- 1260 Eglinton Ave East, Suite 1 Mississauga Ontario L4W 1K8
- (289) 804-0857
- Monday through Friday, 9AM to 8PM
Menu
Is your poor credit score making it difficult to get approved for a mortgage from a traditional lender? Or are you looking to purchase your dream and in need of quick funds? If yes, a private mortgage in Mississauga is a great financial alternative. The team at Good Advice For a Better Life can help you secure a mortgage without any stress.
It is a short-term loan where the property you wish to purchase or you already own is used as collateral. The term of this loan ranges anywhere between 1 to 3 years. Private mortgage in Mississauga is a fantastic option for those homeowners who fail to qualify for a loan with a conventional lender. Qualifying for a mortgage with a traditional lender is time-consuming and difficult. They will take a look at your credit score, verify your income and much more. it is because of the above-mentioned reasons private mortgage lenders have become important.
On the other hand, a mortgage lender is not worried about the borrower’s credit score. They don’t even look at your income as well. Their only concern is the amount of built-up equity in your property. Additionally, mortgage lenders offer flexible options when compared to traditional lenders.
In Canada there are three types of private mortgage lenders:
These lenders are individuals who have an excess of private funds and tend to invest in property. In exchange for lending their money, they would get a better return when compared to their money just sitting in a bank. Overall, these lenders are more comfortable investing in the real estate market rather than the stock market.
Unlike a private individual, a mortgage investment corporation is a group of investors who invest their money in a company. The company uses these funds to fund mortgages.
Similar to a mortgage investment corporation, they fund large projects and are involved in various projects at the same time. For instance, the funds may be used to develop high-rise condos or apartments.
Many mortgage brokers have very little access to private lenders. It is only the niche brokers who focus on private lending that do. If you fail to do your due diligence, you cannot get access to the best pricing, including having a plethora of products to choose from.
When it comes to mortgages, most choose traditional lenders to meet their specific needs. However, it is not always the case. As mentioned earlier, if you can’t prove your income stream or have a poor credit score, forget about approaching a bank. This is where a private mortgage lender stands out. Another benefit of working with a private mortgage lender is the quick turnaround time, as there is no paperwork to review.
A mortgage lender will take into consideration certain properties that banks would not finance. They are:
Traditional lenders usually only lend for residential and commercial properties. They mainly focus on nice properties in urban areas. On the other hand, private lenders, are open to financing challenging property types.
If you are looking to apply for a private mortgage, contact us today.
We offer competitive private mortgage solutions and are quick and efficient. With our low mortgage rates, you can rely on our private mortgage solutions for consolidating high-interest debt, or even foreclosure to free up cash flow.
Give us a call today at (289) 804-0857 to schedule a free, no-obligation consultation.