Private Mortgage Lenders Barrie
Over the years, many Canadian have been turning to Private Mortgage lenders as an alternative to federal laws that make it difficult to obtain and qualify for a Mortgage.
It is commonly said that housing is one of the foundations of the Canadian economy. Unlike in the past, today’s economy may push a homeowner to look for alternative resources.
At BSM Mortgages we can get you the money you need right away, regardless of your checkered financial history or current state of employment! We work with equity and unlike the banks we will work as hard as we can to get the most out of your property.
What are private mortgage lenders?
Thinking of a Private mortgage? Are the banks too much of a hassle? Is your credit in the red? Contact BSM today and find out how simple it is to obtain the financial freedom you need.
Private mortgage lenders are essential in assisting people when the banks wont. We offer private mortgage rates that are competitive and affordable. Unlike the traditional TDS/GDS method of approval done by “A” lenders (credit unions and banks), Private Mortgages are given strictly based on the equity you and your property have.
Our Private mortgage lenders in Barrie are happy to assist to get the financing you need when you may not have enough money to close your initial purchase transaction, to consolidate your debts or even renovate your home. When it comes to private mortgages, as long as you have equity in your home, BSM will get you approved. With BSM you can ensure a quick and easy process from start to finish.
How do Private Lenders operate?
Our Barrie private lenders know that in life things happen, making it harder for homeowners to access their property’s equity. This is why choosing BSM, as a secondary source of mortgage financing is the best way to go.
As a property owner, if you want to explore the benefits of a private mortgage here at BSM we can show you exactly how it works. Initially, you will speak with one of our private lenders to assess your personal situation and see what is best for you based on eligibility. Moving forward, we can help guide you towards exactly what is needed to move on with your life, the way you want to.
There are many benefits to a private mortgage from a private lender in Barrie, such as mortgage flexibility and the opportunity to do what you need to with your funds. Once approved you will enjoy our fast lending speed and great rates. Private mortgages are quickly becoming a useful tool for Canadian homeowners looking to expand their financial horizons. Unlike the banks, working with a private lender such as BSM, you will not be turned down due to bad credit reports. The quick turnaround time a client could request would be absolutely fulfilled.
Here at BSM we look past the financial numbers and assess your property, giving you the best value possible.
It only takes these simple steps!
- Application and Consent form
- Get you qualified
- Have the appraisal completed by the certified appraiser requested by the lender
- Approval documents
- Sign with the lawyer
We can have all this done for you in a very timely fashion. Let us deal with the stress of this process while you simply provide us the information.
Can BSM Mortgages help me when I have bad credit?
Here at BSM we can get you the funds you need, even if you have a bad credit score. We understand these things happen and we will work with you to secure everything you need and get you a great deal on your mortgage.
In today’s market, not everyone qualifies for a mortgage and the government regulations can clamp down on a homeowner’s chances of qualification. Call BSM today and see the benefits of working with the best Mortgage Brokers and Private Lenders in Ontario. Private mortgages are normally a good direction to explore if you are looking to purchase property, have less than ideal credit, are self employed, need to consolidate high interest debt or even just looking for a long or short term financial loan.
Working with the right people and getting the right loan isn’t always easy. Here BSM we understand sometimes the financial terms can be daunting.
What can BSM offer me in terms of a private mortgage?
Always keep in mind when you are dealing with BSM:
- No income verification
- Strictly equity based lending
- Up to 85% Loan-To-Value (LTV)
- Previous Bankrupt/Consumer proposal
Here at BSM we pride ourselves in our personal approach and knowledgeable financial direction and can help you understand why a Private mortgage may be the right direction for you and your family to take.
Helping you when the banks wont, call us today.
What is GDS and TDS?
TDS, otherwise known as Total Debt Service, is simply the total percentage of all current total income that a homeowner requires to pay off their total mortgage and loan fees. GDS, otherwise known as Gross Debt Service, is basically the total percentage of all your current total income necessary to repay your costs per month.
The formulas for both GDS and TDS are the same, although with TDS some banks and Private lenders will look at further financial expenditures such as marital expenses, personal lines of credit and vehicle and insurance charges.
Remember, although this information is useful, when you work with BSM there is no TDS or GDS.