09%/5.75% |
|
640+ |
5.49% |
5.34% |
5.24%/5.50% |
6.59% |
5.24%/5.90% |
|
600+ |
5.74% |
5.59% |
5.49%/6.15% |
6.84% |
5.49%/6.15% |
|
575+ |
5.99% |
5.84% |
5.74%/6.40% |
7.09% |
5.74%/6.40% |
|
550+ |
6.24% |
6.09% |
5.99% |
7.19% |
5.99% |
|
<550 |
6.49% |
6.34% |
6.24% |
7.44% |
6.24% |
MIC (Mortgage Investment Companies) Rtae: 5.99% up to 80% LTV
Private Mortgage Interest Rate
1st Mortgage Interest Rate:
|
< 50% LTV |
<60%LTV |
<65%LTV |
<70%LTV |
<75%LTV |
<80%LTV |
|
6.49% |
6.80% |
7.45% |
8.45% |
8.95% |
6.99% |
2nd Mortgage Interest Rates:
|
< 50% LTV |
<60%LTV |
<65%LTV |
<70%LTV |
<75%LTV |
|
8.64% |
9.14% |
9.64% |
10.14% |
10.99% |
Business for Self Income Requirements (may require additional docs)
|
Category |
Documents Required |
|
Sole Proprietorship/Partnership/Corporation |
Article of Incorporation or Business license Self Declared Income Letter 12 Months Bank statements or financial statements |
|
Income not taxed at source |
2-3 Reference Letter Self Declared Income Letter 12 Months Bank statements |
|
Commissioned Sales |
Employment Letter Self Declared Income Letter YTD Gross Commission statement or T4A |
|
Contract Employees |
Copy of Contract Self Declared Income Letter 12 Months Bank statements |
|
Gratuity Based Income |
Employment Letter Self Declared Income Letter 12 Months Bank statements |
