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Private Mortgage Lenders are More Flexible

Life is rarely a cookie cutter postcard, and when you want to borrow money private mortgage lenders are going to be there for you. It’s hard to find these people on your own, and you’re going to want to work with the best Toronto mortgage brokers that you can find; this means working with us! We’re here to help you make the most of your situation and to help you find the best lender to work with. Borrowing doesn’t have to be painful, and with us it won’t be.

Why are Private Mortgage Lenders Better?

There are many reasons but it really boils down to what they can offer people of every credit background. You’ll be able to find some that will cater only to those who’ve never borrowed before, while others are there just for people who are searching for home equity loans or second mortgage lenders. Whatever you do, you’re going to have to be able to show that you can repay. It doesn’t matter if your credit is bad, but you will need to be able to repay your mortgage. When you choose us as your Toronto mortgage broker you’ll get someone who knows who to work with.

What Makes Them Different?

Most borrowers want to know why private mortgage lenders will lend to anyone, don’t they have to follow the same rules as banks? Banks and other Canadian conventional mortgage lenders actually have harder criteria because they have a larger pool of investors they’re beholden to. This means they’re going to have to show that they are making a profit, and they won’t be able to loan out as much money if the entire board doesn’t approve. You’re going to want a lender with a smaller pool, one that we as Toronto mortgage brokers can find for you.

You also need to know that they work to make the most interest off of you as possible. Private mortgage lenders do too, but they’re going to be there to have a steady revenue stream. Larger lenders just don’t need this kind of income to make ends meet. They can get by without having to cater to any type of borrower. This is why you want to work with a private mortgage lender, they’ll be there for you when you need someone who can help you save big and someone that is simply more dependable.

Find the Right Lender

If you want to find the right lender, you’re going to need to work with Toronto mortgage brokers… but you don’t want to work with just any broker, you want to work with us. We’ll be here to help you get the right deal for your situation. Everyone is unique and if you want to be able to get the best rate and the best terms, you’re going to need to be paired with the right private mortgage lender. We can help, contact us today and see what we can do for you.

Visit our private mortgage page today, to learn more about how we can help you: https://www.homebasemortgages.ca/private-mortgages/

How to Save on Private Mortgages

private mortgagesA private mortgage can be a great way to finance the purchase of a home – even if you don’t have the best credit – but you’re going to want to make sure that you’re getting the best deal. That’s exactly why you’re going to want to work with one of our Toronto mortgage brokers. We’ll be able to help you figure out which lender, which terms and which mortgage overall will be best for you. The lat thing you need to deal with is something that’s a bad fit, so don’t! Let us help you make the most of things.

What is a Private Mortgage?

A private mortgage is like any other kind of mortgage that you can find on the market, but they’re going to be lent out by different kinds of lenders instead of a bank. You’ll be able to borrow even if you have bad credit, this way you’re going to be able to get the money you need. Private mortgage lenders are nowhere near as demanding as a conventional lender can be. Don’t you deserve a way to really get the home you’ve always wanted? Of course you do! That’s why it’s important to make sure that you’ work with one of our Toronto mortgage brokers so you’ll know you’re getting the best deal.

What are the Benefits?

There are many benefits, the easiest to spot are for those of us with less than perfect credit. Conventional lenders will penalize the heck out of you because you don’t have great credit, but who has time and money to deal with that headache? With a private lender you’re going to get the help you need to borrow, and you won’t even have to wait the length of time that you normally would with a conventional mortgage. You shouldn’t have to worry when you’re borrowing money, and with us you’ll be in safe hands.

How do Brokers Help You Save?

If you’re not sure where to start, that’s where we come in. When you choose to work with Toronto mortgage brokers like us you’re going to know all of your options before you decide. Even if you’re not buying a house yet, we can help you get pre-approved by different lenders and find out which ones are the right choices for you. Maybe you need a low interest mortgage; maybe you need enough money to buy a luxury home. Whatever you’re looking for, we can help you save.

Should You Get a Private Mortgage?

Everyone is different and your case is just that, your case. When you talk to one of our Toronto mortgage brokers you’re going to be able to figure out what’s right for you. You may be able to get a great conventional Canadian mortgage and won’t even need to go this route for financing. You’ll never know unless you work with us to find out what’s right for you! Let us help, you deserve to know all your options.

Visit our private mortgage page today, to learn more about how we can help you: http://www.homebasemortgages.ca/private-mortgages/

FAQ: Private Mortgages for Bad Credit

Everyone has bad credit at some point in their lives – 80% of Canadians have been behind on their debts in the last 15 years at SOME point. That’s why it’s important to know that even if you have bad credit you can still get a private mortgage that works for you. There are many lenders out there that specialize in your kind of lending, so don’t worry! Here we’re going to go over a few of the most commonly asked questions about these types of mortgages, so let’s get started.

Can Anyone Qualify?

Virtually anyone can get a private mortgage, but depending on your history, credit and employment you’ll get a different interest rate. It’s important to talk to one of our Toronto mortgage brokers to get a look at your credit report and finances before you even think about applying for one.

How Expensive Is It?

It can be expensive if you go about it the wrong way. You want to know that you’re getting the lowest interest rate possible and that you’re getting great terms. This can all go badly if you’re working with the wrong lender – but by working with us we’ll help pair you with a lender that wants to work with you. There are so many different ones out there, let us help!

How Does My Credit Score Affect Me?

If you have bad credit you could end up facing thousands of extra dollars in interest. We’ll be able to advise you on some things you can do to improve your credit score – it’s important that you get a handle on any consumer debt BEFORE you take out a private mortgage.

How Much Will it Cost Me in the Long Term?

This depends on your terms, interest rate and loan amount. We’ll be able to help walk you through projections (like 3% interest over 30 years for $x amount borrowed will equal out y if you pay the minimum payment each month). There are many different mortgage calculators online that will help you do this, but we’ll help you see the big picture.

How Different Are They From Conventional Mortgages?

They’re virtually identical, except a private mortgage is granted by a private lender. You’ll still have a monthly payment, interest, down payments and closing costs to pay when it’s time.

Is it Right for Me?

Now you know everything you need to know to get a private mortgage. They may be right for you, they may not –you’ll never know until you talk to one of our Toronto mortgage brokers! We’ll be able to look over your finances and really break down what you can and can’t expect to get. Everyone will be different though and it’s important that you talk to us before you think about approaching a private lender. Even if you decide to go with a conventional mortgage lender, we’ll be able to work hard on your behalf to get you the best rate!

Visit our private mortgage page today, to learn more about how we can help you: http://www.homebasemortgages.ca/private-mortgages/

Which Mortgage Lender is Good for Bad Credit?

bad credit mortgagesThere are two types of mortgage lenders, but which is right for you when your credit is less than perfect? Unless you consult with a mortgage broker, you may never know! Here we’re going to talk about mortgage brokers; be they conventional or alternative, there’s always a financing solution out there waiting for you. Don’t let bad credit be a road block to getting a good deal!

What Exactly is Bad Credit?

Bad credit can be different things to different people, so let’s put it into perspective: a score of “600” is considered average. Most people really land around the 550 mark, and some land around 500 who’ve had a little trouble. A score of “800” is considered the best you can have, but very few people ever have this kind of credit. So if you have “600” or better, you’re in good shape to get a mortgage from just about any lender.

If your score falls below this, you may want to consider credit repair or debt consolidation. You shouldn’t have to take a worse rate just because your credit sucks. You should be able to get everything you need from a mortgage broker. They can first tell you what you need to do to improve your credit. They’ll go over your finances and help you know if you’re equipped to get a mortgage now or if you should save up a little more.

What Are the Differences Between Mortgage Lenders?

 There are two main types of mortgage lenders: conventional and alternative. Conventional mortgage lenders will help you get the money you need to buy a home or refinance your current mortgage, but they want people who have good to great credit to borrow from them. While many will give mortgages to people who don’t have good credit, they’ll take it out in interest and make it not worth pursuing.

Alternative financing with private mortgage lenders is easy.  Instead of borrowing from a bank, you’ll be borrowing from lending companies or private individuals who give these types of loans. With an alternative lender you won’t have to worry so much about your credit score as you will your credit history.

 If you wander too far out of the 500 credit range, you’ll still need credit repair with these kinds of loans. You’re going to want to raise your score by 50 points over a few months (this is totally doable), and you’ll be able to use this as leverage to get a good loan.

Which is Right for You?

Each case is different and you’ll want to talk to a Toronto mortgage broker to find out which one will be right for you. Some people with great credit may find that a private mortgage will give them a better deal, and others with average to bad credit could get a great deal with a conventional lender. No matter what you do, make sure you have a mortgage broker working with you.

To learn more about our great rates on bad credit mortgages, click here: http://www.homebasemortgages.ca/debt-consolidation/bad-credit/

Bad Credit Mortgages Can Help You Get Into a Home Today!

bad credit mortgagesIf you have bad credit, you know how hard it can be to get the credit you need to buy a home or refinance one you own. All you need to do is find a good mortgage with a Toronto mortgage broker and you’ll be able to make your home dreams into reality, but you’ll need to make sure that you’re working with the right lenders! Lenders are what make all the difference in this kind of a deal! You’ll want someone who understands your situation and won’t judge you for a few mistakes ages ago that don’t reflect who you are today.

What Kind of Credit do You Have?

Almost no one has “good credit”, but it’s important to remember that everyone has different definitions for good and bad credit. If you want to know a range that you have to watch out for, it’s going to be the 600+ FICO score range. Anything above a 600 is considered nominal to great, but anything below that is considered a red flag. You’ll want to talk to a Toronto mortgage broker before you proceed to know what kind of chances you have and which kind of lender will be right for you.

What Lenders Give Bad Credit Mortgages?

Almost every kind of lender gives out this kind of mortgage, but you’re going to want to make sure that you choose the right one for you. Some mortgage brokers will tell you to look at private mortgage lenders, others will tell you to lean more towards conventional mortgages.  Whatever you do, you’re going to want to talk to many different lenders before you decide on the one that will lend you the money. They’re going to have to offer you one heck of a deal before you just sign up with them.

Know Who You’re Dealing With

Knowing what lender you’re dealing with will help you avoid any problems in the future. When you work with a Toronto mortgage broker you’ll be able to avoid the worst lenders in the area. They will know who has and doesn’t have a good reputation. The problem with these kinds of lenders is that they’re only interested in short term profits and not long term relationships. If you choose the wrong lender you could lose out on good interest rates, lose your money and even worse lose your home.  Don’t let this happen to you, know who you’re dealing with before you sign on for a bad credit mortgage.

Can You Save Money with a Bad Credit Mortgage?

If you get a mortgage that is especially formulated for people with bad credit, it can save you thousands if not more over the life of your loan. You want a lender who isn’t going to penalize you for mistakes in the past. This is why you want to make sure you’re working with the right Toronto mortgage broker before you start shopping for a loan.

Can You Get Private Second Mortgages?

private mortgage lenderIf you want to be able to get a private mortgage as part of a Canadian home refinance, you can. A private mortgage isn’t limited to buying a home out the gate, but you should talk to one of our Toronto mortgage brokers before you get started. You’re going to need the help to make sure you find a good private lender; there are many lenders that make these kind of loans and sadly a good deal of them are terrible to work with. You’ll also need some equity in your home to take out this kind of loan, so let’s get started.

What is Equity?

Equity is how much you actually own in your home when everything is said and done. So whatever debts you hold subtracted from the appraised value of your home will let you know how much equity you have. Here’s a good example:

The house you own is worth $500,000 (one can dream right?), but you still haven’t paid off your mortgage. You owe $100,000 still on your first mortgage, and that means that you have $400,000 in equity. This is great! Only 20% of your equity is tied up with debt, meaning 80% of your home is straight up cash. You will need to know that you can only borrow 80% of what you own; this means that you’re going to be able to borrow up to about $300,000 out of your whole home.

How do Private Lenders Work?

Private lenders will loan money to virtually anybody, which is awesome! Even if you have abd credit you’re still going to be able to get a second mortgage from them. They work just like any other kind of mortgage lender, but where they get their money is a little different. Banks and private lenders both have investors, but private lenders have individuals backing them. Their lending criteria isn’t as strict but you’ll still have to fill out some forms and pledge some of your equity as collateral.

Isn’t This Just a Home Equity Loan?

One of our Toronto mortgage brokers will be able to better explain all of this to you in person, but basically yes. This is a home equity loan. Second mortgages work off how much equity you have in your home and they’ll help you get all the money you need to get things done. You shouldn’t be trapped in a bad situation just because you may have poor credit or no credit. With the right private mortgage lender you’re going to be able to get the money you need.

Working with a Broker Saves You Money

When you work with one of our Toronto mortgage brokers you’re going to save money. We know where to look to get the best mortgages and we’ll help you save. From getting the lowest interest rates to getting the highest loan to value ratio for your next mortgage, we’ll work hard to help you. Contact us today and see what we can do for you.

Should you get a private mortgage?

private mortgagesIf 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!