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Financing small mortgages
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Trying to find financing for a small mortgage or home equity loan can be hard to find.Many lenders have minimum loan amounts. A knowledgeable and experienced mortgage broker will know which lenders have no minimum loan amount and be able to help you get approved.
Lenders often have underwriting ratios that prevent them from making small loans. Usually its a 5 to 1 ratio. That is the first mortgage cannot be more then 5 times the balance of the proposed second mortgage.
Many lenders nowadays have minimum loan amounts for first and second mortgages. The most common minimum loan amount on first mortgages if $50,000. For second mortgages the most common minimum loan amount is $10,000. There are lenders that will allow financing on smaller loan amounts but don't be surprised if you have a slightly higher interest rate for financing that smaller loan amount. The main reason for the higher rate for a smaller loan amount is because the risk versus reward benefit is not as abundant for lenders on smaller loan amounts as it on bigger loan amounts.
Financing Small Mortgages in the News:
| Scott's REIT reports strong fiscal 2009 results (CNW Group via Yahoo! Finance) |
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Scott's Real Estate Investment Trust , Canada's leading owner of small-box retail properties, today reported its financial results for the fourth quarter and year ended December 31, 2009 and its monthly cash distribution for March 2010.
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| Scotiabank posts record domestic profit (MalaysiaNews.net) |
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Bank of Nova Scotia reported a first-quarter profit of nearly $1-billion as growth in demand for residential mortgages and personal loans boosted the domestic lending operation. For the three months ...
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| Foreclosures on commercial properties a big problem in Houston (11 News Houston) |
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HOUSTON—Connie Nguyen had a plan that got slammed by the bad economy. "I have a solid business plan. I am in a profession that’s highly demanded," she said. Dr. Nguyen is a dermatologist. She wanted to stop working in a hospital and start her own practice. But after she bought a building that had been sitting vacant for months in the Heights, she got a big surprise. "Three weeks later, Bank of ...
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| Indiana-Armstrong Builders/Spring Home Show: Area builders cautiously optimistic about coming construction season (The Indiana Gazette) |
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The economy, taxes, tax credits and even what's in the news may determine how busy homebuilders are this spring, according to some local builders and contractors.
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| Tap turned on for smaller lenders (Brisbane Times) |
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THE thawing of specialist credit markets is helping to inject new competition into the home loans market, now dominated by the big four banks. The raising of $1.3 billion in funds by smaller mortgage lenders was announced yesterday.
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Financing Small Mortgages on the Web: