What categories of mortgages are provided by Lendworth MIC?
Lendworth MIC offers first and second mortgages for both residential and commercial properties, all with a maximum loan-to-value (LTV) ratio of 85%. Additionally, we provide options for Line of Credits and Construction Financing.
What are the interest rates for a Lendworth Mortgage?
Interest rates for Lendworth Mortgage Products are subject to variation based on mortgage positions and underwriting criteria. Typically, our mortgage rates commence at 10% per annum and may reach as high as 18% per annum.
What is the process for obtaining approval for a Lendworth Mortgage Product?
To initiate the approval process for a Lendworth Mortgage Product, you'll need to submit a mortgage application through your mortgage broker or agent. Lendworth will then commence the underwriting process and subsequently furnish you with correspondence detailing your mortgage terms and conditions. Lendworth is typically quite expedient and can often grant approval in as little as 48 hours.
Is it possible for me to secure a mortgage directly through Lendworth MIC?
When applying for a mortgage through Lendworth MIC, it is necessary to engage the services of your own mortgage broker or agent to assist with the application process. This approach is recommended to ensure a fair and compliant process in accordance with regulatory requirements. In the event that you don't have a mortgage broker or agent, Lendworth MIC can refer you to Metrics Financial for assistance with your mortgage application.
What fees are linked to acquiring a mortgage through Lendworth?
The costs linked to securing a mortgage from Lendworth MIC encompass lender fees in the range of 3% to 4%, along with standard legal fees, as well as assorted administrative fees and penalties in the event of a default.
What is the payment method for my mortgage with Lendworth?
Depending on the underwriting assessment for your mortgage approval, you may be given the choice to make monthly mortgage payments or opt for Lendworth MIC to direct your interest payment into a trust account, allowing you to prepay it and alleviate any monthly payment obligations.
Is it possible to renew my mortgage with Lendworth MIC?
Certainly, you have the option to request a mortgage renewal with Lendworth MIC. Additional information may be necessary, such as a new appraisal, to ensure compliance with Lendworth's Loan-to-Value (LTV) criteria, and renewal fees may apply.
