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Richmond Hill (2016 population 195,022) is a town in south-central York Region, Ontario, Canada. Part of the Greater Toronto Area, it is the York Region’s third most populous municipality and the 28th most populous municipality in Canada. It is also Canada’s most populous town.
Richmond Hill has seen a population growth since the 1990s. The town is home to the David Dunlap Observatory telescope, the largest in Canada.
When deciding whether or not to approve a mortgage a lender will examine the value of the property and the existing mortgages on the property. When a property has too much in secured debt, a lender will not be able to lend against it. Under the Ontario Mortgages Act, a lender can sell a mortgaged property if the borrower has failed to pay their fees for over 2 weeks. When the property is sold by the lender, the mortgages must be paid out in the order in which they are placed on the property. This means that a lender will lose money on a second or third mortgage if the value of the first mortgage is close to the value of the property. Lenders determine the risk level of a deal by calculating the Loan to Value ratio (LTV) of the property. Lenders that invest in Richmond Hill are able to lend on properties up to 85% LTV. Private lenders are flexible when it comes to mortgage rates and terms, and may provide discounts if you can show a high income.
People with bad credit must seek a private lender if they want a mortgage on their property. As with all risky investments, bad credit mortgages have relatively high-interest rates. Banks offer the lowest interest rates of around 3% to 4% while private lenders charge rates of 7% to 15%. With a private mortgage there are additional fees needed in order to set up the mortgage. The private lender will pay their staff, their lawyers, and a home appraisal company. Our brokerage provides clients with a handful of offers and can give recommendations on which offer we feel is best.
Credit scores can only improve if you make a habit of paying all of your bills and credit card fees every month. Some people prefer to put small charges on their credit cards in order to easily pay them and improve their credit score. A more expensive but foolproof method of improving credit score is to apply for a secured credit card at a bank. This type of credit card requires an initial deposit which is used when the card’s fees are left unpaid. It is not recommended to exceed 60% of the card’s credit limit. After around 6 months of consistently paying off bills and credit cards, your credit should be repaired.