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Private Mortgages Help Markham Homeowners

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Private Mortgages in Markham

 
Markham is one of the fastest growing communities in Ontario, featuring a diverse population of more than 332,000 people. Markham is known as Canada’s "High-Tech Capital”, since it is home to more than 900 IT companies, including large multinationals as well as numerous smaller ones. Intersected by the Don River and the Rouge River, and bordered on the north by the Oak Ridges Moraine, Markham is nestled in a beautiful setting, and the city prides itself on its green spaces and its leadership on environmental issues. Markham’s proximity to Toronto makes it a perfect place to live: Markham residents have easy access to big-city amenities, yet they retain all the advantages of living in a smaller community. The average selling price of a Markham house in November of 2014 was approximately $750,000. However, Statistics Canada revealed that in 2014, the ratio of consumer debt to disposable income hit record highs. If you are struggling financially, refinancing your home can be an effective way to pay down debt and get back on track. Private mortgages have helped many Markham homeowners obtain this type of financial help.
 

Financial Challenges

 
Most mortgages in Canada are held by one of the country’s major banks. The banks have a rigid set of criteria that borrowers must meet in order to secure refinancing. However, given today’s economic climate, many of us are unable to meet those criteria. There can be several reasons why your mortgage application may be turned down by a bank, including:
  • Self-employment. Banks are not set up to deal with clients who are self-employed. Often, representatives fail to understand the nature of self-employment or are reluctant to fund clients whose income doesn’t arrive on a predictable schedule. Many private mortgage lenders recognize that self-employed individuals have a different borrower profile, and are happy to accommodate this.
  • Bad credit rating. It’s estimated that one in eight Canadians has to declare bankruptcy or undergo debt consolidation during his or her lifetime. If you’ve had past financial struggles that have impacted your credit rating, a private mortgage may be the right option for you.
  • Verification. Sometimes, clients are in the position of having no means of verifying their income.
  • Late payments. Sometimes, borrowers are in arrears with mortgage payments, taxes or credit cards. A private mortgage lender will often look beyond this to the big picture.

Refinancing

 
There are other reasons why you might want to consider refinancing your home. You may want to increase your cash flow in order to do renovations on your house. You may have a child headed for university and need additional funds to help pay for his or her education.
 
Another important consideration is cost. Sometimes, you can get a better interest rate with a private lender, and this can end up saving you thousands of dollars over the life of your mortgage. You will probably need to consult with a mortgage broker in order to assess the correct timing, any penalties that you may have to pay and how much you stand to save.
 
Investigate the possibility of a private mortgage to refinance your home – make a free initial appointment with a consultant today.

Reviews

4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!
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