New Haven Mortgage considers a residential property to be one of the following: single-family home, townhome, detached, or semi-detached home. As a TRUE equity lender, the approval is heavily weighed on the overall marketability of the real estate. Such things as location, condition, property type & loan to value (LTV) are major factors to consider when reviewing a file for approval.
There are several other factors that are taken into consideration when reviewing the property:
- Vicinity to train tracks
- Solar panels
- Vicinity to windmills
- The surrounding area (commercial or industrial?)
Note: The above items would have a negative impact on the overall marketability of the property. It may cause a scale back on the overall LTV approval.
New Haven may approve up to 80% LTV for 1st, 2nd, and 3rd mortgages for an owner-occupied single-family home, and up to 75% LTV for a rental.
To inquire about a refinance, it is as easy as these 4 questions:
- Where is the property located?
- How much is it worth?
- What is owing against it and with which lender(s)?
- What do you need?
To inquire about a purchase, please provide the following:
- Where is the property located?
- What is the purchase price?
- How much is the down payment?
*Other information will be required for final approvals such as rental acknowledgment(s) and assignment of rents*
To inquire about a single-family home, please contact us today!