Private Mortgages in 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.
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.
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.
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.
the possibility of a private mortgage to refinance your home – make a free
initial appointment with a consultant today.