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Private Mortgages for Pickering Homeowners

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Private Mortgages for Pickering Homeowners

Pickering is a vibrant community of over 90,000 that has a great deal to offer its residents, from high quality education to excellent health care facilities; from business opportunities to cultural events. The city is expected to continue to grow rapidly, and the projected population for 2031 is 190,000! If you own a home in Pickering, you possess an important asset. But some Pickering citizens have had difficulty accessing funds based on their home equity. Traditional lending institutions have stringent regulations in place, and if your numbers don’t add up, you may find that your application to the bank will be stamped "Refused.” However, there are alternatives to the big banks. If you need cash flow to pay down debt, finance a child’s education or for an investment opportunity, you may want to consult with a private mortgage broker. These licensed professionals work with private lenders in Ontario to create customized private mortgages in Pickering.

When the Bank Says No

There are various reasons why you might want to turn to a private lender. Banks are risk-averse, and many different factors can increase your risk factor for conventional financial institutions. You may have had to declare bankruptcy or undergo debt consolidation, for example, or you may be currently in arrears with tax bills or mortgage payments. Even being self-employed can work against you, since banks don’t like the unpredictability of self-employment income. Due to regulations in place, bank personnel may not be able to approve your application even though you have significant home equity.
If you are in this situation, it’s time to consult with a good private mortgage broker. A private mortgage broker specializes in putting a borrower together with a lender so that both can benefit. Private mortgage brokers must complete training and an apprenticeship, as well as a licensing exam. Most are very knowledgeable and able to make solid recommendations for your financial future.
Private lenders are not bound by the same types of requirements that banks are and can look at each case on an individual basis. A private lender is more flexible and therefore more able to take a chance on the person and the property under consideration than a bank employee is. In addition, private mortgages usually happen more quickly than traditional mortgages. Private lenders have smaller pools of money, so they don’t like it to be idle. A private mortgage is often approved within 48 hours and funded within two to three weeks.

Points to Consider

Because a private lender is taking a risk that a bank is not willing to take, private mortgage interest rates are almost always higher. However, most times, they’re only slightly higher, and occasionally they are equal or lower to what a bank would offer. However, private mortgages often have a regular processing fee as well.
And, unlike their bank counterparts, private mortgages are usually short-term arrangements. Usual time periods are one to three year terms.
Your private mortgage broker will work with you to find the right lender and to negotiate terms that are agreeable to both sides. Contact a broker today and find out more about how to get the money you need!


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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