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Is Private Mortgage the right option for You?

Is Private Mortgage the right option for You?

Private mortgages are loans offered by private companies and people rather than traditional unions such as credit unions and banks. A private lender is generally an individual or an institution that invests in private mortgages. In some cases, it could be a family member or a close friend that provides the loan to help the lender in times of financial difficulty or to help them purchase their dream home. For private mortgages in Oshawa, get in touch with the professional mortgage brokers at 1ONEFUND for further information.

Private Mortgage

Why consider getting a mortgage from a Private Lender?

Unlike traditional lenders, private mortgage lenders are very understanding. They generally accept most reasons, including:

  • Paying off your living expenses after a lengthy layoff
  • Paying off your high-interest credit card debt
  • Home repair expenses or renovations
  • Paying off your college or university tuition fees
  • Stopping your home from getting foreclosed

If your loan application has been rejected by traditional banks and credit unions, you can get the loan from private lenders who are more lenient. With years of experience in the business, 1ONEFUND has a vast network of lenders willing to lend money to people who do not qualify for a loan from banks.

The Ideal solution

It is the ideal solution for people who have been denied a loan from a traditional bank. The reason most individuals fail to qualify for a traditional mortgage is that they are not able to pass the federal mortgage stress test, or they have a poor credit score. In certain cases, if the person is a new citizen of Canada, or he is a self-employed individual that denies him getting a loan from a bank.

Before you consider getting a private mortgage, you must understand the pros and cons of getting a mortgage from a private lender. If you are looking to get a loan from a friend or a family member, you will have to bear in mind how that loan might affect your relationship with that individual. The interest rates of private mortgages from an established investor or a private company generally tend to be higher than those from traditional lenders. Having said that, they are an ideal short-term solution if you need access to quick money to improve your credit or to pay off your high-interest expenses.

To find out more details or to speak with our team, do not hesitate to contact us today.

Why choose the Private Mortgage Brokers at 1ONEFUND

If you’re fed up with getting rejected from banks for your loan request, you should consider getting a private mortgage. At 1ONEFUND, with our vast network, we will find the right lender to suit your financial needs. Our team of professionals understand that every individual’s needs are different, which is why we offer a flexible approach to get the best financing for your mortgage. Call us today on 1-833-201-3863 to discuss your specific requirements or to schedule an initial consultation. We offer our private mortgage lending services to individuals all over Oshawa and the surrounding areas.

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