Private lenders in Barrie are individuals that lend their own money for your mortgage. Private mortgages are a significant source of funding for the housing industry. They are also fill financial void in the real estate marketplace.
Barrie private lenders provide money for private mortgages and second mortgages. The mortgages can be either fixed or variable mortgages. A fixed-rate mortgage is a loan with monthly payments set at a fixed rate. A fixed-rate mortgage gives you the confidence of knowing what your payment will be every month. A variable-rate mortgage payments depend on the present interest rating.
All crediting granting institutions use your credit rating to determine how good a credit risk you are. A low credit score can result in your mortgage application being turned down. In contrast private lenders are primarily concerned with your loan to value ratio. They will not turn you down just because you have a poor credit rating. A mortgage broker will be able to match your mortgage with a private lender.
Many Barrie private lenders require an inspection of the property as part of the terms of the mortgage. The inspection process is fairly simple. The lender is looking for any obvious defects or damage to the property. The property owner should clean the entire house to make it look presentable. Painting is a relatively fast and easy way to make a house look clean. If the loan is to be used for renovations show the lender exactly what work is to be done.
Lenders like Barrie because the town has had steady growth for many decades in both its population and economy. The work force is well educated and has slightly higher than average income. There are many different types of employers from manufacturing to government offices. Even more important is that there has been a steady increase in property values. This makes private loans in Barrie a lower risk investment. In most cases we can get the money you require as long as the LTV of you property does not exceed 80%.
Follow this link for the 2011 Barrie census.
When you call our mortgage team for a free consultation we can tell you if you will qualify for a loan. Our Barrie mortgage brokers will arrange a private lender that matches your requirements. We strive to make the private lending experience as easy as possible.