Private Mortgage Lenders in Ottawa

If you are considering a mortgage and do not want to use the major Canadian Banks, a private mortgage lender in Ottawa may be the right call for you and your family. Before giving up, always know private lenders in Ottawa are here to show you there are still many options when it comes to qualifying for a loan or mortgage. There are many different types of mortgages for you to apply for. Finding out which one is right for you is just the first step in actualizing your financial freedoms.

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A first mortgage is a mortgage you take out to help purchase your first home or property. Through signing up for a mortgage you will pay off your debt every month and in turn your property will begin to accrue value which you may be able to use in the future.

Private mortgage lenders in Ottawa are ready to assist you with all your borrowing needs, including a second mortgage. A second mortgage is a new loan taken out on a property with an existing first mortgage. The amount you can borrow from a private lender will strictly depend on your neighborhoods value and your property’s current accrued value. Always keep in mind, as a homeowner with two mortgages you will be asked to pay off both simultaneously.

If they choose to, a homeowner can apply for a third mortgage on their property.  Keep in mind, one can only do this if both the first and second mortgages have been completely paid off.

A HELOC, otherwise known as a home equity line of credit is a sum given to the homeowner against the home. Using your home’s value to obtain a loan is something Canadian homeowners have been doing for many years, and this may be the right type of loan for you.

There are other types of loans available for you and the first step is speaking with a non-bank mortgage lender in Ottawa and figuring out which avenue is correct for you and your unique financial situation. As well, if you are looking for assistance with power of sale or stopping a foreclosure, here at BSM Mortgage Broker we have the expertise and the trained professional team to help guide you through the process.

Home Equity Based Mortgages in Ottawa

When you take out your first mortgage and begin to pay it off your property will accrue value, and every time you add more money into your home, it becomes more and more valuable. Learning how to let this equity work for you is vital to home ownership and getting the most out of your house.

The value or working with a professional who knows your area and city is vital to obtaining the best rates and fees available. Through knowing the value of homes and properties in the area, BSM Mortgage Broker can assess your home and give you the best value when it comes to your mortgage and its rates. When it comes to the appraisal process the value of your neighborhood and surrounding homes may play a role in the value given to your current property.

High Risk Mortgage Lenders

In todays ever changing economy it may surprise you who falls under the category of ‘high risk’ and who does not. There are many reasons why a Canadian citizen may prove to be

‘high risk’, some of which include previous bankruptcy issues, self-employment or bad credit to just name a few. If you are in this situation it is important to try and decide which high-risk loan or mortgage is appropriate for you.

In the case you have been labeled as high risk, it does not mean you cannot pay off your loan. Especially with the major Canadian banking institutions, it is important to remember you do not have to pay their interest rates and fees, which can create a downhill approach to paying off your mortgage or loan. Working with lenders across our great nation, we are happy to offer high risk mortgages in Oshawa to those who apply and qualify. The banks are not your last approach, give us a call today and find out how you can still get the loan or mortgage you need.

Private Lenders for Bad Credit

When it comes to obtaining a loan, one of the key factors in deciding how much you can potentially borrow is your credit score. Your credit score varies and depends on many things including your outstanding debt, ongoing payments and different types of debt you may own, be it car, home or otherwise.

If you have a checkered financial history and your credit score may not be up to par it is important to know there is still an option when it comes to obtaining a loan or mortgage of any kind. Private lenders are happy to sit and discuss your options. A Bad credit mortgage from BSM Mortgage Broker may be right for you, especially if you own your home and can use it within the mortgage process. Bad credit loans will typically be lower in total amount than other loans simply because you as a bad credit borrower may pose a higher risk of not being able to make payments.

There are many factors involved in qualifying, some of which include filling out various proposals and having a current steady income. For more information please contact one of our trained professionals and find out if a bad credit loan is right for you and your family.

 When applying for a mortgage most people with bad credit will be turned away. This is due to the fact that a negative monetary history will give the banks pause in lending out money towards your new home. When it comes to a private lender, there are ways around bad credit, especially if you already own an existing property and are looking for a secondary mortgage.

Bad credit can do a number of things to someone including making it difficult to pay off, buy or even rent a property of any kind. When looking for a second mortgage in Ottawa it is important to remember your bad credit can be overlooked, especially if you own your property.