Newmarket Private Mortgage Loan for Bad Credit

Accessing Private Mortgage Loans with Bad Credit

There are a lot of people who are struggle with debt and bad credit all over Ontario. Bills pile up every day making it difficult for people to pay off debts and get back on their feet financially. But that should not deter anyone facing such problems as there are many options available to help them get out of the mess. One such option is private mortgage loans for people bad credit or here simply referred to as Newmarket Private Mortgage Loan for Bad Credit. This seems like a reasonable choice especially to those with bad credit scores.

Private Mortgage Loan Agreements

This is an agreement that is recognized and controlled by the regulatory authorities. When you decide to apply for a mortgage loan, as a borrower, you will need to make sure that you get a commitment in writing, and that agreement it clarifies certain criteria. This way, there will be less surprises and risks. The lawyer draft the final mortgage agreement that you will sign.
The borrower needs to be aware of the following;

  • How the payments will be made – cash, cheque, direct debit or any other means and where they should be made
  • Usually a private lender requires collateral for security or a guarantee. You need to know what forms the security will be in?
  • The payment arrangements – the term, amount of the payment and when they will be?
    Proper documentation for the mortgage is very necessary. It protects both the borrower and the lender.

Benefits of Newmarket Private Mortgage Loan for Bad Credit

Discussed below are some benefits to acquiring a private mortgage loan with bad credit

  • Finalizing the mortgage is faster
    Private mortgages can take anywhere from 7 to 10 days to close – sometimes longer depending on the complexity of the loan. Now, this is a much shorter period compared to obtaining mortgages from certain institutional lenders that would take anywhere from 15 to 90 days. This is to be expected because as discussed earlier, the institutional mortgage lenders will want to thoroughly assess and examine your credit history as well as your financial status – which in most cases turns out inadequate or unsuccessful. In the case of private lenders, they tend to be more interested in the property value and quality and your means to pay.
  • 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. Most borrowers have been unable to access mortgage loans from the large financial institutions because of the state of their credit and or the amount of their debt. Some are unable to get approved for mortgage loans because they are self-employed. These institutions tend to scrutinize the nature of a person’s financial history before they can qualify them and facilitate the mortgage loans. A private lender, on the other hand, is more property focused. This means that a private lender is more likely to approve a mortgage loan if the house or building is in great shape, rather than dwelling so much on your financial history.

Other options of accessing finances are also available and are worth looking into. These include; refinancing options for borrowers bad credit and Debt Consolidation. All these should be carefully considered before making a decision.

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