Secure Your Dream Home with a Private Mortgage in Oakville and Mississauga
Tailored Financing Solutions from Mortgage Shop Broker for Your Unique Needs
Welcome to Mortgage Shop
Do you require a private mortgage in Oakville or Mississauga? Look nowhere else! Mortgage Shop specializes in offering custom finance options that meet your specific needs. Our team of skilled mortgage brokers will do everything in their power to locate the ideal private mortgage option for you, whether you’re a first-time home buyer or an established investor.
Why Choose a Private Mortgage in Oakville or Mississauga?
When compared to conventional bank mortgages, private mortgages provide a number of advantages, such as quicker approval periods, flexible terms, and the capacity to deal with borrowers who might not meet the requirements for conventional lending. Your process will be easy and stress-free thanks to the assistance of our staff at Mortgage Shop as you navigate the complexity of the private mortgage sector.
Private Mortgage Solutions That Are Specialized in Oakville and Mississauga
Mortgage Shop, a top mortgage broker in the Oakville and Mississauga region, takes pride in providing individualized financing options that are tailored to your unique requirements. Since every borrower is unique, we work closely with you to comprehend your financial objectives, credit history, and property preferences in order to choose the ideal private mortgage option.
Our Methodology Is Straightforward, Open, and Effective
It need not be difficult to obtain a private mortgage in Oakville and Mississauga. By providing: our mortgage brokers at Mortgage Shop have made the process simpler.
- A comprehensive assessment of your financial situation
- Access to an extensive network of private lenders
- Clear, transparent communication throughout the entire process
- Tailored private mortgage solutions based on your unique requirements
- Seamless and hassle-free closing
If you’re ready to take the next step toward homeownership with a private mortgage in Oakville or Mississauga, contact Mortgage Shop today. Our dedicated team of mortgage brokers is committed to helping you secure the financing you need to make your dream home a reality. Call us at (647) 302-4376 or fill out our online contact form to get started on your private mortgage journey.
What is a Private Mortgage?
Borrowers sometimes seek out private mortgages from private lenders as an alternate source of funding when a traditional bank or lending institution rejects them for a mortgage or a home refinancing loan. They often have periods of six months to three years and are short-term, interest-only loans.
Private lenders are aware that banks and other traditional lending organizations have too rigid lending policies and regularly turn down applicants who are more than capable of repaying their mortgages. Contrary to banks, private lenders prioritize the property’s value and general condition over the borrower’s credit and income. Private lenders also do not demand as much documentation as traditional banks.
Private mortgage lenders are known as “B lenders” and provide loans to borrowers who might not be eligible for standard bank financing. Compared to conventional lenders, B lenders often have stricter terms and higher interest rates. The fixed rates will still be lower than those of a private sector mortgage, making them an attractive alternative for borrowers with less-than-perfect credit or income.
Several credit unions and trust companies are examples of B lenders. If a B lender declined them owing to a significant credit issue, the borrower would turn to one of the numerous private mortgage lenders.
A private mortgage is the ideal short-term solution for someone who nearly meets the requirements for a B lender but may need some time to either improve their credit, accumulate a larger down payment, or increase their income and net worth. In this case, private is preferred.
Book an Appointment
Reasons to Get Private Loan Mortgages?
Private loans can have substantially lower interest rates than conventional mortgages. This might end up saving you a ton of money over time.
Private loan mortgages are often much easier to qualify for than traditional mortgages. This suggests that you can still get a loan no matter how bad or good your credit is.
Mortgage Rate Options:
There are fixed and variable interest rate private lending mortgages available, so you may select the rate that best matches your requirements.
Flexible Repayment Plans:
Allowing you to choose the one that best suits your financial condition. Such options include both short- and long-term repayment programs.
Use for Purchase or Refinance:
Private financing options are available for both new residences and refinance, so you may use them for whatever you need.
Fees Involved With Getting a Private Mortgage?
- Brokerage Fee
- Lender Fee
- The lender’s minimal legal expenses
- House appraisal fee
Good news: Most of the time, these costs are deducted from the loan after it is approved, so you don’t have to pay them up front.
What are Some Pros and Cons of a Private Mortgage?
Prospective borrowers should be aware of all the benefits and drawbacks associated with acquiring a private mortgage before signing on the dotted line.
- Debt Consolidation
- Fast approvals
- No minimum credit score requirements
- No minimum income requirements
- Helps you build and repair credit
Cons of a private mortgage
- Higher interest rate
- Broker and lender fees
Why Work With Me
I will negotiate for my clients to ensure they are getting the lowest rate in the market.
I pride myself on providing quick, easy & honest service. My clients always come first.
I specialize in dealing with bad credit & bank declines. I turn a “NO” into a “YES!!”
*No credit checks without your permission. No complicated application! *Terms & conditions may apply.