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Pickering Private Mortgages
What are private mortgages?Sourcing funds from a regular bank can sometimes put a halt on the plans people have of buying a new home because major banks have restrictive application criteria. No everyone ‘qualifies’ for major banks approval when it comes to mortgage loans, and this is where Private Mortgages steps in to save the day! Pickering Private Mortgages is a private lending entity, so the ‘hoops’ that banks have you jump through to try to qualify for a mortgage loan are not present with Private Mortgages lenders. Private Mortgages is an alternative source of funding for people that just cannot fit within the tight criteria of regular banks or credit unions. This could be due to issues with credit ratings, a lack of a sizeable down payment or fluctuating income that tends to arise with self-employment. When major banks say no, Pickering Private Mortgages lenders may just say yes!
How do private mortgages work?Private Mortgages lenders build a closer, business relationship with borrowers to do all that they can to get you the mortgage loan that you need. Private Mortgages do have an application process to establish your financial background information and the information that surrounds the property that you are interested in purchasing. Pickering Private Mortgages lenders obtain their funding from private sources, unlike major banks who get their funding directly from the government. Because Private Mortgages are generally investment-worthy to private investors & hard money lenders, they are more open minded and have the flexibility to offer regular people with minimal financial issues the money they need to buy their home... but at a cost. Private Mortgages lender do charge a higher interest rate then banks and credit unions and they do want the security of a hefty down payment, but they do look at the value of the property as an asset against the mortgage loan, so bonus!
When is taking out a private mortgage helpful in your financial strategy?It may cost a little more money to go with Pickering Private Mortgages lenders, but the goal is to get you the home that you want and get your mortgage loan paid back in a manageable time frame, so it is a win-win situation for you! Talk about a gainful impact, having a lender say yes, we want your business instead of no! With steady monthly payments and no ‘burps’ financially with Private Mortgages, you can entertain different options down the road like mortgage refinancing with another lender to lower your monthly payments and interest charges. Showing financial responsibility will most likely attract regular banking institutions that may offer to extend themselves to save you money (they may have not been there for you in the beginning, but it is never to late to switch lenders up to save money for the future!).
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