Private mortgage financing in Laval

Laval is both a city and an administrative region, made up largely of residential neighbourhoods. A good share of the requests we receive involve single-family homes owned for a long time, whose mortgage has dropped considerably, or families who have built up consumer debt.

Depending on your situation, FERRES can explore the following solutions:

• Private first mortgage
• Private second mortgage
• Debt consolidation
• Mortgage refinancing
• 60-day notice
• Urgent funding

• a bank that refuses to refinance because of debt ratios, even though the house has substantial equity;
• consumer debt (cards, car loans, lines of credit) that has become hard to manage;
• a separation, when one spouse wants to keep the house and buy out the other's share;
• a retired or semi-retired homeowner whose income no longer fits bank criteria.

In every case, we also check whether there is a less expensive solution than a private loan.

A Laval homeowner who has paid down a good part of their mortgage often has substantial equity, even if their current income doesn't support a new bank loan. A second mortgage then makes it possible to use part of that equity without touching the current mortgage or paying a penalty.

When several monthly payments add up, debt consolidation secured by the house can replace several high rates with a single payment. The key is to compare the total cost, fees included, and to keep the repaid cards from filling up again.

Mortgage refinancing is often considered at the end of the term, to buy out a spouse's share after a separation or to fund renovations. If the bank says no, a transitional private loan can resolve the immediate situation, with a return to a traditional institution later on.

If you have received a 60-day notice for your house in Laval, send us the document as soon as you receive it. We calculate the amount needed to remedy the default and check whether the property's equity allows financing within the remaining time.

1. Application: you describe your situation, the amount you need and the purpose of the financing;
2. review: we examine the property, the available equity, your debts and the repayment strategy;
3. lender search: your file is presented to lenders whose criteria match your situation;
4. offer: you receive the proposed terms (rate, term, fees) before deciding;
5. notary: the mortgage deed is signed before a notary, who disburses the funds and pays the designated creditors.

In the case of a separation, the judgment or the agreement between spouses is usually among the documents requested by the lender.