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Private Mortgages in the GTA and How They Could Help

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The GTA can be a financially stressful place to live; especially in the cities. Owning a home of your own doesn’t erase your problems so much as it changes the nature of them, but once you’ve built up some home equity you do have options. Home Equity Loans in the GTA can be used to unlock this home equity - value created from the difference between your home’s market value and the outstanding balance of any liens on the house, for example, your first mortgage. However, the major banks that handle most mortgages in Canada can be strict on their requirements and take a long, long time to actually process your eligibility. Private mortgages in the GTA usually take less time to get approved and slightly more flexible (though there are advantages to going through a bank, if you have that option - they take time for a reason).

For a First Mortgage

The time-based advantages of using a private mortgage broker for your mortgage do not often come into play in a first mortgage. After all, when looking for a first home, it is not often that you are doing so out of fear of impending homelessness. However, private loan brokers are often more willing to take a risk on an unknown person, where banks will be reluctant to cooperate. As such, for those in a less than stellar financial situation, privately brokered mortgages can be a lifesaver when looking for a new home.

For a Second Mortgage (Home Equity Loan)

Depending on your needs a second mortgage, also known as a home equity loan, is more likely to be needed quickly and weighted against the hefty requirements held by major banks. Home equity loans find good use as investment tools, college tuitions, or emergency funds, and in the latter case will be more likely to be something you seek through a private lending firm, as the funds will be needed quickly. In the event that your home is heavily damaged suddenly and needs to be repaired, a home equity loan can functionally pay for itself. As home equity loans typically require excellent credit to get through a bank, the majority of people may resort to a private mortgage. Privately brokered mortgages are also a good way to use home equity to consolidate debts - turning many high-interest credit card debts, for example, into a much lower interest mortgage debt to be paid over many years, much less stressfully.
When life in the GTA bites you in the pocket, remember that your most solid investment in life - your home - can save you, both through bank-brokered and private mortgages in the GTA. Consider your needs and analyse your personal situation when deciding whether to go through a bank or through a trustworthy private mortgage firm, and you too can come out on top, with a manageable debt and the value of your home’s equity well and maturely invested into your life, your family, and yourself.


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