Private Mortgage Lenders London Ontario | Available 24/7, I offer Mobile Mortgage Broker Services to London Ontario and Surrounding Area. Call or Text 519-860-2102 for Details.
Private Mortgage Lenders - Mortgage Broker London Ontario
"When you use the Right Mortgage Broker, you get the Best Mortgage Rate"
As a Licensed Mortgage Agent in I work with a number of Private Mortgage Lenders in London Ontario and Surrounding Area. Available 24/7, Call or Text 519-860-2102.
Private Mortgages are primarily used by those who have been turned down by the larger banks, which have stringent lending requirements. The big banks have ratios within which they need to maintain their loans - these ratios are all based off of income, debt ratios, etc. Because of these requirements many people with unique situations are often turned down for a mortgage, as they do not meet a pre-specified criteria of what constitutes a good mortgage.
Fortunately Private Lenders maintain much less stringent lending requirements than the larger banks, and can close a mortgage quickly.
Private Mortgages in London
London and Surrounding Area (Woodstock, St Thomas, Stratford) are desirable locations for Private Lenders. London's is considered a Major City Center, and the proximity of Woodstock, St Thomas and Stratford makes them desirable lending locations.
In recent years the Value of Homes in London Ontario and surrounding area have skyrocketed, well above that of the national average. Most home appraisals that I have had completed in recent years have come in at much higher than we initially expected. The value of London homes make it an even more desirable place for Private Lenders to invest.
As London's Housing Market has continued to increase so too has the willingness of Private Lenders lender larger amounts of capital in the region. I have access to Private Mortgage Lenders that will fund up to 85 Percent of the Value of the Home on a first mortgage, and up to 95 Percent of the Value of the Home on a Second Mortgage.
Why Use a Private Mortgage Lender?
The easy answer is that you should avoid it if possible. As Private Lenders take on greater risk due to their relatively lax lending requirements they have to charge more in order to be compensated for the risk. Mortgage Rates can range from 8 Percent to 14 Percent (for a Second Mortgage), plus fees.
When we meet for an initial consultation I will undertake a full assessment of your financial situation and we will discuss if a Private Mortgage is best route for you given your needs and financial goals. I have met with many people in who initially thought they needed a Private Mortgage but after assessing their entire situation I was able to find a traditional lender who would fund their mortgage.
With that in mind, Private Mortgage Lenders can be extremely helpful.
- Bad Credit Mortgages
- Back Taxes
- Quick Closings
- Debt Consolidation / Cash Flow
- Unique Situations / Special Circumstances
Private lenders are ideal for those with bad credit (I prefer the term Bruised Credit), but have a substantial down payment or equity in the home in question. If there have been credit issues in the past (bankruptcy, consumer proposal, collections, etc) Private Mortgages can provide a short-term solution while we re-build your credit before we can get a mortgage with a traditional lender and a lower mortgage rate.
Unlike traditional lenders, there are Private Lenders available that will fund based on the home's equity even if back taxes are owed. Not all Private Lenders require that taxes be paid off to fund the mortgage - so this can work as an ideal scenario for people who have to close their mortgage quick but need some time to pay off their back taxes.
If you need to Close your mortgage quick then a Private Mortgage is almost always the best way to go. Since Private Mortgages do not require as much paperwork as those needed by the larger lenders they are able to Close a mortgage within a matter of days.
Sometimes unexpected expenses arise and we need to dip into our credit cards. Most credit cards charge upwards of 20 percent interest. With a Private Mortgage you can consolidate your debt into one payment, secured against your home, which will have much lower monthly mortgage payment than all of the debit combined. This can provide for some extra cash flow, enabling you to get back on your fee.
Not all mortgages are the same - In fact, every mortgage is different. As Private Mortgage Lenders consider all facets when qualifying a mortgage they are willing to take into consideration special circumstances and unique situations that traditional lenders ignore. Even with great credit there are many situations where in which a Private Mortgage might be necessary.
What Will a Private Mortgage Cover
Private Mortgages are quite versatile, providing clients with a number of options. These types of Mortgages can be used for New Home Purchases, Self-Employed Mortgages, Mortgage Refinancing, Second Mortgages, Third Mortgages, Equity Mortgages, etc.
If you think a Private Mortage is something you would like to explore Call or Text, Available 24/7519-860-2102. and we will go over all of details.