Private Mortgage
Private Mortgage
Many people dream about the day that they will own their first home, but might not end up having the means to turn that into reality. Those who fall under this category could be struggling with getting approved for a mortgage or possibly have a poor credit history. If you find yourself in this situation, know that all hope is not lost. Luckily, there is one saviour that can come to your rescue during these dire circumstances – private mortgage.
Our team at Grover Mortgage Group knows how difficult it to find feasible financing options and become qualified for a house. For this reason, we give our clients access to private mortgages that will help them purchase their forever home.
What Is a private mortgage?
A private mortgage is a short-term, interest-only loan that can help you buy property. Private mortgages are often used temporarily before switching back to typical mortgage lenders. For that reason, they have shorter terms and higher interest rates and fees than traditional mortgages. Even so, they are still a great alternative to regular financing options. Private mortgage lenders are not as strict about your credit history or background check, and would much rather see the mortgage as an actual investment. This ensures that you will have a faster approval rate and get the home you have always wanted.
How does a private mortgage work?
During the initial stages, the broker will take a look at your situation, before deciding whether you are eligible for a loan. One of the most important factors that they will assess is if you are capable of paying off your loans in a timely fashion. Next, the broker will find the perfect mortgage solution that is tailored to your every need. They will then arrange a deal and put in place an exit strategy. That way, you will know how long the private mortgage will last.
How can I get a private mortgage?
If you are thinking about getting a private mortgage, you should first find a broker who specializes in that specific service. Even though getting a private mortgage is relatively easier than qualifying for a mortgage with a bank, there are still some requirements you need to fulfill. In order to receive a private mortgage, you must have the following: proof of income, down payment, and a sellable property.
When should I get a private mortgage?
As mentioned earlier, people often get a private mortgage when they find themselves experiencing desperate times. Whether it be having a low credit history or needing to find something short-term until they are ready to secure a traditional loan. However, private mortgage is not restricted to these few situations. There are many other circumstances in which it might come to your aid:
- You need the money on an urgent basis and do not have time to go through the approval process
- You want to purchase unconventional property that a traditional lender will not finance
- You have inherited a home that requires repairs and need help with construction costs
- You are unable to confirm your income to meet the requirements for a traditional mortgage
- You are a newcomer to Canada and cannot fulfill the standards of traditional lenders
- You are self-employed and do not have a consistent stream of income
After learning about everything private mortgage has to offer, make to sure to remember our tips, so that you can move forward in your homebuying processing with ease.
At Grover Mortgage Group, we are committed to helping you get the home that you deserve! Our experienced team specializes in private mortgage, reverse mortgage, mortgage refinance and more. If you live in Oakville, Ontario, make sure to contact us and we will make your greatest dreams come true! Plus, did we mention that our services are available 24/7? Call (289) 208-4469 today!
