{"id":4730,"date":"2019-09-13T11:03:28","date_gmt":"2019-09-13T11:03:28","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=4730"},"modified":"2021-03-31T07:09:43","modified_gmt":"2021-03-31T07:09:43","slug":"how-to-get-qualified-for-a-private-mortgage-in-2019","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/how-to-get-qualified-for-a-private-mortgage-in-2019\/","title":{"rendered":"How to Get Qualified for a Private Mortgage in 2019"},"content":{"rendered":"

If you have been turned down for a mortgage before, you may be wondering if homeownership will ever
\nbecome a reality for you. Generally speaking, private mortgages are the easiest to qualify for but the
\ncriteria could vary significantly from lender to lender. In most cases, your credit doesn\u2019t need to be as
\ngood as it does for a traditional mortgage. Private mortgages are often a good choice for those with
\npoor credit, those who are self-employed and can\u2019t prove their income, those wishing to purchase non-
\ntraditional properties, and those who are new to Canada.<\/p>\n

\"Get
\nThe trade-off of private mortgages being easy to qualify for, in most cases is that they come at a higher
\ninterest rate. This of course, however could be well worth it if it means that you can finally buy a home.
\nIt can also be a valid strategy to use a private mortgage as a means to rebuild your credit over the
\ncourse of a year or two in order to qualify for a traditional mortgage.<\/p>\n

What Do I Need to Qualify for a Private Mortgage?<\/strong><\/p>\n

The answer to this question is that it depends. For starters, it depends on the lender.
\nA private mortgage lender could be a lending company, but it could also be a friend or family member.
\nIn either case, you will want to have a legal agreement in place in which both parties agree to terms like
\nthe length of contract, renewal conditions and interest rates. The agreement should also answer
\nimportant questions such as what happens to the property if you default on the loan.<\/p>\n

Depending on your unique circumstances, the lender may wish to have other information as well. For
\nexample, if you are getting a self-employed private mortgage, the lender may wish to have information
\nabout your business such as your revenue and expenses, how long you have had your business, and the
\nstructure of your business.<\/p>\n

While private mortgages are generally considered easier to qualify for, there may be certain scenarios in
\nwhich a private lender could still reject you based on your credit. If this happens, it may be necessary to
\nget a co-signer for your loan in order to qualify.<\/p>\n

Contact Matrix Mortgage Global<\/strong>
\nAt Matrix Mortgage Global<\/a>, we not only have expertise in private mortgages but we have connections to
\na number of specialized private lenders that can help make your dream of home ownership a reality.
\nContact us today for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you have been turned down for a mortgage before, you may be wondering if homeownership will ever become a reality for you. Generally speaking, private mortgages are the easiest to qualify for but the criteria could vary significantly from lender to lender. In most cases, your credit doesn\u2019t need to be as good as…<\/p>\n","protected":false},"author":1,"featured_media":4733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nHow to Get Qualified for a Private Mortgage in 2019 - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/how-to-get-qualified-for-a-private-mortgage-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get Qualified for a Private Mortgage in 2019 - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"If you have been turned down for a mortgage before, you may be wondering if homeownership will ever become a reality for you. Generally speaking, private mortgages are the easiest to qualify for but the criteria could vary significantly from lender to lender. 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