Private Mortgage Lenders Sudbury
Using a private mortgage as an ancillary source of money is a great idea if you choose the right people to work with. Most of the time, these loans will be short term, and when working with the right private lender, terms and timeline may be flexible.
A private mortgage through a private lender like BSM Mortgages is something most Canadian are doing these days, because although they may be turned away from the banks and given the label of ‘high risk’ it does not mean they cannot make their monthly payments.
A private lender in Sudbury understands this and BSM Mortgages is ready to assist you with all your needs including second mortgages, HELOC’s and more.
A mortgage through the privatized sector may be very useful if the borrower has a proper payment plan in place and may be looking to gradually grow their net worth.
There are a few reasons to use a private lender such as BSM, which include:
- Avoiding the long approval process
- Needing a short-term loan
- Being self-employed
There are other reasons as well, but if you are self-employed there is a possibility the major banks can give you the label of ‘high risk’ and may make it more difficult to get mortgage approval.
Understanding Private Mortgages
Mortgage Lenders for Bad Credit in Sudbury
Your credit score has always been the key factor in you qualifying for your loan or mortgage. Throughout your life it may have been difficult to keep your high credit score up and over time and due to unforeseen expenses, it may have been lowered, making it hard for you to apply for a loan with confidence.
Here at BSM we understand this and are ready to work with you on getting that loan or mortgage you desire. Bad credit is not a reason to stop trying to obtain that financial freedom you want.
Working with a private lender in Sudbury on your bad credit doesn’t just mean obtaining a loan or mortgage for yourself. A good agent will also create a payment plan and a restructuring plan, allowing you some space to breathe. They will also create a very realistic plan for the future to get you back to normal and your finances out of the red.
Some private agents or companies also work with refinancing. You may be able to refinance up to 80% of your home depending on your current financial assets and situation. There are many opportunities for someone to borrow privately, especially if you own your own property. In that case, home equity can be used to easily get you a large loan or line of credit.
There are a few things our clients do with their newfound money, but in most cases, how you spend it, is up to you. A few ways are:
- Dream vacations
- Paying off your university or college debt
- Renovations and remodeling
The last option is one our clients choose when they are thinking for the future. A lot of people may be in a financial bind when it comes to them choosing to apply for a loan. If this is the case, we are absolutely ready to assist you in creating a proper payment plan for your potential new loan or second mortgage.
In the event you are looking to use the equity your property has accrued over time and add value to your home, you should consider using the loan money from a first or second mortgage to put value back into the home. Renovating an area or adding an addition are just a few ways you can put money back into your house, thus creating more value, and in turn be able to request more money on your future second mortgage or loan of any kind.
Non-bank Mortgage Lenders
When it comes to working with the major Canadian banks it is important to remember unlike a private lender your credit score and financial history will play a large role in determining whether or not you qualify for your loan or mortgage. The banks may include the dreaded ‘stress test’, which essentially puts your entire financial portfolio into a ‘what if’ situation where things became very negative and whether or not you could still maintain proper payments through this time.
Besides this, there are still other ways the banks can turn you down, especially in today’s ever-changing economy. When working with a private lender it is important to keep in mind qualifying for a loan such as a home equity line of credit or second mortgage, it is much easier when you own your property.