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Private & Alternative Lending

What Can be Done When the Banks say “NO”

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  • How much of a down payment you will need
  • What your ideal term length should be
  • What kind of interest rates you will pay
  • What kind of fees are associated with a private mortgage
  • What documents you will need for the process
  • What kind of conditions your private mortgage will have
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What Is a Third Mortgage?

A third mortgage is a loan that is prioritized lower than first and second mortgages. This type of loan was more common in the 1970s and 1980s, before scandals on savings and loans changed the way home mortgages were handled. At that time, these loans were given more freely, without the scrutiny and care necessary to protect lenders and homeowners, which resulted in thousands of people losing their homes. Today, mortgage lenders are more cautious about issuing third mortgages and, while properties with three mortgages still exist, there are understandably fewer lenders willing to issue them.

Securing a third mortgage is difficult because of the significant risk of foreclosure. As a general rule, in a foreclosure proceeding, the first mortgage lender is given preference over lower prioritized mortgage loans. In the event that the same property holds more than one mortgage and the borrower falls into default, the original mortgage lender is first in line to recover their money. The second mortgage lender is next, followed by the third. Lenders who issue third mortgages have the least amount of security and, as a result, interest rates on third mortgages are high.

Qualification criteria includes credit scores, income and other mortgages. Most loans are based on collateral, which is usually the value of the real estate. The higher the value of the collateral, the more chance the borrower has of obtaining the desired amount. If the borrower defaults, the collateral – usually the home – reverts to the lender and the home eventually goes into foreclosure.

Third mortgage loans do have some benefits. Homeowners often use the money to enhance or preserve the value of their home and are typically in the form of consolidation loans, mortgage refinancing and lines of credit. A lender will assess equity in other mortgages, income, debit, credit score and employment history when considering an application for a third mortgage.

It’s important to keep in mind the total amount of regular payments on all previous mortgages to decide whether another mortgage is practical, and it’s just as important to remember that monthly payments are required to be paid on all three mortgages simultaneously. If a third loan is approved, it would be at a much higher rate of interest compared to the earlier mortgages.

Securing a third mortgage is not easy, so make sure you do your research and consider all the financial implications.

What is the GLM Mortgage Group?

GLM Mortgage Group, powered by Dominion Lending Centres, is your Vancouver and Lower Mainland Mortgage Brokerage service. We are always ready to move forward with you to obtain the mortgage you need with the sharpest mortgage rate available. Whether it’s a fixed rate or variable rate mortgage you are after, we are dedicated to finding the best mortgage rates in Vancouver, including Home Loans, Consolidation Loans, Lines of Credit and more. No matter what you need, our team of Mortgage Specialists will follow through to find the best mortgage product that fits your individual circumstances. Our free online mortgage calculator keeps you informed on how much your mortgage payment will be as well as show how different mortgage rates will affect the mortgage you require.As your Vancouver mortgage broker, GLM Mortgage is committed to clear communication with our clients. We make sure you are informed on all the mortgage options available to you. We call you back within 90 minutes to make sure that you have the fastest service available. We are not only available in Vancouver and the Lower Mainland, we are also available across Canada.GLM Mortgage Group is your Vancouver mortgage specialist. With over 22 years of experience in the investment industry we know how to wade through the challenging process of getting a mortgage. We provide smarter options to putting your mortgage in place. We know how important it is to have an experienced professional Mortgage Specialist available to walk through your mortgage experience and stay with you through to the very end.We get you a fast “YES” at the sharpest rate… guaranteed! Call us now so that you can get that mortgage you’ve been waiting for. We already have been working for you, making sure that you will have every option of a mortgage available to you. GLM Mortgage Group is on call for you!

Guide to Obtaining Good Credit

GLM Mortgage Group will help you to obtain the good credit you need in order to secure yourself a mortgage. Our free Guide to Obtaining Good Credit will provide you with the steps you need to improve your credit quickly. We show you how to obtain your credit report so that you are fully aware of what needs to be improved on as well as making sure there are no errors (as many as 80% of consumers have errors on their credit reports!). It can take as little as 30 days to improve your credit score! Download our free Guide to Obtaining Good Credit.
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Use our Mortgage Calculator

In searching for the right home for you, it’s good to know how much your mortgage payments will be and what you can budget for your payments. Our easy to use calculator will show you how much of a mortgage you can afford as well as what mortgage payments to expect based on the amount of the purchase price. At GLM Mortgage Group we believe in educating our clients. We give our Clients the tools they need to be as well informed as possible. Budgets are extremely important and our calculator makes figuring out mortgage payments easy as well as the right fit for you!
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Posted Rates

Canadian banks post rates that are generally higher than what a Mortgage Broker can offer. This is because the big banks (for example, Bank of Montreal and Royal Bank of Canada) expect you to negotiate down their rates. At GLM Mortgage Group, we post the best rates available anywhere. We have over 90 Lenders that we work with which is good news for our clients. We have the leverage to negotiate the best rates out there. Remember, GLM Mortgage Group works for you! Not the bank! We will get you the fastest YES at the sharpest rate….guaranteed!
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