You can borrow against your current home to cover any of your financial needs.
A private mortgage is a loan that is issued by a private entity and is secured by a property. Private mortgages can be used to secure existing debts or new loans. By using a private mortgage, you can get the financing you need without having to go through a bank.
Banks and traditional lending institutions are turning away borrowers who they deem capable of paying a mortgage. Private lenders focus on the value and condition of the property instead of the borrower's credit or income.
There are a few different types of private mortgage lenders that can provide funding for a home purchase or refinance:
Most private mortgages are short-term loans. This means that the borrower has a set period of time to repay the loan, usually between one and five years.
Private mortgage lenders in Canada are not subject to the same regulations as banks, and they can set their own fees and conditions.
There are many risks that come with private lending, especially when it comes to mortgages. One of the biggest risks is the inability to make mortgage payments. There is always the possibility that the borrower will default on the loan.
A private mortgage is a good option for those who may not be eligible for a traditional mortgage from a bank. However, there are a few things to consider when determining if you are eligible for a private mortgage:
The approval process is quick and easy, since lenders focus on the value of the property instead of the borrower's credit score. In most cases, you can get approved for a loan in less than a day.