Private Mortgages in Kitchener
is one of Ontario’s most exciting regions. Well known for arts and music
festivals, universities and sports teams, the Tri-City area is experiencing
economic growth in several important sectors and is an ideal place to raise a family.
However, as in most parts of the province, some Tri-City residents have
experienced economic challenges in recent years. Canada’s ratio of household
debt to disposable income reached record highs in 2014, according to Statistics
Canada. One effective way to manage debt is with home refinancing. However, if
you are seeking to refinance your home, you may be having difficulty in getting
funding from one of the major banks. Banks tend to have a rigid set of criteria
for lending, and if your borrower profile doesn’t fit the norm, you may be
turned down. More and more often, Canadians are turning to mortgage brokers for
help in obtaining a private mortgage. Private mortgages allow Kitchener clients
to refinance using home equity, which allows homeowners to pay down debt and
get back on their feet financially.
The Private Mortgage Advantage
mortgage broker maintains good relationships with lenders who are interested in
the whole picture and who may be willing to fund clients with unusual borrower
profiles. A good broker can match your needs with the right lender, resulting
in a win-win situation!
A former president of the Independent
Mortgage Brokers Association of Ontario, explains, "A broker has access to a
variety of lenders and the educational background and training to provide a
consumer with choices that fit their needs.” If
you are looking for a home in the Kitchener area, you may want to consider
consulting a mortgage broker. According to a 2011 survey, 81% of Canadian
buyers will seek advice from a professional before purchasing.
brokers undergo training and serve apprenticeships before they receive their
licenses. They are also required to take courses and pass exams. Some brokers charge a small fee for
Helping Clients with Challenges
great knowledge of financial products and their relationships with lenders and
financial experts make private mortgage brokers a great source of help to
clients who are finding it difficult to obtain a mortgage. These might include
self-employed individuals, people who have a bankruptcy in their financial history,
those with poor or damaged credit history, people who are in arrears with taxes
and credit cards, or clients who have difficulty verifying their income. Brokers
can help find financing or refinancing for homebuyers, but they can also advise
clients about strategies that will improve their financial stability, such as
debt consolidation. Often, accessing the services of a mortgage broker can help
clients work out ways to get back on their feet.
choosing a mortgage broker, be sure to choose a company that has strong
relationships with financial experts and a good track record. For many clients,
working with a mortgage broker makes excellent financial sense.