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Hamilton is a port city in the Canadian province of Ontario. An industrialized city in the Golden Horseshoe at the west end of Lake Ontario, Hamilton has a population of 536,917, and a metropolitan (which includes Burlington and Grimsby) population of 747,545.
On January 1, 2001, the current boundaries of Hamilton was created through the amalgamation of the original city with other municipalities of the Regional Municipality of Hamilton-Wentworth. Residents of the city are known as Hamiltonians. Since 1981, the metropolitan area has been listed as the ninth largest in Canada and the third largest in Ontario.
Hamilton is home to the Royal Botanical Gardens, the Canadian Warplane Heritage Museum, the Bruce Trail, McMaster University, Redeemer University College and Mohawk College. McMaster University is ranked 4th in Canada and 77th in the world by Times Higher Education Rankings 2018–19 and has a well-known medical school.
Our Hamilton private lender network also offers second mortgages for people with existing first mortgages. Lenders will examine the same criteria as with bad credit mortgages when deciding to approve a second mortgage. Private lenders for second mortgages can lend on properties with a maximum LTV of 80 per cent, and will not turn you down due to a poor credit score. A second mortgage can be used for many things including: stopping power of sale, foreclosure or paying off other debts.
Private lenders will charge higher interest rates than banks will in order to compensate for the high debt levels inherent in bad credit mortgages. Lenders will require fees to be paid to set the mortgage up and will offer rates ranging from 7 per cent to 13 per cent. A better credit score or high income will allow you to get a better interest rate, but these are not needed to be approved for a mortgage. The LTV of your home can also affect the interest rates offered by lenders. It is important to contact many lenders to compare the rates and terms they offer. Our brokerage can seek out suitable private lenders on your behalf and let you compare the different offers from the lenders. In order to win your business, the lenders may reduce their interest rates and fees.