If you're struggling to get approved for a conventional mortgage or you simply don't have the time to wait for traditional banks, private mortgages could be an ideal solution. These loans are typically approved much faster, focusing on your equity (up to 90%) instead of your credit history or income documentation. In Ontario, private lenders offer an alternative for those in need of quick and adaptable financing.
Private lenders do not require proof of income or a high credit score. Your approval will largely depend on your home’s equity.
Depending on your lender, you could access up to 85% of your home’s equity.
Private mortgages are adaptable, offering solutions that traditional banks may not provide.
If any of the following apply to you, a private mortgage might be the right choice:
The process of applying for a private mortgage is simple and quick. Online applications are available, and private lenders don’t scrutinize your financial history they focus on getting you the funds you need.
Your mortgage specialist will take the time to understand your financial situation and guide you in selecting the best option for your needs.
With private mortgages, you have the freedom to choose who you work with, unlike traditional loans, which often force you to go with the lender assigned by the bank.
Here is a list of characteristics that set private mortgages apart from others before you decide how you want your mortgage to be sanctioned.
