What Is a Private Mortgage and Is It Right For You?
When it comes to private mortgages you have to know what youíre getting into.
September 26th 2012, Toronto, Ontario, Canada
When it comes to private mortgages you have to know what youíre 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 donít know the answer to these, youíre not going to be able to get the right mortgage for you. †Even the smartest Toronto mortgage broker isnít 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, itís time to think about what your real needs are.
Are Private Lenders a Better Fit?
They can be if you know what youíre trying to get out of your mortgage. If you donít 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 donít want to just be out there without a net; when you work with a broker youíre 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 donít. 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. Itís 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 youíre going to need to work with a private mortgage. If you have good credit you could still benefit from a private lender; theyíll loan to anyone and theyíre much more flexible than other kinds of lenders. If you want to find out what your options are, talk to a Toronto mortgage broker. Youíll 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.
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