Simplify your financial needs with Private Mortgage
Ready to take the next step? Get your appointment with us today and find the best mortgage deals for your needs!
Simplify your financial needs with Private Mortgage
It is often seen that after being turned down for a mortgage or home refinancing by a regular bank or financial institution, borrowers tend to turn to private lenders for private mortgages as a backup source of funding. These are short-term, interest-only loans with typical terms ranging from six months to three years. The private lenders are aware that banks and other traditional financial lenders can often reject applicants who are more than capable of repaying their mortgages due to their excessively strict lending criteria. This is why, the private lenders, unlike that of the banks, give more weight to the overall condition and worth of the property than to the income and credit history of the borrower. This is one of the biggest benefits of private mortgages that in comparison to regular banks, private lenders also do not require as much documents.
Private mortgage lenders offer loans to those who would not qualify for conventional bank financing. Typically, these lenders have higher borrowing rates and sometimes even come up with tougher terms in comparison to traditional lenders. The most common examples of the private lenders include a number of private trust firms and credit unions.
For someone who almost satisfies the requirements of an A lender but may need some time to either raise their income and net worth, improve their credit, or acquire a larger down payment, a private mortgage is the best short-term option.
4 reasons why you might prefer Private Mortgage
This is one of the most trusted ways to get quick funding for real estate investors or individuals. Private mortgages are a preferred alternative since they frequently have faster approval procedures and more accommodating terms. The repayment terms, however, are often longer and come with higher interest rates. Get in touch with us to learn more about the procedure and to discover what type of tailored private mortgage solution you might want.
We design mortgage plans that can accommodate your specific financial preferences and aspirations.
Swift and efficient processing to get you approved in no time.
Access to 50+ lenders ensures you get the best possible rate.
Custom mortgage plans designed to meet your unique needs.
An initial chat to understand your financial goals and needs.
Gathering the necessary financial documents to support your application.
Submitting your completed mortgage application to the lender.
Getting your mortgage funded and closed.
Lenders and borrowers are connected through mortgage brokers. Whenever it comes to navigating the difficult calculations and policies of mortgage, people look for the experts of mortgage. This is simply because the majority of borrowers would rather use a mortgage broker’s experience than getting it done by themselves.
It is a dream for many to own a home of their own. However, given that consumer debt in Canada is at an all-time high, many people would be concerned that it is unachievable. But, when you reach out to the experts, they will give you a positive response that depending on your circumstances, yes it is possible to get a mortgage even when in debt.
Every decision we take – which can be as simple as an everyday supermarket purchase or a home ownership, inflation affects everything. If you are thinking about buying a home in Canada, or you already own one, you should know how inflation can impact mortgage rates and payments. Trust Yesha Patel, one of the most reputed mortgage agent in mississauga , who can help in understanding how to take decisions regarding inflation.
Find answers to your frequently asked questions about residential mortgages in Canada.
This depends on various factors such as income, expenses, and credit score, based on which the eligibility is taken into account.
Mortgage refinancing involves replacing your current home loan with a new one, typically to secure better terms such as a lower interest rate or shorter loan duration. It can also involve accessing the equity in your home for other financial needs.
A high-ratio mortgage is a type of mortgage where the down payment is less than 20% of the property’s purchase price. This type of mortgage typically requires mortgage default insurance to protect the lender in case of borrower default.
Getting pre-approved for a mortgage involves providing your financial details for assessment by lenders, who then determine the maximum mortgage you qualify for. This process streamlines your homebuying experience, giving you a clear understanding of your purchasing power and enhancing your credibility with sellers.
With a reverse mortgage, seniors can turn their home equity into cash and receive loan payments, which are typically returned when the person sells their house or passes away.
Contact us today to schedule a consultation with Yesha and explore your mortgage options. We are committed to making your homeownership dreams a reality.
Rest assured, we’re here to assist you through every stage of the mortgage application process.
We’re dedicated to providing you with fast, efficient, and transparent service, always prioritizing your needs.
Get competitive rates when you reach us for your mortgage solutions.
Ready to take the next step? Get your appointment with us today and find the best mortgage deals for your needs!
Yesha Patel
Mortgage Agent Level 2
Affinity Mortgage Solutions LIC #13093
Independently Owned and operated.
