Private Mortgage Broker Surrey: Quick and Simple
Whether you require funds to consolidate some personal or business debt, or you have an opportunity to acquire some new real estate, a Private Mortgage can provide you quick and easy capital. In some cases where the credit, income, or the properties do not fit well with conventional lenders, private lending can be your best bet. Nowadays, Interest rates are higher than traditional lenders because the risk is higher to the lender. Private mortgage financing is a short-term solution until we can move our client back to a conventional lender.
How Quickly Can I Get My Private Mortgage Loan?
Unlike traditional mortgages, which take many weeks or even months to get approved and funded, an approval for a private mortgage may take less than a day in some cases. The average length of time a private mortgage takes to get approved and funded by a Private Broker ranges from a few days to up to 3 weeks on average.
A private mortgage lender’s goal is to have the borrower improve their situation over the term of mortgage and be in a position to refinance the entire private mortgage to a more traditional lending institution. Since private mortgage loans are short-term loans, and private lenders are not nearly as regulated as the banks are, private mortgage lenders can make much faster financing deals, but they also want to collect their return on investment in a much shorter period. This is why in many cases, these lenders will try to work to help their borrowers move into a better financial position to be able to transition on to a prime lender.
When is the Right Time to Choose a Private Loan?
As a Canadian, you have countless borrowing options to choose from, so it can be challenging to decide when to go with a private lender. Private lenders even offer great opportunities for borrowers to help them gain access to the funds they need. Here’s an example of a few situations where a private lender could be the right choice for you.
- If You Have Bad Credit: For consumers with less than favorable credit, a private lender can work out a deal that will take into consideration more than their credit score.
- As an Alternate Option: If traditional banks and institutions won’t offer you the loan you require, the next logical step would be to go to a private lender. Based on your credit or overall financial situation, they might not provide you one based on your request. Many private lenders are able to work with a great variety of people than banks or credit unions.
- You’re Looking For Quick Approval: If you need money quickly, then many traditional lenders will take longer to approve your application and get the money you need on an urgent basis. If you want a quick approval, private lenders are certainly your go to option.
If They Offer the Features You Need: You might find during after doing your research that some benefits and features offered by private lenders match up with your needs better than traditional lenders.
Our Surrey Private Mortgage brokers also work with private lenders to facilitate private mortgage borrowing for our clients. Our private lenders invest in individual mortgages where the lender’s interest in the property is registered directly on the title. We’ll help you weigh your options and ensure you complete your home purchase with confidence and security.
