In some cases, you may need some thing called a private mortgage. There are few facts about private mortgages you should know. First the interest rate will be higher than the banks, second the term length is usually between two and three years, and fees are usually between 1% and 3% or more.
A private mortgage is funded by an individual or a group of investors, who are hoping to make a better return on their investment, these investor feel secure in real estate investments, they over look issues like poor credit, bankruptcy , self employed and unverifiable income. Some private lenders only put money into residential housings. How ever some of them are willing to consider farmland, mobiles homes, vacation proprieties and even vacant land. To put it simply , these investors put their money in people and property instead of numbers and reports.
So the bottom line is that unlike the bank, an investor is willing to listen to what you need, and why are you seeking private mortgage and base on that they will make their decision . This also includes paper work like bank statements, recent appraisals, employment and what ever else you can provide to prove them that your property is worth investing.
A mortgage agent/broker is you best bet, if you are looking for a private mortgage he/she can help you determine what different lenders comfort zone is. A good agent/broker has access to private lenders, has experience placing private mortgages for the type of property you are financing, keep you updated through out the process.
If you are new to Canada, first time buyer, refinancing or having hard time to get a mortgage, get in touch with me so I can help you with any of these loans.
There is a mortgage, that is right for YOU and I can find it. Helping you with your dream home one mortgage at a time.