Barrie-Private-Mortgage-Loan

Securing Private Mortgage Loan

In Barrie Ontario Canada, as well as many other places, borrowers have found it difficult to secure conventional mortgage loans. This is, more often than not, a result of the stringent requirements imposed by lenders on borrowers. Such lenders, which include banks and large financial institutions, have specific criteria that they use to underwrite mortgages, like thoroughly evaluating a borrower’s credit history, their debt ratios, and their current financial status. It, therefore, does not come as a surprise that many people fail to meet the high standards set by these lenders. As a result of this, private mortgage lenders have met a need in the market for borrowers who do not qualify for conventional mortgages. This has contributed to private mortgages becoming popular solutions for people with bad or damaged credit or who are self-employed.

Private Mortgages Agreements

A Barrie Private Mortgage Loan is recognized as a legal type of mortgage that a borrower can attain. When you apply for a mortgage loan, as a borrower, you will need to make sure that your agreement is written and that it clarifies certain important details – this way there will be less surprises and risks.

The borrower needs to be aware of the following;

  • The payment arrangements – when are they due and how much will the installments be?
  • How the payments will be made – cash, cheque, direct payment or any other means, and where they should be made
  • What is the term of the mortgage that the private lender is providing? Are there any penalties for early discharge? Can the mortgage be renewed?

Proper documentation for the agreement is very necessary. It protects both the borrower and the lender.

Benefits of Private Mortgage Loan

Discussed below are some benefits to acquiring a Barrie private mortgage loan

  • The process of successfully securing the mortgage loan is easy

Unlike obtaining mortgages from banks or other large financial institutions, private mortgage lenders often offer less stringent measures for the borrower. Borrowers unable to get approval for mortgage loans with large financial institutions usually because of the state of their credit, income and or amount of debt. Some people get denied for a mortgage loan because they are self-employed. Large financial institutions will carefully analyse a person’s financial history before they will qualify them for mortgage loans. A private lender, on the other hand, is more focused on the property. This means that a private lender is more likely to advance the mortgage loan if the property being mortgaged is of good quality in a nice neighbourhood. They  are more interested in the vakue of the property than they are in your financial history.

  • Faster Process of Closing

Private lenders can take anywhere from 7 to 10 days to fund mortgage loans. Now, this is a much shorter period of time compared to obtaining mortgages from conventional lenders who can take as long as 30 days to underwrite and fund the mortgage. This is to be expected because as discussed earlier, institutional mortgage lenders will want to thoroughly assess and examine your credit history as well as your financial status. For many, applying for a conventional mortgage, not only is the process long, but in many cases turns out to be unsuccessful.

There is, therefore, great benefit in getting started on securing your Barrie private mortgage loan as soon as possible.

WHAT PEOPLE ARE SAYING…

  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

    KKP, HAMILTON
  • “I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Expert Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.”

    M.D, Mississauga, ON
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
  • “My ex-wife’s lawyer gave me 30 days to buy out her half of our house or have it put up for sale. I had no job and I was in bankruptcy. My bank manager laughed at me. I thought it was hopeless until I saw your flyer. I don’t know how you qualified me for the mortgage. You’re a miracle worker. Thank you!”

    J.R. Burlington, ON
  • “We were 6 months behind on our mortgage and the Sheriff was coming in 5 days to lock us out of our home. Every other mortgage broker said NO! I can’t believe you were able to get us a second mortgage that fast. You saved our home and I will refer everyone I know to you.”

    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON