Understanding Private Mortgages
There is no one-size-fits-all solution to borrowing money. Everyone has different goals, qualifications, and credit histories. Mortgage Connection doesn’t just provide a variety of financing options; we help you decide which option is best for your needs and long-term goals.
Private mortgages can be a good option for those looking into short-term solutions. Contact the Mortgage Connection team to find out if a private mortgage is the right choice for you.
What Are Private Mortgages?
A private mortgage is an arrangement between two parties not offered or secured by a financial institution. These loans are often used when the borrower can’t obtain other forms of financing due to bad credit or collateral limitations.
Private mortgages typically have higher interest rates and shorter repayment terms than traditional mortgages, but they may offer more flexible payment options.
Our Private Mortgage Process
We can help make the private mortgage process easier and more accessible. Through our experience, our expert team can find and negotiate the best terms for a private mortgage.
We’ll structure your mortgage in a way that meets your individual needs for today, tomorrow, and beyond.
We’ll start by deciding whether a private mortgage is right for you. This is our chance to ask you about your goals, your needs, and what kind of assets or collateral you might be working with. If we decide that a private mortgage is the right call for you, we can move forward to the next step.
Applications for private mortgages tend to vary depending on the applicant’s situation. We’ll put together a list of things your application needs to include. Your mortgage broker will help guide you through the application process and help you choose the best lender for your needs.
If your application is approved, we’ll progress to the final stage.
At this point, all that’s left to do is to finish off some paperwork and gain access to your funds. A private mortgage may be used to purchase or refinance a property. Mortgage Connection will happily answer your questions and give you guidance throughout the process.
What You Need to Know
Pros
Private mortgages tend to come with faster approval times and shorter terms, making them a great option for those in need of short-term funds and who have an easily accessible exit strategy.
Cons
Private mortgages typically come with some extra fees and higher rates. For example, you may need to pay for your own legal fees, as well as your lender’s legal fees.
Things to Remember
At Mortgage Connection, we keep looking for better solutions even after your loan is approved, so you can be sure of getting the best possible deal.
We’re Ready to Help
Mortgage Connection is by your side for any mortgage needs. Get started today by contacting us.
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National Headquarters:
- 110 1121 Centre Street NW
- Calgary, AB T2E 7K6
Secondary Office:
- 1417 9 Ave SE
- Calgary, AB T2G 0T4
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- Thunder Bay, Ontario P7K 1J3
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