Private Mortgage Lenders London Ontario

Private Mortgage Lenders

Private Mortgage Lenders – London Ontario

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 mostly 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 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 Mortgage Lenders maintain much less stringent lending requirements than the larger banks. Because of the more lax requirements Private Mortgage Lenders can close a mortgage quickly.

Private Mortgage Lenders London Ontario

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.

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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 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.

Private Mortgage Lender Services
Bad Credit Mortgages, Back Taxes, Quick Closings, Debt Consolidation, Unique Situations, Rent-to-Own Purchases
Bad Credit mortgages

Bad Credit Mortgages

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 Private Mortgages can help. The issues include Bankruptcies, Proposals, 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.

Pay off Back Taxes

Back Taxes

Most traditional lenders will not provide funding if taxes are owed. However, I work with Private Lenders 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.

Quick Mortgage Closings

Quick Mortgage Closings

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.

Pay off Credit Cards

Debt Consolidation / Cash Flow

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.

Unique Mortgage

Unique Situations / Special Circumstances

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.

Rent to Own Purchase

Rent-to-Own Purchases

If you are in a Rent-to-Own Agreement for a few years but are not yet ready to move to traditional financing Private Mortgage Lenders can help get the house into your name. This will establish equity, and begin final step prior to obtaining a traditional mortgage..

Second Mortgages London Ontario

Second Mortgages

A Second Mortgages can free up some cash flow by allowing you to consolidate your debt into one single monthly mortgage payment. They can also be used for home improvements, unexpected expenses, etc.

Mortgage Broker London Ontario
Mortgage Broker London Ontario

What Do Private Mortgage Lenders Cover?

Private Mortgage Lenders

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 Mortgage is something you would like to explore Call or Text, 519-860-2102, and we will go over all of details.

Mortgage Broker London Ontario – Contact London’s Mortgage Agent


I understand that when you have questions about your Mortgage that a a few hours to receive a response can seem like an eternity! I specialize in providing a fast response time to all inquiries, questions or comments. My Yelp Page shows an average of 10 minute turnaround time for all responses.

As I do with all of my clients, when we are awaiting a response from the mortgage lender we will touch base every day just to keep in constant contact. I believe in keeping my clients well appraised of the status of their applications. Nothing is worse than not being in the know!

Please Feel Free to Call or Text me at (519)860-2102.

Address
Mark Mitchell – London’s Mortgage Agent
London, Ontario
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