Oshawa Private Mortgages

What are private mortgages?

Oshawa Private Mortgages is an alternative means of sourcing the funds to purchase a new home, without dealing with credit unions or banks. The main difference between banks and Private Mortgages lenders is where the money comes from... banks use the government to source their funding and private lenders obtain their funding from private sources. Other differences between private lenders and banks is the flexibility in approving applications... banks have firm guidelines that must be met on applications (and leaning heavily on credit history), whereas private lenders have more flexibility and through their application process, also consider the actual value of the home against the mortgage loan. The more value a home has, the more peaked the interest will be from the private sources for funding (the Private Mortgages lenders work on their behalf and on behalf of the borrower, so one entity trying to bring 2 entities together to do business).

How do private mortgages work?

People that want to move forward with home ownership and utilize Oshawa Private Mortgages as their source of funding are generally people that are self-employed, people who are looking to invest in a high risk property, people who have not-so-great credit history or just everyday people that just cannot fit within the criteria that banks insist on for qualifying for a mortgage. That is not the end of the line, Private Mortgages will consider people with various situations for mortgage loans. The application process with lenders that offer Private Mortgages tend to be processed quickly and they do have a higher approval rate against banks. The private lenders will review the real estate itself first, to see if it is worth investing into (location has a big part to play here), discuss the down payment, confirm total income & assets and for those people that have decent credit histories, that will be a bonus.

When is taking out a private mortgage helpful in your financial strategy?

The lenders that deal in Oshawa Private Mortgages can really provide a gainful impact for people that think they will get turned down for a mortgage loan everywhere. This is a real opportunity to turn that around and become a home owner, it does not get any more personalized then that! The chance to be approved for a mortgage loan application is just around the corner, the first step is to shop around for an excellent Private Mortgages lender. The second step is to sit down with the Private Mortgages lender to discuss what they can do FOR YOU to achieve your goals of being a home owner!