The most common reason that people think of for getting a private mortgage is bad credit, and while it is true that many homeowners in Burlington have a private mortgage for exactly that reason, there are several other reasons why one might wish to consider a private mortgage. People who are self-employed or who are new to Canada often choose private mortgages because they have difficulty proving their income. Since private lenders are usually willing to look at more variables than traditional lenders, it is usually easier to get a mortgage with these private lenders.
While it is possible to seek out a private lender on your own, this is ill-advised. There are many great lenders out there, but there are also scammers who are looking to take advantage of people. When you work with a mortgage broker, you know that they are working with a pool of lenders that have been vetted and who have a good reputation in the industry. You also know that you will be getting a competitive interest rate. Even if you plan to get a private mortgage from someone you know and trust, you should still work with a mortgage broker who can make sure that agreements are drawn up properly in order to protect both the borrower and the lender.
The team a Circle Mortgage Group has been serving the residents of Burlington for years helping them find the right mortgages to suit their needs – this includes private mortgages. We work with some of the best and most reputable private lenders in the business, so you can feel confident that you are getting a good deal on your private mortgage. Our customer service is unsurpassed, and we will take the time to explain exactly what you are getting and we will answer any questions that you may have.
