Anatomy of a Fast Mortgage Loan
“To Get a Toronto Fast Mortgage Loan in Place, Here’s The Essential Elements That Are Required”
If you’re in need of a Toronto fast mortgage loan, then there are a number of things you’re going to require to get something in place in the time you have available to work with.
First, when we’re talking about a fast mortgage loan, we’re speaking in terms of getting a residential mortgage committed and funded in from 2 to 7 days. The typical period required from start to finish is 2 to 3 weeks.
Second, you need to have all your paper work in order so that there are no delays trying to procure documents or complete agreements. If you’re trying to purchase a property, you’re going to need a completed purchase and sale agreement or properly executed offer to purchase. While a recently completed property appraisal may not be essential, it will likely be required if you’re looking at financing more than 50% of the cost of the real estate. You will also need immediate access to any down payment that may be required.
Third, you’re going to need to be working with a private mortgage lender that makes it a practice to provide a fast turnaround on these types of residential mortgage financing requests. The private lender is likely going to have to be working in your region already in order for them to get comfortable with the subject property value in the least amount of time. The lender may need to come and do a property inspection as well, so the closer the real estate is to the private lending source the better.
Fourth, the transaction is going to have to be executed, registered, and disbursed through a lawyer that is available and prepared to bring your deal to the top of their pile.
Fifth, and perhaps most important, you will need to be working with a Toronto mortgage broker that is experienced at bringing everything together in the time required. Most private lenders work through mortgage brokers, so this is typically the best way to locate the right type of mortgage sources. Mortgage brokers that work with private mortgage lenders will also have relationships with real estate lawyers that can get the legal work completed.
If you require a Toronto fast mortgage loan, give me a call so I can quickly assess your situation and provide relevant mortgage options with a few hours. If I can’t help you, I’ll tell you right away so we’re not wasting the limited time you have available.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel