Bad Credit Not an Obstacle for Mortgages in Richmond Hill

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Bad credit? It happens to the best of us. But even if you have been turned down by your bank, you can probably still get a mortgage by using the equity in your Richmond Hill home.

Tough economic times have left many Ontarians struggling financially. Stats Canada reported that household debt hit record highs in 2014…and at the same time, the major banks brought in more stringent regulations regarding eligibility for loans. However, even if your credit rating is bruised, scarred or battered, a private lender may agree to give you a mortgage.

Contacting a private mortgage broker will set the process in motion. These professionals will help you put together a package that’s attractive to investors. The broker will then find a suitable lender and negotiate terms agreeable to both sides. A private mortgage can be win-win for both borrower and lender!
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What is a private mortgage? Simply stated, it’s a loan based on the equity a homeowner has in his/her Richmond Hill house that comes from a private lender. These loans are usually arranged by a private mortgage broker, a licensed professional who helps the borrower put an application together, then matches borrower with lender. Lenders range from single individuals to entities that receive monies from both individuals and groups like Mortgage Investment Corporations. These lenders focus less on a particular borrower’s credit history, and more on his/her property – its value, its condition, its location, and its sales appeal.
 

Characteristics of Private Mortgages for Bad Credit Mortgage in Richmond Hill

 
Because private lenders like to keep capital moving, the process of obtaining a mortgage is remarkably fast. Some lenders aim to respond to each request within 24 hours. Most times, funds become available within 5 to 10 days. These loans usually have higher interest rates than bank mortgages, but not always. They are almost exclusively short-term arrangements, meant to help solve a client’s financial crisis until more traditional funding can be obtained.
 

Finding a Broker

 
The private mortgage is a very convenient tool for the Richmond Hill homeowner who is experiencing cash flow difficulties. A private mortgage broker can advise clients about the options available and help them negotiate an agreement that works for their situation. You can find brokers by searching the web, asking for recommendations from friends and family, or even asking your bank for a referral.

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    Thank you Canadalend for helping me with mortgage approval advice.
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