Private mortgages can be an alternative source of financing for borrowers with credit, employment, or income issues.
Many Canadians have heard of private mortgages, but have little knowledge of what they are or how they work. Private mortgages usually have a higher interest rate due to the higher risk involved in the investment. Most banks and institutional lenders typically need to satisfy strict mortgage lending criteria and are not willing to budge too far from the standard mortgage approval requirements and as a result, will be discouraged from such transactions.
Private lenders on the other hand, are often willing to fund such mortgages based on the equity in the home and location of the property. A private mortgage can also be an alternative solution that may protect a client from foreclosure on their home and may provide the homeowner the time needed to get their credit back on track.
Private mortgages don’t have to be taboo and we understand that sometimes you just need a leg up. In most cases, private mortgage financing is a short-term solution that is used until it can be transferred to a more preferred institutional mortgage.
Reasons why you might need a Private Mortgage:
Bruised credit score
House is under power of sale
Substantial property tax arrears
Inability to prove sufficient income
Recently discharged from a bankruptcy
Mortgage payment arrears
Recently started new employment
Temporary job loss
Business for self
APPROVING MORTGAGES & LOANS FOR OVER 45 YEARS
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Windsor, ON N8X 1K1
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