The major banks in Canada face a lot of regulation in terms of which mortgages can be approved. Private lenders in Oakville can service people who have been disapproved by banks for mortgages. Private lenders are not subject to the same government regulations as banks. On Oct 17th, 2016, the Government of Canada enacted new mortgage rules that made it harder for people to qualify for bank mortgages. These new rules will cause many additional people to be turned down for mortgages. Oakville’s private lenders can help people who have been rejected by banks.
Private Lender Mortgages
The private lenders that service Oakville can be companies or individuals who invest in properties to make money. Lenders invest in Oakville due to its high demand for residential properties and its proximity to Toronto. Private lenders typically lend out no less than $20,000 for one-year time periods. The private lender will register the loan as a mortgage against the property. The mortgage agreement will allow the lender to sell the property if mortgage fees are left unpaid.
Reasons for Asking for a Private Mortgage
During the mortgage application process, you will explain why you need the mortgage. Private lenders will accept a wide variety of reasonable answers to this question. Some examples of reasonable answers include:
- To consolidate many debts into a single low cost mortgage
- To repair damages to a property or to perform renovations
- To provide income following the loss of a job
- To stop a power of sale or foreclosure action
- To pay the fees related to attending college or university
Private lenders primarily cater to individuals who have recently been denied by their bank. Private lenders in Oakville mostly deal with clients who cannot get bank mortgages. Our team can also create a plan to fix the client’s credit score in the future.
Fast Private Mortgage Money
The complicated mortgage procedures that Canadian banks follow generally take a long time. Banks will refuse to speed up this process if requested. For time sensitive real estate deals there is a big risk of the deal falling apart due to delays. Private lenders are more reliable than banks when it comes to providing fast financing. Our network of private lenders can provide funds in as little as one day if needed. Our private lender network can service most of Ontario which includes Oakville.
Information on Lenders in the Oakville Real Estate Market
Oakville is a small town in southern Ontario and is unquestionably part of the Greater Toronto Area. Real estate investors invest in Oakville primarily due to its high demand for housing and because it is part of the Greater Toronto Area. Oakville has some of the most affordable housing in the Greater Toronto Area and is a common option for homeowners moving away from Toronto to find a larger home.
Looking for expert guidance in navigating the world of private mortgage lending in Ontario? Look no further than Mortgage Broker Store. We cover all your needs, from first mortgages and second mortgages to specialized loans. Call 416-499-2122 or email ron@mortgagebrokerstore.com to start your journey toward financial solutions today!