Private Mortgage Brampton
If you live in Brampton and are thinking about purchasing a home, your first step should be to get yourself pre-approved for a mortgage. One of your options for this is to get approved with a private lender and get a private mortgage. This simply means that you are borrowing the money for your home from a private individual or company rather than going through traditional channels such as a big bank or credit union.
Why should you choose a Private Mortgage in Brampton?
There are many reasons why Brampton residents are opting for private mortgages over traditional ones. One common reason is that that may not have the necessary credit to qualify for a traditional mortgage. This doesn’t necessarily mean they are a poor risk – it could simply mean that they are self-employed (and don’t make enough money on paper) or new to the country (and haven’t had time to build up a credit history).
But there are other reasons for getting a private mortgage as well. Applicants may wish to purchase a non-traditional home (like a tiny home), or they may need to get a mortgage faster than a traditional lender is willing to work so that they can secure their dream home in a bidding war.
The fact is that there are many reasons why someone might choose a private mortgage.
How to get the best rates for Private Mortgages
By far the number one way to get the best rates on a private mortgage is to work with a licensed mortgage broker. Mortgage brokers literally work with dozens of lenders, so it is easy for them to find the right lender for their client. And – they even work with some private lenders who can’t be accessed by the general public – they can only be accessed through a mortgage broker.
How to get Private Mortgage even with bad credit?
The nice thing about private lenders is that they tend to look at the big picture – not just someone’s credit score. Some private lenders specialize in helping people with bad credit, and your mortgage broker will point you in their direction.
Advantages of Using a Mortgage Broker for Private Mortgage
If you are going to apply for a private mortgage, it is a smart idea to work with a mortgage broker as doing so has the following advantages:
- They can help you decide if a private mortgage is the right choice for you.
- They can help you get the best possible rates and terms.
- They can help you with the application process to avoid mistakes and delays.
- They can answer all of your mortgage questions.
Contact us today!
Are you ready to apply for a private mortgage in Brampton? If so, give us a call today to speak with a member of our team.