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Private Mortgages in Kitchener

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Private Mortgages in Kitchener

 

Kitchener-Waterloo-Cambridge 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

 

A private 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.

 

Mortgage 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 their services.

 

Helping Clients with Challenges

 

Their 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.

 

When 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.

 

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