Our mortgage brokers have private lenders for your mortgage or loan. The banks are reluctant to give loans to people who are self employed or that have a poor credit rating. This means that there is a large number of Canadians who cannot get loans from the Canadian banks. Private lenders in Winnipeg on the other hand will provide first and second. Private lenders will also provide loans to people who are self employed even if those people have a poor credit rating.
First mortgages are the most secure since they have first priority when the house is sold. Second mortgages and third mortgages carry a higher level of risk and therefore they also have a higher rate of interest. Private lenders in Winnipeg can also provide money for refinancing your existing mortgage even if you have been turned down by a bank. Private lenders can also replace existing first and second mortgages with a new first mortgage. In many cases the new combined mortgage will result in lower overall interest payments.
Your credit rating can have a significant impact on whether or not you qualify for a mortgage. Most lenders will not lend you any money if you have a poor or bad credit rating. Private lenders do not consider your credit rating to be very important. Private lender in Winnipeg are primarily interested in the loan to equity value in your property. If you would like to know what your present credit rating is you can go to the Equifax website site. You can get a free copy of your personal credit report.
Private Loans for Bad Credit
Many private lenders in Winnipeg, Manitoba require an inspection of the property as part of the terms of the mortgage. The inspection process is fairly simple; the private lender is looking for any obvious defects or damage to the property that may bring down its value. The property owner should clean the entire house to make it look presentable. Painting is a relatively fast and easy way to hide any marks on the walls and fresh paint make a house look clean. If the money being borrowed is to be used for repairs or renovations show the private lender exactly what work is to be completed and how it will improve the house.
Choosing a private lender for your mortgage can have many advantages. First, the private lender makes all the decisions regarding your credit rating and they are much more flexible than banks. Furthermore, a private lender gives you the satisfaction of personally knowing who is funding your mortgage.
We also service Brandon, Steinbach, Portage la Prairie, Thompson and Winkler.
For more information on private lenders in Winnipeg, Manitoba give us a call today.