Private Mortgage Mississauga
Over the years, the real estate market in Mississauga has skyrocketed showing that investing in a home is a good idea. But before you purchase a home, you will need to get pre-approved for a mortgage. While there are a few options available for this, one of the most accessible options is to get a private mortgage. A private mortgage is a home loan that is obtained through a private lender rather than through a traditional financial institution such as a bank or credit union.
Why should you choose a Private Mortgage in Mississauga?
There are many reasons why you might consider choosing a private mortgage in Mississauga. Private lenders do not have the same stringent rules as traditional lenders so a private mortgage might be your best bet if you have poor credit, are self-employed, or are new to the country.
Private lenders can also be a good choice if you want to get a mortgage in a hurry or you wish to get a mortgage on a non-traditional property like a tiny house.
How to get the best rates for Private Mortgages
While private mortgages typically have somewhat higher rates than traditional mortgages, it is still possible to get a really good rate on a private mortgage. To do this, it is highly recommended that you work with a mortgage broker.
Because mortgage brokers work with some many different lenders (some of whom can’t even be accessed by the general public), it is much easier to let your broker find you a great rate, than try to do it on your own.
How to get Private Mortgage even with bad credit?
If you think that you can’t get a mortgage because you have bad credit, then a private mortgage may be just what you need. Private lenders have more flexibility in their lending criteria than traditional lenders do – and in fact, there are some private lenders who actually specialize in helping people with bad credit.
By working closely with your mortgage broker, you can connect with one of these lenders to finally become a homeowner.
Advantages of Using a Mortgage Broker for Private Mortgage
The best thing you can do if you want to get a private mortgage is to work with a qualified mortgage broker. Some of the advantages include:
- They can help you decided if getting a private mortgage is really the best choice.
- They can shop around to get you the best rates and terms.
- They can help you avoid unscrupulous lenders.
- They can help you with the application and necessary documentation.
- They can answer any questions you may have about your private mortgage.
Contact us today!
Are you ready to apply for a private mortgage in Mississauga? If so, give us a call today to speak with a member of our team.