Private mortgage lenders in Oshawa could be the answer you’ve been looking for. Experience with private mortgage alternatives means that you get the financing you need to accomplish your goals.
Qualifying for a traditional mortgage through a bank or credit union today has become tougher. Stricter mortgage regulations and documentation requirements have removed so many borrowers from being able to qualify with ease.
Private mortgage lending in Oshawa
Private mortgage financing has been around for several years. These types of mortgage loans are arranged by a qualified mortgage broker to make sure everything is mutually beneficial for both parties. We understand the complexity of arranging an alternative private mortgage and do the heavy lifting for you.
The appeal to obtain a private mortgage is simple. Approvals are a lot easier to come by than a traditional mortgage lender. Private mortgage lenders often approve interest-only payments to start. This results in a low and manageable monthly payment to the lender.
Private mortgages are generally for 1 or 2 years in hopes that you can get a better mortgage after that. Typically long enough for borrowers to improve credit, buy time to sell, or complete work on a home. Unlike a bank, a private mortgage will often be completed in as little as one week.
Why consider a private mortgage?
There is a variety of reasons you may want to consider getting a mortgage loan like this.
- Bank or credit union declined
- Poor credit score
- Past bankruptcy or consumer proposal
- Rental property purchase
- Renovating to sell
- Emergency funds
- & much more
This type of real estate financing gives would-be borrowers plenty of options. No other mortgage lender will be as flexible as your local private lender when it comes to lending you money.
Concerns that would often disqualify you from your bank are actually okay with a private lender. If you are self-employed, suffer from bad credit, or the income you claim is low a private mortgage can be a great alternative.
Private mortgage lenders in Oshawa compared to my bank
Oshawa-based private mortgage solutions provide you with the benefit of dealing with a local mortgage lender and broker. Lenders often feel much more comfortable lending in an area that they live in.
Again if you do not meet the criteria of your ‘A’ lending institution then a private lender might suit your short-term needs. Local private lenders are more inclined to work with you than against you. Private lenders are able to overlook what a major bank won’t.
Using a private mortgage lender for rental properties in Oshawa
If you are a rental property investor you may have several properties and tenants to juggle at one time. Owning several rental properties means qualifying for several mortgages. As an investor, it is important to have confidence when purchasing a new property without the worry of financing.
If your purchasing an investment property but have doubts about getting approval a private mortgage is a simple solution.
A few reasons your rental portfolio requires a private lender:
- Duplex conversions
- Short term financing
- Income challenges
- Construction loan
How do I qualify for a private mortgage?
Purchasing
Without too much thought you can qualify based on the equity in the property or the amount of money you are putting down (downpayment). If a potential homeowner is unable to qualify traditionally but has a down payment of 15% or more of the purchase price a private mortgage lender will still consider providing financing.
Refinancing
Completing a mortgage refinance is easier because you can get approved using the equity in your home. A private refinance can be an effective way to do a debt consolidation, using just your home’s equity.
Area
The more rural your property the more things a lender needs to consider. If you are in a major urban city center then you stand to get a better mortgage offer. Most private lenders rely on the location of your home. The market trends in the area, the days it takes to sell a property, and even the overall neighborhood.
Should a home be in a more rural area lenders pay closer attention to things like the well and septic system, property size, and even the nearest major department store? These things add to the overall marketability of a property.
Getting a private mortgage in Oshawa, Ontario
- Mortgage Investment Corporations – a group of investors who have collectively put funds together for available deals that meet their lending guidelines.
- Accredited Individual Lenders – a person who personally provides private mortgages.
- Syndicate – a group of individual lenders who jointly lend money out to borrowers.
Any of these lenders will consider providing you with financing even if you suffering from income and credit challenges. Bad credit does not entirely ruin your chances of getting a mortgage. In fact, if the home, you are looking to refinance or purchase has equity your credit rating has little effect on the approval.
If your considering a private mortgage and need money due to an emergency or simply cannot qualify we can help. At Lendtoday.ca we specialize in hard-to-place mortgages. Our team has years of experience placing borrowers with suitable private lenders to accomplish their financing goals.
If you are considering private mortgage lenders in Oshawa give us a call at 1-855-242-7732 for more information or apply online now.
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