Private Mortgage Hamilton

If you want to invest in a business venture but you have bad credit history and are short of funds, don’t worry. Private mortgages may be the ideal solution for you. A private mortgage is a short-term, interest-only loan that is offered by private lenders. The loans may vary in length from a year to a few short years and the borrower isn’t required to pay the mortgage principal down. The only payment needed is the monthly interest.

Private lenders

Corporations or individuals who aren’t part of banks or credit unions and who are willing to offer these loans are knows as private lenders. Corporation usually pool capital from several investors to provide these loans. Private lenders generally do not take deposits and offer loans with less stricter rules than any financial organisation. This makes them willing to offer loans for investments with greater risks.

The advantages of private mortgages

Loans offered by private lenders can help borrowers who are going through a financial crisis. They are generally considered as a short-term relief for homeowners who are trying to retain ownership of their property.

The various benefits of obtaining a private mortgage are as follows:

  • You can purchase an unconventional property that aren’t usually funded by banks and or credit unions.
  • You can get approval for such loans far faster than conventional mortgages. This is ideal if you are in need of fast financing.
  • You needn’t worry about a bad credit history.
  • You are looking to take up a short-term loan
  • You need not worry about a non-confirmable income either.

The risks involved with private mortgages

  • Private lenders are willing to take greater risk in their investments. That is why their rates of interest tend to be higher than for loans provided by credit unions and banks. They may also charge additional processing fees for your loans.
  • Private lenders can foreclose on your home if you fall behind on your monthly payments. This is also considering the considerable risk they take in their investments.
  • Private mortgages are more sensitive to market downturns. This is because the credit provided by private lenders may also be used up quickly if the economy slows down.

How much can I borrow from private lenders?

The amount that is offered by private lenders depends directly on the value of your property that is to be financed, be it an existing property or a property that you are about to buy. The location and type of property are also important for valuation. Another important parameter to consider for private mortgages is the Loan-to-Value (LTV) percentage, where the LTV is the amount of the property value that will be offered as a loan. The more equity you have, the better the rate and terms you are offered.

If you wish to learn more about private mortgages in Hamilton, get in touch with us at Matrix Mortgage Global. Our team of expert financial advisors will be on hand to answer all your queries and help you find private mortgage solutions that suit your requirements.

if you are looking for private mortgage solutions or need expert advice on private mortgage, our professional and qualified team is here for you. Our team will help you with all aspects of your mortgage,

Get in touch with us now for more details

We will be happy to help you with all your requirements.

Celebrating 10 years Of solution based lending

Matrix Mortgage Global is proud to be celebrating 10 years of successfully providing solution based lending options to Canadian homeowners. Since 2008, we have grown our business, expanded our mortgage solution offers, and provided thousands of homeowners in Oakville and across Ontario, with the financial assistance, they need to help them overcome financial issues and get back on their feet.

Today we have grown into Canada’s Mortgage Company. We have more than 100 brokers on staff and we continue to expand our offerings to better serve our current and future customers. We are extremely proud of these accomplishments and we look forward to building on them and provide our valued customers with even better mortgage solutions and customer service in the future. Thank you for choosing Matrix Mortgage Global!

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Current Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $400,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month

You Save $1,450/month!!!

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