- Who can Magnum Mortgage Corp. help?
- What is a Private Mortgage?
- What is the difference between a Private or Alternative Mortgage and a Bank Mortgage?
- Does Magnum Mortgage have a Minimum Mortgage amount requirement?
- Is there anywhere in Alberta Magnum won’t consider financing?
- What Information or documents do you need to secure a private mortgage?
- Does Magnum Mortgage Corp. offer Second Mortgages? If so, how do they work?
- If I have bad credit but have a large down payment / a lot of equity in my home, can I still apply?
- I’ve got excellent credit, but I’m Self-Employed & draw little income from my company, can I still apply?
- I’d like to Finance my Mortgage under my Company name, can you help with that?
- I own a LOT of properties & I know that the majority of Banks & Lenders have a maximum number of doors - what is Magnum’s maximum?
- Can a Private Mortgage be used to pay off an Active Consumer Proposal?
- Am I able to book an appointment to meet with someone in person? Chatting about my Mortgage & Financial Information are sensitive topics that I wouldn’t want to discuss these details at a coffee shop, or on the phone while I’m at work,
- Can Magnum Mortgage Corp. help with a standalone Interim Financing or Bridge loan?
- Can I become an investor with Magnum Mortgage Corp. to help Albertan borrowers?
Anyone looking for mortgage financing. Whether you are purchasing a home, building a new home, needing to refinance or complete an Equity Take Out Magnum Mortgage can help! Though we specialize in Private Mortgages (which typically requires a larger down payment, or equity in an owned property), we’re also a Full Service Mortgage Brokerage office, who can also help with Traditional or Conventional Mortgage financing options as well!
A Private Mortgage is a non-traditional / alternative non-bank mortgage that is typically funded by private individuals or by investment corporations.
Institutional Bank lenders are regulated by the Bank of Canada, thus typically are more stringent on their guidelines & lending requirements. Private lenders however are not regulated by the Bank of Canada, thus can generally set their own lending requirements, mandates & loan criteria. As a result, Private Lenders are often more lenient when reviewing mortgage applications.
Yes, our minimum mortgage amount threshold is $25,000.
No, whether your home is located in an Urban area like Edmonton, Calgary, or Red Deer; or in a Semi-Rural / Rural community, as long as it’s located within Alberta, we will consider financing it! In more rural communities we may scale back what we’re able to finance, however, will still consider it!
Best First Step would be to get an Application started, this can be done by accessing our online application form, or by contacting us directly to book an appointment to get started!
For documents, we’ll usually collect:
- A Most recent pay stub, or 3 months of bank account statements
- ID for each borrower
- Property tax statement
- An Appraisal (by an AACI or CRA designated Appraiser)
- A recent Notice of Assessment & a CRA statement of account
Additional documents may be required depending on your overall application.
Yes, we do offer second mortgage options! Second Mortgages are a type of Home Equity loan, which allows a homeowner to access their home equity without having to break their existing first mortgage contract, which can help avoid having to pay costly prepayment penalties. This equity is often used to purchase assets / investments, consolidate debts, pay taxes owing, & the list goes on! Second mortgages carry higher interest rates than first mortgages, however, are often more cost effective than paying out the full first mortgage & incurring potential penalties.
Yes absolutely! We understand that life happens & sometimes bumps & bruises happen to your credit along the way. This includes borrowers who have claimed bankruptcy, consumer proposals (orderly payment of debts), or for borrowers in Foreclosure. Our goal is to ultimately extend a lifeline to our borrowers to help them out in a challenging situation & help them get back on the road to re-establishment.
If you are Self Employed & don’t draw quite enough income to qualify traditionally with a bank or mortgage lender, you’re not alone, many Business Owners find themselves in this conundrum. Our mortgage servicing team can absolutely help with creative solutions!
Yes! We can finance Mortgages under a Corporation or Holding Company name with a personal guarantee.
Great News! We don’t restrict the number of properties owned. Whether you own 1 property or 14 properties, we don’t set a maximum. Oftentimes, our borrowers who own multiple properties have benefited from our common-sense underwriting approach; in an instance where an appraised home value comes back lower than expected, we’ve been able to blanket onto additional properties to top-up shortfalls!
Yes! As long as you have adequate home equity, we can look at completing a Mortgage Refinance or an Equity Take Out to payout out a consumer proposal. This helps in getting you discharged from your Orderly Payment of Debts quicker, which in turn helps your credit get on the road to recovery faster.
Absolutely! We understand the importance of privacy & offer in-person meetings at our office located in Sherwood Park, AB. Appointments can be booked with one of our Licensed Mortgage Brokers throughout the week between Monday to Friday from 9am to 5pm - use our online Calendy App to book your next appointment or give us a call to schedule your appointment with us today!
Yes! We absolutely can help with a standalone Interim / Bridge loan. Reach out to us today to find out how we can help!
Yes! As long as you have available cash in a deposit account or Home Equity Line of Credit (HELOC), funds in a TFSA, RRSP, RRIF, or even a LIRA account, you can definitely become an investor with Magnum Mortgage Corp.! To learn more, you can visit us on our Magnum Mortgage Investing Website, or contact us here.
“Our Interest is Your Wealth” TM