- Cash out equity
- Decision in five minutes
- Easy to qualify
- An alternative to banks
Private mortgages are home loans that are offered by private individuals and companies rather than by traditional lenders such as banks and credit unions. A private lender may be a person or company that regularly invests in private mortgages as a way to generate income or it may be a friend or family member who is providing the loan as a way to help the lender achieve their dream of homeownership. Whatever kind of private mortgage you are considering, it is always best to work with a qualified mortgage broker to ensure that everything is set up legally and in a way that benefits both parties.
Contact our Mortgage Brokers to know more details about Private Mortgage in Oshawa!
Private mortgages can be an ideal solution for borrowers who cannot qualify for a traditional mortgage. This may be due to damaged credit or not being able to pass the federal mortgage stress test. It may be because the lender is unable to prove their income due to the fact that they are self-employed or a newcomer to Canada. Or perhaps it is because they wish to purchase a home that does not qualify for a traditional mortgage such as a mobile home or tiny house. As you can see, people choose private mortgages for a variety of reasons, not all of which have to do with poor credit.
Before opting for a private mortgage, it is important that you understand both the advantages and disadvantages. Especially if you are considering a private mortgage from a friend or family member, you will need to consider how such a loan might affect your relationship with that person. Private mortgages through a company or professional investor tend to have higher interest rates than traditional mortgages but they can still be a good short term solution if you need time to build or repair your credit.
Whether you choose a private mortgage or a traditional one, it is important that all the contracts are in proper order for both tax and legal purposes.
1ONEFUND Financial Group Ltd is one of Ontario’s leading mortgage brokerages specializing in properties and areas that are overlooked by traditional institutions and lenders. With offices and agents right across Ontario, we work hard to ensure you get the mortgage you deserve with the best possible rates and terms for your situation. Over the course of our 16 years experience in the mortgage industry, we have developed strong relationships with dozens of lenders, and we have the expertise to match you with the right lender to meet your mortgage needs.
We specialize in a number of niche areas including lending on rural, agricultural and vacant land. Our knowledgeable agents will walk you through every step of the process from advising you on the type of mortgage you should be seeking right up until the signing of the final paperwork. Contact us today and experience that 1ONEFUND Financial difference!