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Private Mortgages Ajax and Area - Are They Right for You?

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Private mortgages are something most people have heard of in Ajax, but not everyone could necessarily define. This lack of knowledge limits people’s options, and in some cases can end up leaving someone unable to get the loan they need. While most mortgages are handled through major banks in Canada, and as such are beholden to the rules and regulations of a very small number of groups, private mortgages are handled, as the name entails, privately. Private mortgage brokers are numerous, and as they are not the financial juggernauts that major banks are, they bring in potential clients by being fast and flexible.

What are your needs?

The first question to ask when considering a private mortgage, whether your first or second mortgage, is what you need the money for. How long can you wait? How much do you need? Will you meet the strict requirements the bank holds, once your approval process finally gets through? A private mortgage finds its value in being quick to setup and easy to qualify for, bypassing lengthy and stressful waits and interactions with somewhat inefficient bank waiting lists. If you need your money as soon as possible, or are worried about not being approved by a bank, that is when you should start considering talking to a private mortgage broker to see if they can help you.
It is also important to remember that for your first mortgage it will not likely be too difficult to go through a bank, whereas a second mortgage or home equity loan will be harder, as banks typically require an excellent credit score before they will approve a home equity loan.

Things to Remember

Don’t rush into a mortgage just because you can do it quickly through private mortgage brokers - take the time to make sure you actually need it and that the monthly payments won’t create a weight on your finances. Situations where you need the money immediately - for example, if your home suffers damage from a storm and needs expensive repairs - are the situations where a private home equity mortgage will be most beneficial to you. A private home equity mortgage can also be a good option for consolidating your debts in order to pay them more easily, using your home equity and the flexibility of private lenders to improve your credit score, and making sure that you don’t fall into a debt spiral. Alternatively, you may find yourself seeking a private mortgage to refinance, getting a second mortgage at a lower interest rate to pay off the first and save money in the long run.
While private mortgages may not be suitable for everyone, and should typically be sought out with a level of caution, it can be life-saving to remember that they exist as an option, should you find yourself in an emergency and in need of money safely and swiftly. Seeking private mortgages in Ajax could be exactly what you need to escape a desperate situation, or just to make your debts more manageable, escape high interest rates and reduce debt-related stress.


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