There’s nothing in the world worse than being denied for a mortgage – all of your dreams dashed. It hurts, but that’s not the end of it! With a private mortgage and us as your Toronto mortgage broker you’re going to get all the help you need to get approved. Turn your approval frown upside down and get the mortgage that’s right for you. Because, after all, it’s all about your dreams, isn’t it? You should be able to get the money you need to buy that home you’ve been dreaming of, and when you work with us you’ll get it.
What is a Private Mortgage?
The first thing you’re going to need to know is what a private mortgage actually is – instead of getting your loan from a bank, you’ll get it from somewhere else. Maybe it’s your grandmother, maybe you’re getting it from a loan company or a private person that just wants to make a little extra money from lending. Whoever you borrow from, you’re going to want to work with us as your Canada mortgage broker to get the most from your mortgage.
How Much do They Cost?
This depends on your credit, your income and how much you need to borrow. The average closing cost will be between $3,000 and $5,000, but you’ll also have to pay interest points on top of your mortgage (1% to 3%), plus any interest charged on your mortgage. This might sound like a lot, but for most it’s not too bad. Depending on your credit you could end up paying a lot more money than you think – but when you work with us as your Toronto mortgage broker you’ll be able to compare different lenders and what kind of rates you can get.
Why Are These Easier to Get?
Because they don’t have to satisfy a million shareholders, they’re usually a lot easier to get. A private mortgage lender is going to be much more flexible when it comes to bad credit or self employment. They can help you get the money you need to buy a home, they can give you better interest rates and they can even help you save on your monthly mortgage payment. It all boils down to who you work with to get these.
Is it Right for You?
If you’ve been trying to get a conventional mortgage, you may have had some problems. But what if there was a way to get the mortgage you’ve always needed, without spending all your money? With a private mortgage you can save on your monthly mortgage payments, you can keep your interest low and you can get qualified even if you have bad credit. Don’t let bad credit or a unique financial situation get you down when you can find a way around it. Working with us as your Toronto mortgage broker will help you get the most from your next mortgage.
Visit our private mortgage page here, to learn more about how we can help you.