The major banks in Canada face a lot of regulation regarding which mortgages can be approved. Private lenders in Oakville can service people who are 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.
Private Lender Mortgages
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 periods. The private lender will register the loan as a mortgage against the property.
Reasons for Asking for a Private Mortgage
You will explain why you need the mortgage during the mortgage application process. 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 recently 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, including Oakville.
Information on Lenders in the Oakville Real Estate Market
Oakville is a small town in southern Ontario that is unquestionably part of the Greater Toronto Area. Real estate investors invest in Oakville primarily because of 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 and second mortgages to specialized loans.