Private Mortgage Mississauga

Access up to 90% LTV

Access up to 90% LTV

Lowest Interest Rate

Lowest Interest Rate

All Credit Considered

All Credit Considered

Quick Approval

Quick Approval

Easy Process

Easy Process

Apply For Private Mortgage Mississauga

    Min $200,000

    Min $25,000

    What is a private mortgage? And how does it work?

    A private mortgage is a loan that a private individual or institution usually offers to prospective loan applicants who cannot secure a loan from traditional lenders like a bank etc. In times like these, homebuyers will turn to private mortgages if their credit score is poor or, as mentioned above, their application gets rejected by a financial institution. Private lenders look at mortgages as an investment, so they are not bothered about the client's credit history and financial background. A private mortgage is an ideal solution if you are purchasing property and you don't have any intentions of living in that house for an extended period or your source of income is not traditional. A private mortgage is usually short-term, with amortization lasting for six months to three years. If the borrower makes the scheduled payments on time, they are more likely to get their loan application approved by a traditional lender. However, the interest rates offered by a private mortgage lender tend to be significantly higher than banks because the payments made on these mortgages are interest-only.

    Who are private mortgage Works?

    When a mortgage payment is interest-only, none of your payments goes to the principal. Unlike a conventional mortgage, the qualifying process is much quicker and more straightforward, but those perks come with higher interest rates, fees, and risks. If you need a private mortgage in Mississauga at competitive rates, look no further than Harpreet Puri Mortgage Agent for a professional and friendly service. Apply now for private mortgages & get the best rates today.

    Who are private mortgage lenders?

    Private mortgage lenders are people or organizations that choose to invest their extra cash in short-term gains. They usually lend money and secure the loan by using the borrower’s property as collateral. Most private mortgage lenders have their investment avenues. For example, some would provide loans for residential mortgage investments, while other private lenders might fund commercial properties. If you want to reach out to some of the best private mortgage lenders in Mississauga, all you have to do is get in touch with the Harpreet Puri Mortgage Agent team for all your mortgage needs. Private mortgage lenders look past borrowers’ poor credit history and finances and look at it as an investment opportunity. A few private mortgage lenders even like to meet loan applicants in person to assess if they are suitable for the investment. Private mortgage lenders ensure borrowers get their loan applications approved easily and quickly.

    Get in touch with us today. We offer the most affordable interest rate for private mortgages in the market.

    How to get a private mortgage?

    As mentioned above, private mortgages are offered by individuals and organizations. Our experienced mortgage agent, Harpreet Puri Mortgage Agent, will be able to put you in touch with reputable lenders who deal in private mortgages in Mississauga. Even though it is straightforward to get a private mortgage, you will still need to meet some criteria if you want to qualify.

    Below-mentioned is some of the requirements:

    For a private mortgage, you will need to show proof that you have the necessary funds to be able to make the scheduled monthly payments. If you are a self-employed individual, it can be tricky, and you will need to present extra documents.

    The minimum down payment that the loan applicant will need to make is at least 15% of the property’s purchase value to be eligible for a private mortgage loan.

    If the borrower defaults on payments, the private lenders will be able to take possession of the house to recoup their investment.

    When is the right time to get a private mortgage?

    While a private mortgage loan has a short amortization period, and the fees and rates are higher when compared to a traditional mortgage, it has some benefits worth considering.

    Pros of a private mortgage:

    • Ideal for people with a bad credit score who can repay the loan amount
    • Beneficial for individuals who cannot prove their income
    • If banks have constantly turned you down for a mortgage
    • Your mortgage needs are not conventional
    • For people who lack the time and patience to go through the tedious approval process of a private mortgage from a traditional lender.

    Why may a private mortgage loan be the best choice for you?

    Usually, most individuals prefer choosing traditional financial institutions for their mortgage needs. But that needs to be the go-to option always. If your credit score is low or cannot prove your income, a traditional lender is entirely out of the picture. This is where a private mortgage lender thrives. If you are struggling to repay your loan, we are more than willing to help you. To apply for a private mortgage loan in Mississauga or for more information, please contact our team today.

    Apply for a private mortgage in Mississauga from Harpreet Puri Mortgage Agent today!

    If traditional mortgage lenders like a conventional bank cannot provide you with the mortgage you need, it is in your best interest to choose a private lender. With private mortgage loans, you will have the flexibility and peace of mind knowing that your lender is there to help you every step of the way. Our experienced mortgage agents work with multiple private lenders to provide customized mortgage solutions at a lowest interest rate. For further inquiries or to request a free, no-obligation estimate, please do not hesitate to contact us at +1 416-543-9000 today for a free consultation.

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