Borrowers
Borrowers can arrange a home mortgage dealing directly with private investors interested in providing private mortgages to qualified purchasers using a three step introduction, digital meeting and standardized due diligence process.
Investors
Investors can help homeowners purchase their most valuable asset while earning fair market rates of return, regular loan fees for service and have the protection of full loan coverage through a registered mortgage on title of the property.
It’s basically people helping people in a fair, balanced and personal manner that’s free of the cumbersome, clunky, and impersonal layers of bureaucracy, delay and outdated regulatory requirements of the traditional banking and financing institutions today.
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Set up an account.
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Complete a standard or customized mortgage application.
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Submit mortgage application to Mortgage Market Exchange where it can be reviewed and considered by all private lenders, or
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Submit mortgage application to Mortgage Market Exchange where it can be reviewed and considered by all private lenders, or
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Upon mutual agreement of investor and borrower via instant messaging, schedule online face-to-face meeting with each preferred lender.
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Upon approval to move forward after face-to-face meeting provide preferred lender with their required digital documentation to validate your mortgage application information.
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After receiving approval letter to fund mortgage from investor, notify lawyer that mortgage instructions will be coming from private mortgage provider. (You need a lawyer to complete this transaction. You should use the designated MortgageMates.ca lawyer for this service in your region who will provide this service at a reduced fee or you can use one of your choosing).
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Send your lawyer’s contact information to investor via account messaging for closing to commence.
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Investor will transfer funds to borrower’s lawyer’s trust account for final distribution of funds to various parties.
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Borrower must provide downpayment and fees funding to their lawyers account to fulfill 100% funding of home purchase.
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Set up an investor account
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Establish your total funding balance for your bank account
- Complete a standard or customized mortgage term sheet as initial offer to mortgage applicants
- Submit term sheet to Mortgage Market Exchange where it can be considered by borrowers, or
- Choose to review specific borrower applications that match your term sheet parameters closest and send private requests to only specific borrowers.
- Upon mutual agreement of investor and borrower via instant messaging, schedule online face-to-face meeting with each preferred borrower.
- Upon approval to move forward after face-to-face meeting, investor sends online request for digital documentation and approvals to obtain credit, banking and employment verifications from borrower.
- Decide based on your due diligence if this individual or household is someone you want to provide a mortgage to and issue an automated acceptance or rejection letter.
- If approval letter to fund mortgage is sent, notify lawyer that mortgage instructions will be coming from you to proceed with mortgage closing. (You require a lawyer to complete this transaction. You should use the designated MortgageMates.ca lawyer for this service in your region. They will provide services at a reduced fee. You can also use one of your choosing.)
- Send your lawyer’s contact information to borrower via account messaging for closing to commence.
- Investor transfers funds to his lawyer’s trust account upon request for final distribution to the borrower upon all conditions of the mortgage being completed.
- Investor lawyer transfers funds once mortgage has been placed on title of the property and all final closing procedures are completed.
If you would like to sign up for a MortgageMates.ca mortgage representative to help you through the process, simply request one for an additional service fee.
Open Borrower Account