Private Mortgage

When it comes to getting a mortgage in Ontario and other cities in Canada, banks and conventional large financial institutions are not the only option. The ever-increasing list of rules, regulations, and documentations cannot be fulfilled by every individual. Moreover, if you have a bad credit history or credit rating, the chances that you qualify for a loan from a bank are slim to none. Are you a self-employed individual? Have you failed to honor loan installments in the past? Do you have a poor credit score? In such a scenario, a private lender may be the answer to your mortgage.

A private mortgage is a secured loan from a private lender for a short term, usually 6 months to 3 years. In case of a private mortgage loan, you only have to pay the interest every month, unlike the traditional mortgage where you have to pay the principal + interest. In a private mortgage, the principal amount is to be paid at the end of the term. This means affordable and lower monthly payments. Unlike banks and conventional large lending institutions that focus more on the borrower’s income source and credit history, private lenders take into account the market value of the property, its present condition, and location. Private lenders do not have stringent criteria in place for lending as banks. At RAMANJIT SINGH, our professional and expert private mortgage specialists work hard to find the right private lender who will offer you a mortgage at the best interest rate depending on your existing financial situation.

When should you choose a private mortgage lender?

The property that you are looking to buy is not a conventional one, hence banks and large financial institutions won’t fund it.
You have just started your business (self-employed) and unable to prove a proof on paper for your existing income. In this case, conventional lenders won’t approve your mortgage.
You require the loan to be sanctioned in a relatively short time duration.
You cannot wait for the lengthy and tedious process of banks and large financial lenders.
You have a bad credit history or a credit score less than 620.
You have been turned down by banks and conventional financial institutions for a mortgage loan.

How much mortgage rate do private lenders charge?

There are various factors that influence the interest rates charged by private lenders. These include present value of the property, loan amount required, and location of the property. Usually, private lenders charge a higher interest rate to borrowers compared to conventional mortgage lenders.

What different payment options does a borrower have for a private mortgage?

In most cases, the borrower has to pay the interest during the term, while the principal amount needs to be paid at the end of the term. Some borrowers even choose to pay the entire interest amount upfront by getting it deducted from the loan amount when they receive it. This way they don't have to pay anything monthly. Borrowers also have the option to go in for blended payment (principal + interest) as it happens in conventional mortgage.

How long do private mortgage approvals take?

Private mortgage approvals are much faster than conventional mortgages. Their approval takes less than a week and typically you will receive the loan amount within two weeks.

WHAT'S YOU EXPECT

We Offer To You

First-Time Home Buyer Mortgage

Refinancing Your Property

Pre Approval

Debt Consolidation

Renew Your Mortgage

Self-Employed Mortgage

Private Mortgagess

Commercial Mortgages

Second Mortgage

Small Businesses Loans

Home Equity Line of Credit

Renew Your Mortgage

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