Your Private Mortgage Made Easy
You’ve been betrayed by your banker who was supposed to help when you need to borrow money. That feeling ends now. I will get you the money you need when others have turned you down. Click here to get approved
Here are the basics of a private mortgage and what my clients ask me the most about so you will be seen as a respected and capable supporter of your family. I will go through them here.
What Is a Private Mortgage?
You need to borrow money to purchase or refinance a home, consolidate debt, or establish a home equity loan. You approach the bank you have been loyal to for many years and they said NO.
A private mortgage is a loan that is borrowed from a party other than the bank. It can be used for any of the purposes above and is more flexible in how the agreement is structured.
When Should You Get a Private Mortgage?
The time to get a private mortgage loan is typically when you have exhausted all traditional options and are sick of feeling rejected by the bank.
There can be a variety of reasons for a private mortgage loan.
Examples include defending against financial disaster by paying off crushing debt.
Or as a strategy to seize an opportunity to purchase a property quickly because if you wait for the bank to approve your loan the property could be lost.
When it is time to rise above what you thought wasn’t possible (or have been told by your banker); that is truly the best time to get a private mortgage loan.
Do You Qualify For a Private Mortgage?
The short answer is yes! Take that you stuck up, know it all, banker.
As long as you have the value in your property that can support the loan then I have a private mortgage lender who will qualify and approve your loan.
You typically qualify even if you are past bankruptcy, behind on income taxes, property taxes, support payments, mortgage payments even...you name it!
The qualification process with a private mortgage is a simplified and common sense process where lenders are looking for a reason to lend.
What Interest Rate do Private Lenders Charge?
Private mortgage rates vary depending on the lender and even on the availability of their money at the time you need it. The good news is you will get the loan and not an empty bank promise.
Find out the range of interest rates private lenders charge you for a private mortgage.
The information that is critical to know is that you can choose to work with an ethical lender who will not take advantage of the position you are in and charge you a higher interest rate than necessary. I will be your guide to make sure this doesn’t happen.
Important note - the interest rate you are charged is influenced by the negative circumstances of your financial situation and the amount of lenders who are wanting to help you so that they bid your interest rate down.
How Much Does a Private Mortgage Cost?
Every private mortgage carries a different cost. Weighing this against the wasted time and damage the bank’s rejection has caused you is as important as the dollar amount.
What influences the cost is the borrower’s needs, the lender’s risk, and what lenders are willing to provide through the availability of their money.
There are some standard costs involved with every mortgage that need to be taken into account to ensure that going ahead with the loan is the right decision for your situation.
Example: There would be a legal fee for registering a new mortgage on your home.
Working with a licensed Ontario Mortgage Agent, it is my responsibility to present all costs involved with completing the loan up front before you pay anything. That's a guarantee.
How Do I Calculate a Private Mortgage?
Learning how to do the math for a private mortgage is not rocket science despite what your banker may have led you to believe.
It also becomes easier to do when you have someone guiding you along the way. Making you look like a rock star to your loved ones is my passion when it comes to mortgage math.
As most of these loans are interest only you can find your payment by multiplying your loan amount by the interest rate and dividing that by twelve into a monthly payment.
In some instances, the lender will be looking for you to pay off some of the original amount borrowed. This will increase your monthly payment amount however the total you owe at the end of the loan will be less than at the start.
I am here to help you calculate the math and find a monthly payment that works for you.
What Documents or Paperwork Do I Need To Get a Private Mortgage?
There is no private mortgage template that gives a ‘one size fits all’ requirements of a private lender. The paperwork varies depending which private lender we are working with.
Typically the documentation requested is straightforward and should make sense to you. Not like the feeling of promising your first born child with how much paperwork the bank wants.
What is important is that with private lenders common sense prevails when you provide a document to show proof of something.
Example: If you provide an invoice from your business showing income generated from a customer, you shouldn’t be asked for three other items that cross reference this to prove you made the income.
Where Can I Find a Private Lender?
The truth is private lenders are everywhere. From your local pawn shop, to brokers, to lawyers, to new financial technology companies on Bay Street...you can find and borrow private money.
Accessing my private lender network, you are working with lenders who are vetted by a rigorous onboarding process to ensure you are working with legitimate lending sources.
Finding the right private mortgage lender for your situation is important and I take the time to discuss your needs so that we can find the best match for your situation.
How Can I Become a Private Lender?
Private mortgage investing is something you can do. I have a number of borrowers who have, in time, become some of my lenders so it is possible for you to join this brave new world.
To become a private mortgage lender, you will need to have the right mindset, access to money, and the belief that this is an avenue you can succeed in. That’s really it!
The rest is having me provide you with investment opportunities and helping you to understand the ins and outs of the process. With the ultimate goal of you looking like a rock star with your loved ones!
Private mortgage investment is a secret investing tool that surprisingly few people take advantage of.
Helping You In Ontario with Your Private Mortgage Loan
I can help you anywhere in Ontario with your private mortgage loan. My lender network can be used anywhere you are in Ontario. If you’re in the GTA or as far north as Huntsville/North Bay, I can meet with you in person.
If you’re further away, we can have a phone call and do everything we need to by email. Here is some information on meeting me in Brampton, Mississauga, Toronto, Barrie.
So what is at stake when it comes to taking your banker’s advice after being rejected by him?
Spending your golden years worrying about high credit card debt?...Creditors forcing you out of your home?...Seeing your children not be able to get a home?
No, that’s not how your story ends. Now is the time to take back control of your finances and become the hero one more time. Just remember, I will get you the money you need when others have turned you down. Click here to get approved
Contact me today and let’s get you the private mortgage you need. Your family’s gratitude is worth it!