A private mortgage can be considered as a quick and efficient form of financial solution where you are looking for some quick funds and don’t want to go through the long and tedious process of banks and credit unions. You can use the funds for purchasing a property, home renovations, on a big purchase, on anything that you want. You can get in touch with our team at Harpreet Puri Mortgage for all that you need to know about this type of policy. We look forward to hearing from you.
Perhaps the most common reason to choose a private mortgage over a traditional one is poor or lack of credit. With a traditional mortgage, your credit history and credit score is going to be a big factor in the approval process, however there are many private lenders that actually specialize in helping those with bad credit.
But credit problems aren’t the only reason why private mortgages are becoming increasingly popular. If you are an entrepreneur for example, you may have difficulty proving your income on paper – or your income may fluctuate from year to year. This can make it difficult to get a mortgage through a conventional lender. And just like there are private lenders that specialize in helping those with bruised credit, there are also lenders that specialize in helping those who are self-employed.
And there are other reasons for choosing a private mortgage as well. For example, you may wish to purchase an unconventional property such as a tiny home (banks generally won’t give a mortgage for a structure that is less than 400 square feet), or you may wish to have unique terms written into the mortgage agreement, or you may be in a hurry to get approval (private lenders can typically approve mortgages much more quickly than traditional lenders).
There are many advantages of getting a private mortgage including:
Although there are some private lenders that you can approach directly, this is not usually the best course of action. It is almost always best to work with a mortgage agent.
Mortgage agents have contacts with dozens of lenders – some of whom you would not be able to access without going through an agent. In addition to this, since your agent knows the industry so well, they will know which lenders are reputable and which ones to steer you away from.
Your agent will also compare the rates and terms of various private lenders to ensure that you are getting the most appropriate private mortgage for your situation at the best possible price. By having your mortgage agent do this work for you, you will be able to save considerable time and money.
The question should be why not? If you are considering a private mortgage, we are here to help. Contact us today to speak with one of our agents and learn about your options to obtain a private mortgage. . All you have to do is set up an appointment with us and discuss your financial needs and then watch take care of the rest. We can create a tailored contract based on your needs. If you need more details, feel free to give us a call.