Private Mortgage Solutions in Vaughan

Private mortgages are short-term, interest-only loans provided by private lenders. These loans range in length from 1 to 3 years and do not require the homeowner to pay the mortgage principal down. Instead, the homeowners are only required to pay the interest each month.

Who is a private lender?

Private lenders can be investment corporations or individuals. Investment corporations generally pool capital from various investors to provide mortgages. These lenders rarely take deposits and loans provided by them aren’t subject to the stricter rules of lending of banks and credit unions. This is how private lenders are able to provide loans for riskier investments.

What are the benefits of getting a private mortgage?

Private mortgages are designed to be an in-between resource to help borrowers when they hit a financial crisis. They offer a short-term relief for homeowners who end up scrambling to retain ownership of their property. There are many benefits to applying for a private mortgage. Here are a few reasons why homeowners prefer a private mortgage:

  1. Homeowners can purchase an unconventional property that banks and prime lenders hesitate to finance.
  2. The approval process for a private mortgage doesn’t take long. This makes it ideal for homeowners who require fast financing.
  3. This is an ideal option for buyers who have bad credit history.
  4. This is also a great alternative to those individuals who have non-confirmable income and can’t get loans from banks.
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What are the terms of private mortgages?

Private mortgages are different from mortgages provided by conventional financial institutions. Here is what you need to know about private mortgages:

  1. These mortgages are given out over shorter periods of time, ranging from 1 year to 3 years.
  2. The rates of interest are higher than those of conventional mortgages.
  3. The borrowers only need to pay the interest for each month. Additionally, they may have
  4. to pay additional loan processing fee.
  5. The period of approval for private mortgage is shorter than for conventional mortgage.

What are the risks of getting a private mortgage?

Since private lenders take greater risk in their investments, they tend to charge higher rates of interest than credit unions and banks. Private lenders may also charge additional processing fees.

Private lenders can also foreclose on a home if a borrower falls behind on the mortgage payments.

Another risk of borrowing from a private lender is that the credit could be used up quickly if the economy slows down or hits a rough patch. The higher risk taken on by private lenders means that they are more sensitive to market downturns.

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How do I find private lenders?

Private lenders who can provide you with the financial support you may need can be hard to find. And even if you think you have found a lender who can help you, it is advisable that you exercise caution.

Get in touch with the financial advisors at Matrix Mortgage Canada.

As one of Canada’s leading mortgage company, we can help you find mortgage solutions that suit 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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