If you’ve had trouble getting traditional financing in the past, a private mortgage may be in your future! They’re not for everyone, but you may be surprised at how easy it is to get this kind of financing. Here we’re going to discuss the benefits of a private mortgage, all the pitfalls you can expect to face, and help you make sure that this is the right choice for you. Always make sure you work with a Toronto mortgage broker like us so that you know you’re really getting the deal that works best for you.
What is a private mortgage?
A private mortgage is just like any other mortgage – you’re still going to have a lender, interest payments, and the monthly bill you have to keep on top of. Doesn’t sound all that different, does it? The interesting thing about these kinds of mortgages is that you don’t have to worry about having the best credit. Sometimes we all make mistakes, things happen and these lenders understand that! Depending on who you work with, you’ll be able to get a great deal that you just wouldn’t get out of conventional lender.
What are the benefits?
The benefits are many – most people will notice that it is much easier to qualify for this kind of mortgage. Instead of having to bite your nails, hope that they pick you, and hope that they don’t ram you with a really bad interest-rate, you’ll know that you have somebody backing you. You still want to be very choosy about who you work with though! Just because a lender’s willing to do business with you doesn’t mean you should do business with them. You just never know who is genuine, and anything wants to steal your home right out from under you.
Are there risks?
Like every other kind of borrowing under the sun, there are risks associated with private mortgages. Many people end up with a lender that’s not all that great – then they end up losing their homes, filing for bankruptcy, and are still on the hook for all that interest. When you work with one of our Toronto mortgage brokers, you’ll get all the help you need to make sure that you mitigate all of your risks. Just because you have bad credit, and unstable employment history, or some other factor that makes you undesirable to conventional mortgage lenders doesn’t mean you have to get a bad deal. Let us help you make sure that this is the right choice for you.
Is this what you need?
You want to make sure that this is what you need to get a mortgage. You may be able to qualify for a conventional mortgage somewhere else, but you just have to find the right lender. This can be the hardest step your journey, and that’s why we’re here to help! Let us help you find the private mortgage that’s right for you today!