Private Mortgage Lenders in Oshawa

A good mortgage can be the difference between keeping your head above water financially or not being able to make payments. Everything from home appraisal to deciding on the right loan is so important and private mortgage lenders in Oshawa are ready to help you with all your first and second mortgage needs.

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There are many different types of loans and mortgages, and finding the right one for you begins with a call to your local bank or private lending company. If you have less than pristine credit it is important to remember it may play a part in your total amount regarding interest rates and fees. Whether it is a home equity line of credit, a first or second mortgage, or a loan of any kind, working with a private lender can give you more flexibility than working with the banks, especially if you have a checkered financial past that may come up during your initial proceedings at your local bank.

A first mortgage is simply the initial mortgage you obtain upon purchasing your home. A second mortgage is a mortgage you take out after the first mortgage. With this specific type of loan, be prepared for an expedited payment plan and much different rates and interest fees that may include potential penalties. This is due to the fact you have taken out not one, but two mortgages on your property. Or perhaps you are looking for a HELOC. A HELOC, otherwise known as a home equity line of credit is a loan you can take out on your home, using the property’s value to obtain a monetary sum.

The differences between an equity-based line of credit and a mortgage vary, but one of the main staples of qualifying for a HELOC is the ability to re-use your funds over and over as long as you pay them back on time. This is similar to your credit card, and must be dealt with properly or payments can add up and put you further behind. A mortgage can take place over many years, this is why it is so important to work with trained professionals who not only can set you up with the best rates and fees, but also take the time to help create and formulate a proper payment plan so you not only have the ability to use your newfound funds, but also stay above water financially as you potentially build up your credit and pay off your loans in their entirety.

High Risk Mortgage Lenders

You have always made your payments and even though you have encountered a little financial turbulence over time, that is no reason why you should be labeled as high-risk. This is an issue most Canadians are encountering when they approach the major Canadian banks for loan or mortgage. Being labeled as high risk means you will have a harder time obtaining and qualifying for a mortgage or loan of any type.

Here at BSM Mortgage Broker, we understand simply because you have missed a few payments over time or had some financial struggles it does not mean you are not capable of paying off a mortgage month by month and receiving that financial help you need to live stress-free.

When in a situation where your payments are adding up and you simply need assistance, it could be the time to discuss debt consolidation with your private lender.

Debt consolidation allows you to combine your payments into one payment towards one person. Every month your bills pile up and it is impossible to keep track of all the companies you have to pay. By entering into debt consolidation, you will be asked to make one payment, once a month, of a smaller amount, to your private lender. This could be very beneficial to someone who feels overwhelmed by their monthly finances.

High risk or otherwise, you may also be interested in learning more about foreclosures or power of sale. If your property is involved in one of these situations it is important to learn everything there is to know before moving forward, and speaking with a well-trained and knowledgeable professional at BSM Mortgage Broker is the first step to success.

Private Lenders for Bad Credit in Oshawa

Your credit score is a big reason the banks will use to either qualify or dismiss you as a potential loan candidate. Maintaining your credit score is a job in itself, but when you are looking for a loan or mortgage, and your credit may be lower than necessary, there are still avenues through private lending that you can use to obtain a sum of money.

BSM Mortgage Broker is ready to help with a bad credit mortgage in Oshawa. The most important thing here is to have a payment plan in mind. As you are already labeled as a bad credit borrower your payment plan must be suitable to your situation, we will assist you in providing the best solution for your situation. As well, when borrowing under less than ideal terms, your rates and fees may be slightly higher, and penalties could incur if payments are missed depending on your private lending agent and the agreement you decide upon together.

Equity Mortgage Lenders

This process begins when you initially purchase your property. Once you have decided how much of the entire purchase price you will initially put in and have paid your down payment, your mortgage and monthly payment amount will depend on the remaining value of your home and the rates agreed upon by you and your lender.

At first, the value of your home will be low, but once you’ve paid off a piece of your mortgage, and continue to pay it off, your property will accrue and retain value, giving you the opportunity to use it as equity towards a loan or second mortgage.

An equity-based loan in Oshawa from an equity mortgage lender, like BSM Mortgage Broker, is simply a loan given to you based on the value of your home. Once the home has been assessed and appraised and once the neighborhood and other factors have been taken into account, your private agent can offer you a sum based on the value he or she has given your home and surrounding homes in the neighborhood. For more information, contact us today.