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Private mortgage lenders go by many different names in Canada â€" high-ratio lenders, high-risk lenders, and sub-prime lenders being just a few. Whatever name they go by, private mortgage lenders can be a great option for homeowners who have bad credit but have built up equity in their home, or who have been turned down by the big banks for other reasons. But private lenders don’t advertise their services as much as the major lenders, and they can be difficult to find. And you should never choose to work with one lender just because you think you’re out of options. To make sure that doesn’t happen, here are some tips to keep in mind when selecting the best private mortgage lender.
Different private mortgage lenders will have different requirements, and different interest rates. Usually, any private lender is going to need a certain amount of equity already built up in the home; or they’ll require a down payment of 25-35%.
Generally the more equity you have though, the more likely you are to have an extensive list of options when it comes to selecting the best private mortgage lender.The interest rate on private mortgages should be particularly scrutinized when looking for a private mortgage. Because homeowners typically look for private mortgages when they are in a higher risk category, or they’ve already been turned down by a major bank, private lenders will charge higher interest rates than you’d otherwise find. This covers them for the risk they are taking. However, you shouldn’t simply agree to a high interest rate because you know that private lenders charge more.
Just like with any other mortgage or loan that you shop for, you need to look around and ask different lenders what they can offer you, and then compare their rates to see which one is offering the best deal.Of course, there’s still the problem of private lenders not usually advertising their services. So how are homeowners supposed to find one? The best way is through a mortgage broker. While many people think that mortgage brokers only deal with banks or certain lenders, they deal with all kinds of lenders every single day â€" and they have a huge list of them, too. Within their network they’ll know of not just one, but many, private lenders that are willing to work with you. And, a mortgage broker will be able to easily compare the different rates those private lenders are offering, too, saving you from running around from lender to lender trying to do it yourself â€" if you can find them.
Selecting the best private mortgage lender in Canada is more difficult than selecting another type of mortgage lender. But if you go into it knowing what will be required of you and what to watch for, you’ll increase your chances of finding the best one for you. And if you hand over all the legwork to an experienced mortgage broker, you’ll be guaranteed to work with only the best private lender, and have a smooth and easy mortgage process too!
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