The private loan option
Mortgage brokers can explain in detail the various differences between traditional and private mortgages and the comparative advantages to be gained from them. An interest-only loan has the particular appeal of the principal not being included in the repayment plan, which means a reduction in your scheduled payments. One factor to be aware of is that private mortgages must be seen as a short-term solution, of usually between one to three years. It’s a facility designed to assist borrowers in meeting their goals as they improve their credit rating or emergency financial situations!
There are various advantages associated with a private mortgage loan negotiated by your Oakville brokers including the aspect of less documentation being required in the pre-approval process. This could be seen as a special incentive for self-employed applicants who can experience difficulties in providing proof of income. In addition, a private lender is inclined to be more flexible regarding credit records with the provison that you can produce the required down payment or equity in a property.
Private mortgage ease and flexibility
In general, the conditions surrounding a private mortgage are relatively simple and with the help of a qualified Oakville mortgage broker easy to obtain. Qualification for a traditional bank mortgage is granted primarily on the basis of the financial standing of the borrower, and their capacity for servicing the debt. An Oakville private mortgage can be influenced considerably by the quality of the property concerned, supported by the down payment and your capability for repayment of the loan.
Private mortgages are an accepted part of the financial marketplace and have gained recognition as part of mortgage broker services in Oakville. This type of mortgage can provide valuable relief in instances, such as; inadequate credit to qualify for a traditional bank mortgage and borrowers who are self-employed or have irregular incomes or which cannot be verified!
In the case of non-residents, it is worth their while approaching a broker in Oakville for a private mortgage for emergency finance related to a foreclosure procedure or arrears associated with property/income taxes. Adding to these situations are those related to second mortgages and investment properties, as well as, for instance, finance for mobile homes that are unable to be financed or refinanced with the help of a bank.
If you require additional finance, a mortgage broker can help determine the best option for you!