Mortgage Rates Are Dropping Fast! Contact Us Today to Lock in Your Savings!

Call Now
Best Mortgage Price > Private Mortgage

Private Mortgage

Private Mortgage

Private Mortgage lenders can be individuals or organizations who can be utilised when regular financing options are not possible. These lenders lend for short-term, based on Equity of property. Some people utilise private financing to flip housing.
At Best Mortgage Rates, we work with multiple private lenders to provide customised solutions. We also arrange Private Construction Financing.

If you have had a hard time getting a mortgage loan in the past, do not give up. There are alternatives to a traditional loan. Private mortgages are designed to help home buyers who otherwise could not qualify for a regular mortgage. This could be because you are self-employed, you are a “flipper,” a foreign investor,
working on your taxes or credit score, or you are someone who is starting a business. There are many benefits to getting a private mortgage. With the strict lending requirements in place today, and if you are struggling to get a mortgage, applying for a private mortgage may be the right way to go for you. This means, that getting a reputed and private mortgage in Mississauga Ontario is no more a tough job to crack.

Private Mortgage Quick Process Approval:

It may surprise you, but a private mortgage approval only takes a few weeks at most, where a regular mortgage approval usually takes about 30 to 45 days. Because perfect credit isn’t necessary for private lenders, they won’t require as many documents for the loan process as a typical loan.

What is a Private Mortgage?
This type of mortgage loan comes from a private source of finances. This source could be made from friends, family or a business, unlike a regular mortgage that comes through a bank. A private mortgage is good for those struggling to get a common mortgage.
Qualifying is Relatively Easy For Private Mortgages:
For some people, attaining a loan from the usual mortgage lender can be difficult. There are several reasons you may not qualify. If you are young or self-employed, you often won’t have the credit score or steady work history the bank or lender wants. Sometimes your finances just don’t seem look enough to the lender to qualify for the usual loan. If you have debt, that can also be a reason you are being held back.
Private Mortgage Ideal for those who Buy and Flip Houses:

A private mortgage has a short payback period, so could be perfect for you if you plan on flipping the house within that six to twelve-month period. You can renovate before selling the house, and that will boost the house’s value. By doing some home improvements, you should be able to sell or refinance quickly and easily. However, ensure that the private mortgage agent services in Mississauga you are lending maintain transparency and honesty with each step.

Are You Looking for a “Fixer Upper?”:
Usually, the homes requiring extensive repair or improvement work won’t easily qualify for the usual mortgage loans, and the good credit of a borrower doesn’t matter. A private mortgage will let you have the chance to fix up the house in a short time so you can sell or refinance.
  • You should be aware of the short payback period of the private mortgage loan.
  • Most private mortgages will have a term of six to twelve months, allowing you to pay back the loan.
  • Keep in mind, private mortgages usually have higher interest rates than traditional mortgages because you won’t have the need for excellent credit.
  • Most people take the quick approval process in exchange for the higher interest rate, you can make the choice.
Contact Us