Why a Prompt Financial Might be the Better Choice For You
January 22, 2025 | Posted by: Sherry Corbitt
Sometimes you have to think outside the bank to get the best solution for you. A popular choice is a Prompt Loan for up to $40,000. They approve quickly, and usually, funds can be received within two days! Another benefit is that it does not require a lawyer, an appraisal, or income verification (in most cases) for approval.
Most people plan to pay this loan off on the renewal of their current mortgage, so we try and match the maturity dates (that’s why we love that it is an Open term).
To qualify, borrowers must meet the following requirements:
- -Have a credit score of 600 or above;
- -Have enough equity in their property, not exceeding 85% of the total loan to value, including the loan amount requested.
Top reasons a Prompt loan may be right for you:
- -Cheaper, faster, and less strict terms than a private lender and usually a 2nd mortgage is.
- -Pay off high-interest credit cards and have your credit score improve
- -A fully open term and allows lump-sum principal payments making it super flexible for your needs.
- -Need a down payment for a home purchase to the seller or builder? Perfect!
- -Home Improvements
- -Pay off CRA or Property taxes that are behind
- -Improve cash flow with a twice-monthly lower payment vs. multiple loan payments.
- -It’s a fast turn-around time. The loan can fund in as little as two days! Without having to do an appraisal or have a lawyer’s appointment, we can close and give you funds quickly.
- -It saves the penalty of having to break your existing mortgage – we will try and match up the renewal date to avoid a penalty now.
- -A medical emergency.
It is easy to Apply:
-Fill out the application HERE and email us the following documents at sherry@sherrycorbitt.ca
- -Property Tax Bill (to show address)
- -Driver’s Licence or other Government-issued identification.
- -Void Cheque
Once the application is completed, we will call you to finalize the process. If approved, funding will be completed within 48 hours, right into your bank account.
Here is what a sample of a $25,000 Prompt loan looks like:
- Amount: $500-$40,000
- Rate: 8.99%
- Fees: Set up a fee of 8.99% and a processing fee of $599
- Twice monthly account fee of $4.99
Sample on a $25,000 loan your payment semi-monthly would be $181.72
The setup fees would be: $2946.50, but that goes on top of the $25,000 so that you are still netting (receiving) the entire $25,000 in your bank account on closing.
Our goal is always to provide solutions, not just rates, to our clients, and Prompt Loans are a great tool in our Broker toolbox!
Sherry Corbitt, Mortgage Broker
