Has your poor credit score led to your mortgage application being rejected by a traditional lender? Don’t worry, you can count on Kingsdale Mortgage Centre for a private mortgage. A private mortgage is a short-term loan that usually ranges anywhere between six months to three years. We will identify the best rates and terms to suit your specific needs. Unlike banks where the lending rules and guidelines are strict, we are more lenient, as our focus lies more towards the condition of the property rather than the person’s credit score and income level.
A borrower will usually try to secure a mortgage by approaching a traditional lender first. If they get turned down because of their credit history, then they will approach a private lender. Bear in mind, the interest rate charged by a private mortgage lender is higher than what banks would offer. A private mortgage is an ideal alternative to secure money quickly even when your credit score is not the greatest.
As mentioned above, it is a short-term financial alternative for someone who fails to qualify for a loan from a bank. A private mortgage lender will take a look at the borrower’s property value, and how much equity is present, including taking into consideration the city in which it is located. To find out more information or to apply for a private mortgage, please feel free to reach out to the team at Kingsdale Mortgage Centre.
A viable financial solution
There are various reasons why many individuals find private mortgages as an ideal alternative. They are a fantastic choice. It can take weeks for a mortgage to get approved by a traditional lender, and there are high chances that your loan request can get rejected. A private mortgage lender on the other hand is a lifesaver for people who require money immediately. Furthermore, they can secure a better deal than what most banks would offer. You can rest assured; that we will guide you at every step of the process to help you make a well-informed choice. Contact our team today for further enquiries.
Why work with a private mortgage lender?
There are several reasons why borrowers choose to work with a private mortgage lender. Below mentioned are some of them:
✔ If you require quick funds and do have the time and patience to go through the lengthy approval process of a traditional lender.
✔ Your credit history is poor and your income is low, so a traditional lender= will not approve your loan application.
✔ You are self-employed and you cannot provide sufficient proof of your income source, so the bank will not consider your request.
✔ You are buying a non-traditional property and the bank will not approve a mortgage for it.
Choose Kingsdale Mortgage Centre today for a private mortgage
We go the extra mile to help clients buy their dream property. Our team can identify the best rates and terms, including the right financing options to meet your specific needs. To schedule an appointment or to request a free, no-obligation estimate, speak to our team today if you need help securing a private mortgage.