Private Mortgage Solutions By Experts
The mortgages that are offered by individuals rather than traditional banks are called private mortgages. A private mortgage can be used to fix any issues with your home, undertake any renovation work at your commercial space and can also be used to pay for any other expense that you may have, including any debts. We offer private mortgage solutions at affordable rates. Contacting us is like contacting 150+ private lenders. For more information about our services, please get in touch with us now.
Why do you need a private mortgage?
It can be helpful to pay your child’s school or college fee
It can helpful to pay off your medical bills and more.
A private mortgage can be used to pay off your credit card debt.
It can be used to undertake home repairs and renovations.
It can provide you the financial support you need in case you
have lost your job.
You have low income that is not allowing you from obtaining a traditional mortgage.
Helping you in time of need
Unlike traditional mortgages, a private mortgage provides you the liberty and flexibility of having lesser requirements to qualify. Most mortgage lender will not ask you for your income details and other documents which are a must when you request for a loan from a bank, the loan approval is much faster and quicker. Our team of mortgage experts can help you with all aspects of your private mortgage solution. All you have to do is discuss your needs with us and our team will do the rest.
Fulfill Your Dreams
Our team understands that financial issues can hamper our plans. Whether it is renovating homes, buying new home or home repairs, we can help. Our team offers a range of private mortgages, this can be used to build, renovate and repair your home. All you have to do is discuss your requirements with us and we will provide you with a suitable mortgage plan. Speak to our experts now.
What Do Private Lenders Look For?
- Type of property & value. This is arguably the most important factor in being approved by a private lender. The mortgaged property must be in good condition and will have to undergo a strict appraisal before you are approved. If you have a poor credit score, you are considered a riskier client and lenders need to ensure that their investment is secure, in case you default on your mortgage.
- Income. Your income can fall into one of two categories: confirmable and non-confirmable income. Confirmable income is preferred by lenders and is proven through Notice of Assessments (NOAs). Non-confirmable income, common among self-employed or commission-based employees, forces lenders to use an estimate of your income based on the average income typical of your employment.
- Down payment (if purchasing). With a private mortgage lender, the minimum loan-to-value ratio on the property is 85%. That is, you need to put in a down payment of at least 15% to be approved. If you can afford to put in a higher down payment, then it is advisable to do so. A larger down payment means you have more funds invested in the property and that you have more at stake. Lenders also take this as a sign that you can keep track of your personal finances.
- Equity (if refinancing). If you are refinancing, private lenders may allow you to go up to a maximum of 85% in loan-to-value. For example, if your property is valued at $400K, you can refinance up to $340K. Many private lenders prefer a maximum LTV of 75%, especially in British Columbia. With respect to a minimum equity stake in your property, there is none.
A private mortgage plan can have a number of clauses, our team understands that understanding each of them will be challenging, our mortgage broker can thoroughly read the documents and papers to identify if the plan has any hidden clauses. We can explain all the advantages and disadvantages of private mortgages to help you choose a suitable plan.
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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