Why Should I get a private mortgage in Oshawa?

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Why Should I get a private mortgage in Oshawa?

Why Should I get a private mortgage in Oshawa?

What is a private mortgage? Is it an option which is right for me? When you are looking to buy a home, the mortgage is also a very important aspect of buying a house. Everyone would love to get the best mortgage term and rate for themselves.

Among other financing options available for homebuyers in Canada one of them is a “Private mortgage”. A private mortgage is a home loan given to an individual by a private source (friends, family and/ or business). Rather than traditional mortgage given by the large organizations in Canada, private mortgages in Oshawa have high approval rates for all types of people.

In the hands of inexperienced mortgage brokers, borrowers can be in danger of abuse by the lender. Lez Gomez and his team of experienced mortgage brokers in Oshawa work diligently to get you the best-suited mortgage term and rate for you and your financial situation. We ensure that all the terms and conditions are drawn out to benefit all parties involved.

You may be thinking why would I go into these uncharted waters? There is an established mortgage lending institution in Canada, then why explore the option of a private mortgage in Oshawa. Some of the benefits are:

Relatively easy and fast qualification process:

Traditional banks have to comply with very stringent guidelines and rules. Private mortgage lenders are not bound by any of these rules. Banks require a LOT of paperwork and documentation with your mortgage application. To acquire these required documents takes time and money. Even after going through the lengthy and time-consuming process banks still deny your application.

Private mortgage offers the flexibility of fast approval and less paperwork. It is a new concept for a lot of people, but we help them understand everything. Many people who are newcomers are enjoying the benefits of private mortgages by becoming proud and productive homeowners in Canada.

Self-employed people are also very commonly denied mortgages by big banks. One of the reasons cited by banks is the lack of proper documents and cash flows. Our private pool of lenders are able to forward mortgages to self-employed people so they are able to enjoy the peace of mind of having a stable home and concentrate on growing their businesses and create opportunity in the local economy.

Terms and rates:

There is a private pool of lenders who are looking to make a stable long term investment with their cash reserves. Many people who have damaged or no credit often are denied or are quoted exorbitant rates. These rates are often out of their affordability window.

Private mortgages in Oshawa are offered at better rates and to people with varied credit scores or damaged credit history. You will enjoy better terms and rates. Better rates mean you will be able to keep more money in your pocket at the end of the year.

Many people comment that they are not comfortable going toward a non-traditional mortgage. We offer complete transparency and total control to our clients. Our clients are not a file or a stat number (as they are at any large institution). We help them understand all the legal and financial terms of the contract. Unlike the big banks, we offer a personalized mortgage solution to a very important financial decision of your life.

We also provide detailed financial commitment information for first-time buyers. Buying a home is a great investment for your future, but many buyers are unaware of the short and long term costs involve with owning a home. Some of the costs are increasing in insurance premiums (it highly depends on the purchase price and location), increased maintenance costs (depends on the condition of the property).

If you have been rejected by the big banks for a mortgage in Oshawa or have been given a quote which is too high, come and talk to us. We will help you apply, understand and apply successfully for a private mortgage in Oshawa.

We have helped many new immigrants, entrepreneurs, and people with damaged credit apply for mortgages at great rates! Call or visit us today for more information about private mortgage in Oshawa. It can be a great solution for you or for your friends and family.


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