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Private Mortgage

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Private Mortgage

These are loans provided by private lenders. You can get this mortgage even with a bad credit score and insufficient income. In Canada, many freelancers, contractors, and small business owners use these mortgages to get financial relief. To avoid any risks, you should consult experienced people before signing for a loan. 

Our expert team helps you to find the best lenders near you to give you the best mortgage rates according to your financial condition.

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What is a Private Mortgage?

If you have irregular income or a low credit score, then a mortgage from a private lender is most suitable for you. Private lenders, investors, and corporations usually offer this type of mortgage.

If you do not qualify for a traditional mortgage, you must avail this mortgage to deal with your financial challenges. This type of loan is usually offered at a high interest rate and with complex procedures. This mortgage has different requirements and eligibility criteria from other mortgages. Our expert team can help you do this complicated process smoothly. It has greater flexibility and faster approval time.

Freelancers, self-employed people, and small business owners who do not have a pay-slip and are struggling with inconsistent income and get financial relief from this loan.

Why Should You Apply for a Private Mortgage?

There are many reasons why people go for a private mortgage and can include having bad credit, a variable or unstable income, a non-traditional property, or if you’re planning on reselling the property in the near future:

Bad Credit: Applicants like young people and newcomers may have a bad credit score or a lack of a credit history. These factors can negatively impact your ability to get regular loans which makes a private mortgage an attractive option.

Variable Income: Being self-employed or having an unstable income makes banks reluctant to provide loans. A private lender is more flexible and can help you get the mortgage you need.

Non-Traditional property: Having a non-traditional property that a bank may not be willing to finance makes it difficult to obtain a mortgage. In these situations a private mortgage lender may be more open to financing your loan.

How does a Private Mortgage work?

A private mortgage is a deal where you obtain a loan for a property from a private lender. Instead of a bank or a credit union you apply for a mortgage loan from a private individual, a group of investors, or a corporation. When you apply with a private lender there will be criteria that your application will be judged on, similar to what banks would look at, and if you qualify you will be offered terms for a private mortgage loan.

What Are Private Lenders?

There are three different types of private lenders that you can obtain a private mortgage from: an individual private lender, a syndicate or group of lenders, or a private mortgage lending corporation. Individual: A private individual who you make a deal with. Syndicate: A small group of investors who work together to finance deals. Corporation: A company funded by investors who can finance multiple projects.

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Access quick approvals and tailored mortgage options with our private mortgage solutions. Get the funds you need today.
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Win A Free Mortgage

Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due.
So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.
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How do You Qualify for a Private Mortgage?

A mortgage renewal can be a useful tool that may save you money but that depends on your existing mortgage, your financial situation, and the market. Depending on the context a refinance may not be the option for you.
  • The Property: Lenders consider the market value and condition of your home. It gives him security that your home could be sold if needed.
  • Your Income: Your income is the surety of how frequently you can make repayments. A good income gives you the support to get a loan easily from private lenders.
  • Down Payment: Your property should have a high down payment to qualify for such a mortgage. Because it is the main security for the lender. He will prefer a high downpayment borrower.
  • Equity: Your home equity matters if you are refinancing your property with a mortgage from a private lender. High home equity increases your chances of loan approval.

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Areas We Serve

We serve in Barrie, Mississauga, Hamilton, Vaughan, Ottawa, Toronto, and other nearby areas in Canada. Our expert team helps you to get the best mortgage rates according to your goals and financial challenges.

Commonly Asked Questions

What is a private lender mortgage?

They are safe when you carefully read all the terms and conditions before signing for a loan. Our expert team will help you secure a loan safely.

When you apply for a private mortgage with a private lender you are evaluated based on your property, your income, and any down payment or equity that may be involved in the deal. If you qualify for approval you proceed to negotiating mortgage terms with the lender.
Private lenders typically charge a 8-20% interest rate. By providing a private mortgage for those with poor credit, unstable income, or without a long credit history, the lender is taking on a greater risk so the interest rates are accordingly higher than a traditional mortgage.
They are safe when you carefully read all the terms and conditions before signing for a loan. Our expert team will help you secure a loan safely.

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