Services / Home Equity & Alternative / 1st & 2nd Private Mortgages
Private mortgages are funded by individuals or investment pools rather than banks. They're built around your property's equity and can move quickly. Used carefully, they can bridge a gap and get you back on track.
1st & 2nd Private Mortgages at a glance
Guide
Typical term
Based on
Speed
Position
Figures are general guidelines; your options depend on your situation.
Clear communication at every step, so you always know what's happening next.
We review your equity, goals and timeline.
We present private lending options with full costs.
We coordinate the appraisal, lawyer and funding.
We work on moving you to lower-cost financing as soon as possible.
A few key points we'll walk through with you before you make any decisions.
A first mortgage is the main loan on the property. A second mortgage sits behind your existing one, so you can keep your current rate.
Private mortgages have higher rates and usually include lender and broker fees. We'll show you the total cost upfront.
The goal is always to move you back to standard lending — through a refinance, sale or improved credit.
Don’t see your question here? Give us a call — we’re happy to talk it through.
Sometimes within days, depending on the appraisal and legal work.
Private lenders focus mainly on your property's equity and your exit plan, so credit is less important.
Usually a lender fee, broker fee, appraisal and legal costs. We'll list them all before you sign.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.