Private Mortgage Lenders in St. Catharines
When it comes to getting approved for a first or second mortgage, many Canadians find it exceedingly difficult due to unforeseen circumstance, poor credit, or being labeled as ‘high risk’. This can easily dissuade someone from seeking out a loan or mortgage and simply try to continue to work on their credit score and finances.
Although this may seem like the right move, in some situations it can be a mistake. For example, if someone needs a loan to stop a foreclosure or has a personal marital situation to deal with, they would need access to quick funds immediately. The major Canadian banks will most likely run you through the gambit, which may include the dreaded ‘stress test’ and more. The stress test is a theoretical way of assessing how your finances would hold up in a time of uncertainty or monetary crisis. This is just one of the many ways the banks can waste your time an eventually turn you down. We at BSM Mortgage Broker provide private mortgage lender services in St. Catharines, making it possible to avoid this and qualify for the mortgage you so desperately need.
Non-bank mortgage lenders in St. Catharines will always be an option when the banks are only qualifying those with excellent credit and a pristine financial history. Always make sure to do your due diligence before signing up with a private lender, as there are many factors involved including:
- Knowledge of area
- Payment preparation planning
- Strong home appraisal skills
- Competitive rates and fees
Equity Mortgage Lenders
Equity is the value your property has retained since you purchased it. This value only goes up every month that you pay off a piece of your mortgage and over time can accrue to substantial amounts which would be available for a loan or mortgage from a private lender.
An equity-based mortgage can be very useful from some home owners. One of the most important factors is home appraisal. Make sure you pick a private lender who understands the value of your home and can offer you the largest amount, with the most competitive interest rates.
What you do with your newfound money is really up to you. Although there are a few types of loans that may come with slight restrictions, we understand there are many benefits to using your loan to pay off debt, travel, or even upgrade your current property. The latter can be very lucrative if you are interested in obtaining a second mortgage or future additional loan afterwards, as the value of your home can go up through renovations and remodeling allowing you to access more funds through home equity.
High Risk Mortgage Lenders in St. Catharines
From bankruptcy to low credit scores, there are a number of reasons the major Canadian banking institutions can label you as ‘high risk’. The most important thing to remember is even if you are high risk you can still find a suitable private lender to qualify you for your loan or mortgage of any kind. Here at BSM, we are connected to private lenders across the great nation of Canada, and ultimately are therefore able to offer our clients good rates and fees and even provide a private mortgage ourselves.
At BSM Mortgage Broker, we know just because you may have low credit, been through tough times personally or financially, it does not mean we cannot create a monthly payment plan suitable for your monetary situation. There are also instances where a family or medical emergency requires additional funds and you cannot wait for the banks to assess and qualify you. In these times, turning to a private lender can mean the difference between good and bad.
In the event of a sudden need for additional funds, a short-term loan from a St. Catharines lender may be of assistance. Although it may come with slightly higher fees, it will give you the funds you need, and at the same time start to increase your current credit score as you make your monthly payments towards your private lender.
Private Lenders for Bad Credit and Debt Consolidation
Credit history is always a factor when it comes to deciding whether or not you will qualify for a loan or second mortgage. These types of loans are not as uncommon as you think, and although you may not have the perfect credit you desire there are many private lending companies that can assist you.
Although it may be easy to work with the first private lender you find, there are a few factors involved in landing on the right private loan company for your situation. It is important to make sure your agent knows your neighborhood inside and out, this way they can properly assess your property and give you the most value available for your loan or mortgage. As well, a good private lender will work with the borrower to maintain a proper payment plan.
When it comes to making your payments, certain clients are also interested in debt consolidation. Debt consolidation can help you get through the tough times when bills are piling up and it seems like you have too many creditors to pay off.
Whether it is your car payments, school, home or otherwise, the idea behind debt consolidation allows the agent to streamline your payments into one payment towards the private mortgage company. This way every month, you will have to only make one single payment, as opposed to several, which over time can be beneficial to your credit score, and allow you to focus on what matters most to you in life.
Always keep in mind, with debt consolidation your payment per month may be smaller but could also be maintained for a longer period of time. For more details it is important to speak with your private lending agent and figure out if it is best for you.
Another important role you’re a private agent can play in your home ownership is regarding power of sale or foreclosure. If you need financial assistance or advice regarding how to approach the banks, give us a call today and we can help you get started on keeping your property.