Private Mortgage - How to Get a Private Mortgage Easily
Private mortgages can be considered a fast and efficient way of securing a lump sum amount of cash if you need it in a crisis. It can be offered by a private money lender or a financial institution and are similar to subprime mortgages. One of the major reasons why private mortgages can be alluring is that you do not need to maintain a good credit score. You will not have to worry about background checks as well. If you can just prove that you can pay off your loan within time, that would be enough for you to secure the cash you need. These loans are often short term and the amortization period generally lasts around six months to three years. If you want to know more and are living in Mississauga, you can contact the Dominion Lending Centres, they will be happy to help.How do I apply for a private mortgage?
The process of securing a private mortgage is fairly straightforward. They are generally offered by syndicates, individuals and mortgage investment corporations. With the help of an experienced mortgage agent, you can get in touch with a well-known private mortgage lender who can help you with your mortgage funds. You should know that getting a private mortgage is easier than a traditional one. With a traditional mortgage, you will have to make sure that your credit score is above 720 and have a clean background. Not to mention, if you are going to a bank for the mortgage, expect a long turnaround time on processing your loan and getting access to it. Private mortgage lenders bypass all these matters. However, you will have to meet and share some requirements to qualify:- Proof of income: You will have to show proof that you have the necessary income to make mortgage payments. It can be a bit challenging if you are self-employed and hence you may have to provide additional documents.
- A well-maintained sellable property: If you as a borrower default on your payment, it may come to the part where the lender may take possession of your property as a recoup their investment.
- Down payment: When it comes to the down payment, the minimum is 15% of the purchase price to get a private mortgage.
Some advantages of choosing a private mortgage
Choosing a private mortgage can seem very attractive as it comes with several benefits. These are:- Flexibility: You will have the option to negotiate terms and choose a flexible repayment plan. With the help of an expert private mortgage agent, you can even get lower interest rates.
- Quick approvals: Private mortgages have a low turnaround time. Once you apply for it, you can expect the loans to be approved within a week.
- Easy to qualify: If you can show that you have a stable income, you can qualify for a private mortgage.