Private Mortgage Cambridge – Expert Mortgage
A private mortgage in Cambridge is a loan made by an individual or a business that is not a traditional mortgage lender. Whether you’re thinking of consolidating debt, buying a home, building a home or just need the money, private mortgage loans can be a great financial tool if structured correctly. Expert Mortgage has access to many private lenders throughout Ontario who know the local area and can help. These private lenders are equity lenders who specialize in lending based on the equity in the property, often overlooking bad, damaged or bruised credit. A private mortgage in Cambridge is good for people with past bankruptcies, credit proposals, self-employed, unemployed, and for construction loans.
A private mortgage in Cambridge is a loan taken out with individuals or institutions that can help you finance your home when you cannot meet the rigid rules of a conventional mortgage. They are usually very flexible, sometimes allowing for prepayment for a certain period, which can provide substantial debt relief.
Why is a private mortgage in Cambridge a good idea?
- Look into a private mortgage if financial and lending institutions are not granting you the mortgage you need to finance your home.
- Private mortgages are great if you need a short term loan that doesn’t put you in debt for decades. You can get mortgage loans that last you only a few years.
- If you have an undesirable credit history and have been repeatedly rejected by traditional lenders the possibility of a private mortgage is a great advantage.
- You need a quick influx of cash or your dream home will slip through your fingers. Private mortgage loans have shorter processing times and thus can secure your funds faster than conventional mortgages. Usually you can get financed in a few days.
How is a private mortgage in Cambridge different?
Private lenders tend to give out mortgages in shorter terms. That is to say, if you take out a private mortgage loan you may not be in debt for decades as compared to loans with conventional lenders.
- The whole process can happen very quickly because many private lenders don’t have to go through the same bureaucracy as financial institutions. Access to the funds could take as little as 3-5 days and approvals in as little as 1-2 hours.
- Interest rates are generally higher than traditional mortgage loans. This is to be expected as the lender is risking their money on borrowers who may not have the best financial background.
Schedule a call with us today at Expert Mortgage if you are looking fro a private mortgage in Cambridge at 1-844-397-3780 or click here to fill out our contact form.