What Is a Private Mortgage and Is It Right For You?

September 26th 2012, Toronto, Ontario, Canada

When it comes to private mortgages you have to know what you’re getting into. Do you know what your credit rating is? How much money do you need? Is this your first mortgage to buy a home or are you refinancing a home you already have equity in? What are your needs? These are a lot of questions but if you don’t know the answer to these, you’re not going to be able to get the right mortgage for you.  Even the smartest Toronto mortgage broker isn’t going to be able to help you out of your problem. If you want to be able to get the best private mortgage for you, it’s time to think about what your real needs are.

Are Private Lenders a Better Fit?

They can be if you know what you’re trying to get out of your mortgage. If you don’t want to have to deal with crazy pushy mortgage lenders like banks and their loan officers a Toronto mortgage broker will provide an excellent go between that will protect your interests. You don’t want to just be out there without a net; when you work with a broker you’re going to get that extra help you need to get the best mortgage.

Why Not Get a Conventional Mortgage?

Bad credit; some of us have it, some of us don’t. Considering the current state of the economy you probably fall more on the bad side than the good. But people change and bad credit is just something that happens. It’s not a crime that should mar you for life; if you want to get free from under the bad credit thumb and get a mortgage, a conventional Canadian mortgage may not be the way to do it.

What Should You Do?

If you have bad credit you’re going to need to work with a private mortgage. If you have good credit you could still benefit from a private lender; they’ll loan to anyone and they’re much more flexible than other kinds of lenders. If you want to find out what your options are, talk to a Toronto mortgage broker. You’ll be able to learn what kind of money you can get, what your terms will be and go to the negotiating table well informed with a better deal in hand when you leave.

Homebase Mortgages is a leading Toronto mortgage broker, which specializes in all types of mortgages ranging from home equity loans, second mortgages, private mortgages, mortgage refinancing, home mortgages and hard money lending.

Contact Information

Mike Smith

Marketing Coordinator

HBM

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