Private Mortgage Lenders in Guelph
Private lenders in Guelph are ready to help you find the right loan or mortgage for your current needs. There are many reasons why someone would apply for a loan or mortgage and in the event of a medical or personal emergency, time is of the essence. Here at BSM, we understand that and look forward to getting you the financial assistance you need to stay afloat.
One type of loan you may be interested in is a HELOC. A HELOC, otherwise known as a home equity line of credit is beneficial like a normal loan, but is useful because like your average credit card, you may continue to borrow and repay and borrow again as long as you stay under the agreed amount given to you by your private lender. As opposed to most mortgages, which are a one-time loan, this allows the borrower to continuously use the funds and create substantial financial freedom to explore other potentially prosperous avenues.
In the event your home may be involved in a potential power of sale or property foreclosure, speaking with a trained professional can be the difference between knowing what to do and losing your home. This can be a tricky time for a homeowner and having the right private mortgage lender to assist you could make all the difference.
Mortgage Lenders for Bad Credit
Your bad credit has always gotten in the way of applying for a loan with your local bank. Instead of giving up, make sure to give BSM a call today and find out how you can be approved very quickly for a loan or second mortgage. Working with a private lender can be beneficial financially and for your well-being. The banks will always try and find a way to turn you down, including tedious financial history checks and the lesser known ‘stress test’. The Stress test is a hypothetical way of assessing how your finds and your monetary portfolio would react in a time of financial crisis or overburden. With private lending there are fewer hoops to jump through and there is also the personal attention you and your family will receive. Give us a call today and find out if a private loan or second mortgage is right for you.
Don’t let a few monetary issues or mishaps dictate whether you can apply for a car or home loan. The banks will always find a way to turn you down, and it is important you know there is another avenue for financial assistance. Speaking with a private lender can mean the difference between having what you need to live life properly or struggling to make ends meet every month.
Many clients with bad credit would benefit from a proper payment plan, which over time can create a stronger credit score for yourself. In certain unique situation it is important to consider debt consolidation. Debt consolidation is simply a collection of your ever-growing monthly payments consolidated into one set bill payment towards your private lending agent or company. This allows you to focus on the rest of your life, while still making payments and growing your credit score.
Although your monthly payment may be smaller in amount, it is important to remember you may be tied into it for a slightly longer period of time than usual. As you continue to pay off your debt, your credit can increase, and in turn you will be able to qualify for the loans and mortgages you require, without being labeled as a high-risk individual.
Equity-based Mortgage Lenders in Guelph
Equity mortgage lenders differ from the major banks due to the fact they will use your property and its accumulated value to offer up to 80% of its worth towards a loan for you. Equity works in a very simple way. Once you start to pay off your mortgage you will instantly begin to retain monetary worth for your property. This value is calculated at the time of a loan request and used, with your home as collateral, to give you a mortgage or loan of any kind.
There are many uses for your money now that you have qualified for your loan. Some people have waited all their lives to take that dream sabbatical or extended vacation to visit family they have not seen in many years. Others are looking to pay off debt, some of which may be theirs or their loved ones. Another great use of your funds is to add value to your property through remodeling or renovation. Anything as simple as painting the walls to something like a full new addition to the kitchen can upgrade the worth of your home and your neighborhood, allowing your private lender to offer you more when it comes to your equity based first or second mortgage.
High Risk Mortgage Lenders
Being labeled as high risk is something many Canadians are dealing with today. Something as simple being recently divorced or even working in an occupational field where you are self-employed can make the banks hesitant to offer you a loan or mortgage. Someone in these situations can easily still be able to make payments, and we understand through the instalment of a proper payment plan and choosing the right loan, a high-risk borrower can very much pay off their monthly debts, and in turn use a loan to their benefit.
High risk borrowers should always make sure they can keep up their monthly payments and this is why choosing your private mortgage lender in Guelph also depends on how they focus on making sure your payment plan is tailored to you and your situation, allowing you to make monthly payments which can raise your credit score over time and potentially take you out of the high-risk category of borrowers.
For more information it is important to ask around and do your research when landing on a private lender in Guelph. Here at BSM we are connected across the country to private lending companies, allowing us to offer you competitive interest rates and fees when it comes to your first or second mortgage and more.